How does a Bank remake itself so as to attain the prestige, the following of the likes of Apple, Disney, Harley Davidson, and Starbucks? This is the question Ken Olan, EVP / CFO of a $2 billion assets Victoria, TX based First Victoria Bank asks in his opinion post entitled Mission Possible: Creating a Category-of-One-Bank published on BAI’s Banking Strategies website. There is no doubt that retail banking is highly commoditized and without breaking out of the sameness, retail banking will continue to be plagued by cannibalization from non-traditional competitors and will eventually evolve into what Brett King refers to as ‘Utility’ services. In the article, Mr. Olan posits that “…banks need to start thinking more like category-of-one retailers and less like banks. The great companies of the world innovate more than products and services. They consistently challenge the status quo to create brands of ever greater relevance. Sometimes that [Read More...]