Egg has none of the ingredients of a real bank

Let’s be straight: Egg is not a bank, it’s a credit card. Same with Mint.

Let’s be straight: Egg is not a bank, it’s a credit card. Same with Mint.

Short-term debt products advertised and managed online, using novelty – the internet, brand name, even shape of card – combined with aggressive rates is a viable, if difficult, business model. But pure online banking is not. Why? Because money matters to people more deeply than most marketers realise.

I am sure that in the focus groups that drive the “innovation” within Egg and its competitors, respondents moan about their current banks and dream of a better service. But at the heart of any banking proposition must be stability, credibility, and a trusted expertise in money management.

Brands such as Egg, Mint and Cahoot will only ever appeal to a niche, youth market where debt is big and credit small – and that doesn’t work to create a bank. Like all brands, Egg needs to realise what it is, and has been good at – and that’s flogging funny-coloured, or -shaped, or -named credit cards, not building full-service, cross-product banking services.

Justin Basini

Global head of marketing and communications

Global Banking

Deutsche Bank

London EC2

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here