High street bankers must fear Virgin
If Virgin’s airline approach – which focused on its first and business class offering – lands on the high street then the big boys of banking should be worried. Targeting premium paying and high-value customers, who will self-fund exceptional banking service, is vital, especially in an era of slow growth banking business models and a need to invest in individual relationships.
Used properly, a high street presence will allow a brand to come to life, bringing real tangibility to financial products and deepening customer relationships. The key will be to embrace the whole customer experience: environment, marketing communications and service/staff.
The Virgin brand has trust – something now lost by most of the other high street banks yet vital to customer relationships. If Virgin does make it to the high street we’ll see something special.
Andy Jarvis, group account director, Billington Cartmell