Is Engagement Banking enough?
First, let me be clear: I’m a big fan of the concept of “Engagement Banking.” I really like the Engagement Banking site from Sapient Nitro, and love what the guys at Geezeo are doing. The only thing I don’t like about the Twitter hashtag #engagementbanking is that I didn’t think of it. And if you’ve paid even a shred of attention to what CBC is all about, it’s got brand engagement written all over it.
But lately, I’ve got to wondering something: Is “engagement banking” enough? To have an engaged customer/member base is certainly an improvement from where most banks and credit unions are today…but does engagement banking go as far as we really need to take it in this industry? Will engagement alone help us break free from being commodity financial providers?
Or do we need a heavier dose than just mere engagement?
I’d like to suggest that what banks and credit union brands really need is “enthrallment banking.” As in, “I’m captivated with this brand because it resonates so strongly with me.” For instance, Apple loyalists aren’t engaged with Apple, they’re captivated by it.
You may be thinking, “one step at a time, Jeff–we have to walk before we can run.” And maybe that’s true. But it doesn’t hurt to ask ourselves today, “what is our real end goal: engagement or enthrallment?”