Jeff Stephens

5 Responses to CU Watercooler’s Discussion of Wag, The Bank for Dog Fanatics

// October 24th, 2011 // No Comments » // Banking, Banking business models, Credit Unions, Engagement banking, Tribed, Wag: The Bank for Dog Fanatics

On Monday, the CU Water Cooler Liquid Lunch show featured a conversation between host Carla Day and special guest Jimmy Marks. On the agenda was a discussion about initial thoughts on Wag, The Bank for Dog Fanatics. I was busy during the live show and was not able to dial into the call, but I listened to the replay of the show and wanted to provide a few comments and responses.

Overall, I must say the discussion was very good (from my perspective), and—to be totally honest—did not ridicule Wag nearly as much as I expected. Rather, I felt Carla and Jimmy truly did grasp a good portion of the idea behind Wag and Tribed.

Note: If you listen to the replay, the portion discussing Wag is between 9:00 To 17:45.

Five Responses

1) Jimmy: “You have to be a dog lover to identify with this group”
That is exactly right…and is in many ways the point. When you truly create a distinct brand experience, it should completely turn off and sound ridiculous to those who it is not designed for. In other words, it should polarize.

2) Carla: “You can get your debit card with the dog on it….and learn how to save money.”
These are both true. But the point I want to emphasize is that these two things just barely scratch the surface of the vision for Wag. A debit card dog photo is by itself just cosmetic and doesn’t really make the experience to dog fanatics more relevant than at another financial institution. Rather, what truly defines the experience is:

• Connecting with other members—and all employees—who are dog fanatics
• Members adding to the community dialog on an ongoing basis about financial issues related to the dog-oriented lifestyle
• Products that are tailored to the dog fanatic’s lifestyle, when possible
• The Bottom Line: an experience that is 1000% relevant to a dog fanatic’s lifestyle…and 0% relevant to a non-dog lover

This brings us to…

3) Jimmy: “It’s not that this is just a bank for dog lovers, but is a community of dog lovers that even has its own bank.”
Bam. Exactly. Couldn’t have said it better myself, and therein lies the core of this business.

4) Carla: A new definition of common bond….
Carla nicely alluded to another key point of Wag and Tribed as a whole: we are redefining what a “common bond” is. Even though we are creating a bank, not a credit union, the principle is same. So much, in fact, that (no offense to credit unions), I expect that Wag customers will feel the “membership” vibe WAY more at Tribed’s banks than at a credit union. And we’ve developed several ways to make sure of it.

5) Jimmy: “Geographical lines are not the only lines we draw, and they’re not the only lines we start to erase.”
Right again. Damn, you guys are really getting this—I’m impressed. (seriously)

Last reminder: as people evaluate Wag, I hope they will actually evaluate Tribed just as much. Keep in mind, Wag is just the first of a large portfolio of banking experiences we are creating. And when evaluating our business model, remember there will be 20-50 Wag counterparts.

Thanks to Carla and Jimmy for their interest in Wag, and for doing a great job discussing several of the salient points.

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Introducing Tribed, and Wag: The Bank for Dog Fanatics

// October 17th, 2011 // 1 Comment » // Banking, Banking business models, Banking business strategy, Decommoditization, Engagement banking, Enthrallment banking, Entrepreneurial Lessons, Jeff Stephens, Tribed, Wag: The Bank for Dog Fanatics

Friends: I am very excited to share a new entrepreneurial venture with you that I’ve been working on for quite a while, albeit anonymously: Tribed, and Wag: The Bank for Dog Fanatics. Please take a moment to watch this video to learn more.

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Is Engagement Banking enough?

// February 4th, 2011 // 4 Comments » // Banking, Banking business strategy, Decommoditization, Engagement banking, Enthrallment banking, Jeff Stephens

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?”

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