Every year strategic branding agency Seigel+Gale compiles a Global Brand Simplicity Index, across 25 industries, to generate separate brand and industry simplicity scores. In 2012, retail banking came in at #15 on an industry simplicity listing headed by online retail and closed by health insurance. This year, that ranking has slipped to 19th. And some of the industries that beat out retail banking? Shipping/mail and automotive!
It’s true that banking is one of the most systemically complex industries in the world. But when it starts underperforming mail in simplicity it’s time to introspect.
For the sake of banking customers who, as the study points out, are willing to pay up to 4.4% more for a simpler experience as well as be more inclined to recommend the brands.
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