Finding harmony: Taking cues from Taylor Swift to revitalize the essence of community banking
In an industry as dynamic and fiercely competitive as banking, community financial institutions face a formidable challenge. Mega banks are echoing smaller institutions’ traditionally unique selling propositions—personalized consumer care, the elimination of certain fees, and a community focus.
Basically, the big guys are trying to be like the little guys.
It bears a striking resemblance to the challenges faced by Taylor Swift, who lost control of her original music recordings, only to embark on an ambitious and inspiring journey to reclaim her work by re-recording her albums…aptly dubbed “Taylor’s Versions.”
Swift’s bold move to re-record her albums (thus reclaiming her narrative and connecting more deeply with her audience) offers a playbook full of resilience and innovation for credit unions and community banks. By mastering branding, member experience, and strategic marketing, these institutions can sing their own versions louder and prouder.