[As seen in Surfing the Black Wave: Brand Leadership in a Digital Age, available now.]
As technology replaces personal service, commoditized industries such as banking are seeking a new differentiator. In one study, we explored value drivers that could have the propensity to create a preference besides rates and fees. In our study of the general market, cause associated with the bank’s social responsibility was equally valued to the service the bank provides. One in four respondents told us they would be willing to switch banks for a more socially responsible brand.
Social cause is the new personal service.