My Bank? Or My Best Friend?
While flipping through a recent magazine, I was caught off guard by a pretty lilac background and the name Ally in elegant cursive writing. After initially dismissing the name as either an oral contraceptive or a weightless supplement, I realized that Ally was neither of the above. Ally was actually a bank (the former GMAC bank rebranded.) The quandary raised two important questions in my mind. When did we start adding emotional attachments to the names of financial institutions? And more importantly, when did my bank become my best friend?
As Steve Martin pointed out in his recent comedy routine, if you are going to name a bank, it’s got to be something big and strong like Security First Trust and Federal Reserve. The comedian went on to explain that, you have to name a bank like that because nobody wants to put their money in ‘Fred’s Bank.’ It feels like Fred can just walk up to you and say “Hi, I’m Fred, I have a bank. You got $1500? ”
I must say, I have to agree with Martin on this one. Typically, I am a fan of emotional branding. However, when it comes to banking and money, let’s leave our friendships out of it.
By Kelley Blakewood