Data Overview: Bank Customers Say Brands Are Trustworthy But Undifferentiated

Without a differentiated brand, the best that most companies can achieve over the long run is growth in line with the overall economy. Brand differentiation is an essential ingredient for sustained, above-average business growth. The impact of brand differentiation is especially pronounced when technology enables new entrants in a market. For most banks, Forrester’s consumer data reveals a dearth of differentiation: Even current customers of traditional providers don’t say their bank offers unique value. This report outlines that lack of differentiation and profiles the types of banking customers who are especially likely to believe “all banks are basically the same.”