Transcription:
Trends Relative to Brand

Bill Klaproth:  When you've been searching for the right insight, advice and information on financial marketing, you know where to go, the Speakeasy. The exclusive source for financial marketing insights with a shot of human, starring Kelly Hellickson and Hilary Reed from EmpowerFi, strategy-infused data-driven marketing solutions for financial institutions nationwide.

And on this episode, Kelly Hellickson welcomes Jenny Bengeult, Executive Vice President and Director of Design at Momentum, Inc, an integrated plan design-build firm as they talk about pre-, during and post-pandemic trends relative to brand. Now, here's Kelly Hellickson.

Kelly Hellickson: I am here today with Ms. Jenny Bengeult of Momentum as I lovingly referred to her, Jenny B. Jenny, how are you today?

Jenny Bengeult: I'm doing great, Kelly. Thanks for having me on.

Kelly Hellickson: Yeah, absolutely. We're really excited to have you as our honorary guest today on the Speakeasy and really just want to hear a little bit from your point of view about brand revelations, I guess, pre-, during and post- pandemic. But first of all, why don't you tell us a little bit about Momentum?

Jenny Bengeult: Yeah, absolutely. Thank you. We are based out of Seattle. I'm out here in Seattle today. But really work with financial institutions, I should say, nationwide, on both their branching and headquarters strategies, and then implementing those strategies into the built environment. So we help financial institutions with their facility's network, coming up with what those facilities need to look like and then designing and building those facilities for them. So that's us. We've been around about 15 years and have worked with lots of different financial institutions across the country.

Kelly Hellickson: Yeah, that's great. That's fantastic. And we have just recently found you all and have partnered here at EmpowerFi. And I have to say that it's just exciting, it's really refreshing. I know we've got a couple irons in the fire, but when talking about the pandemic pre, during and post, let's talk a little bit about trends that you've seen, Jenny, relative to brand and what that's really meant to financial institutions, credit unions, and banks nationwide during the pandemic that you've seen.

Jenny Bengeult: Absolutely. When I think about brand and what that means to me and the brands that resonate with me and the brands I connect with, the brands that are authentic to me and that match my core values and who I am as a person. And I think that's something that's really become evident in the financial institution vertical as well in recent years and that depends on that has just really heightened awareness around that. People more than ever want to connect with something, someone, and want an institution that will do that with them. This is a place where credit unions have somewhat struggled in the past and that they want to be everything to all people. And so sometimes brand can get diluted when you try to do that.

So what we're seeing, and I'm sure you're seeing the same thing, Kelly, is just that when you do differentiate yourself a little bit, when you really do double down on your brand, you come off just as being much, much more authentic, and then you get those people that you connect with and that are then lifelong members, and really believe in your institution and want to do business with you.

Kelly Hellickson: Absolutely. And I think something that you just said I'd like to hyper kind of laser focus on, and let's talk about those lifers, you know, if you will, because I think that to your point, credit unions have struggled with that. And I think that now more so than ever, especially post-pandemic, credit unions are in this unique space and time where they have opportunity to really shine and do what they do best. And honestly, that's people helping people.

I know in previous episodes, we've talked to guests and we kind of chuckle at the people helping people mentality of credit unions in the space. But it truly is something of a movement where credit unions are concerned and smaller banks too, I really feel have adopted credit union mentality when it comes to "We're here for all ages and stages of your financial journey and your wellness and your needs."

So I think you're absolutely right. Doubling down on brand right now is something that credit unions, while they've struggled in past, I think that mission, vision value for credit unions and banks right now is something of hyper-focus. And I think it is really great because when you talk about brands, that means something to yourself as an individual. Talk to us a little bit about that. Like, what do you look for in a brand? You know, whether it be a soda brand or a clothing brand, talk to us a little bit about what brand means to you.

Jenny Bengeult: Well, for me personally, I tend to focus in on local, which I think totally resonates with credit unions. Credit unions are often community-based or are right down the road from you. I think having those local homegrown brands, companies that I've grown up with or companies that I've seen flourish as I've grown too, that's something that really resonates with me. I'm a Seattle-based girl and I love my Starbucks, whether it's here or anywhere else. But that used to be a very small brand and, now, of course it's a huge brand that anybody recognizes. But things like that.

And then, things that speak to who I am as a person. I have two little dogs. I am an animal lover, so brands that give back to the animal community as well or have some sort of connection to dogs too. That's something that resonates with me as well. So I think everybody has those things that makes them very unique to themselves.

And I'm not saying that a brand needs to connect with you on every level. But I mean, it just makes it so much more personal, I think, when you find those things that you have common interest in. And I think, especially during and post the pandemic, that's what everybody's craving right now. And I think that's where the credit unions have so much opportunity to thrive. I mean, I think we saw it after the 2008 recession. There was a lot of mistrust with these bigger organizations, bigger banks, and that's where credit unions really were able to make connections. And my prediction is that we'll see much of the same after this pandemic and this little recession we went through in the pandemic as well. People, they don't want to be anonymous. They want to have those personal connections with people and with brands. So there's just so much opportunity out there.

Kelly Hellickson: Absolutely. That's a really good point. And I think that, a couple things, number one, my 16-year-old daughter, her and her friends now refer to Starbucks as Starbees. They love themselves some Starbees and, yes, that's just a definite Seattle house name brand, but now has become worldwide brand, right? Is it worldwide or is it national?

Jenny Bengeult: Worldwide. Yes, they're everywhere.

Kelly Hellickson: Yeah, crazy. Starbees. So shout out to the Starbees of the world and shout out to us fur mamas. And I think that you're absolutely right, we want something that we can see ourselves in and that we can see being a part of something larger. And I think that that's a community of XYZ, whatever it is that you want to be part of. I think that that's what's really going to lend itself to brand where credit unions and, like you said, smaller banks, because, you're right, bigger banks, 2008, 2009, I mean, they got a bad rep and I'm always pulling for the underdog. So the smaller banks and the credit unions, I think that it is their time to shine.

Jenny Bengeult: Absolutely. And I think it's going to come naturally too. I think people, you know, maybe they see a credit union down the block from them, you know, at the end of the street. And they've always wondered about what goes on there and they've been with one of the larger national banks previously. And they walk by it and every day they walk their dogs. And it's time for a change. And I think credit unions will be well positioned to take on that change.

Kelly Hellickson: Absolutely. Anything that you have that you can think relative to brand in terms of maybe some environmental predictions? As we see and kind of come up to the next normal, I won't call it the new normal, but from a brand and authenticity standpoint and anything environmental that you have. I know that Seattle is pretty heavily involved in environmental trends. So just kind of wondering what your thoughts are there.

Jenny Bengeult: People need to, again, I think this goes back to authenticity, but need to connect and I think rebuild trust with organizations they banquet, dine with, do anything with really. And we'll be able to rebuild this trust when we know that the facilities we visit are healthy facilities.

So what we're really seeing is an increase in a focus on wellbeing and wellness within facilities. That all goes back to environmental consciousness as well, but creating facilities that not only give back to the environment, but that are healthy spaces to be into. We're all a little scared post-pandemic of being indoors, I think, or being around people.

Kelly Hellickson: Oh, gosh. Yes.

Jenny Bengeult: So being in spaces that you know are healthy, that careful consideration has been made in the air quality, the space is clean, things like that. And then, of course, making sure that message is conveyed, through marketing and brand as well, making sure people are aware of all the additional steps you're taking to make those spaces inviting and bringing people back into them in a healthy way.

Kelly Hellickson: Yeah. I think that's great. And I think that it really does kind of circle back to pride and overall wellbeing. And I think that one of the things I've seen, definitely from a brand standpoint, but just from like a community environment, is pride in your community. Like you said, previously, you know, giving back to local and what that means to each individual is different, but on so many levels, it is a community. And I think we all have a lot of the same thought processes in terms of something that you feel connected to, something that you feel you're giving back to part of the greater good or being part of the greater good. And environmentally speaking, I think that's on definitely everybody's radar right now. So I think that we are spot on with some of those thoughts and I think that it's been a really good conversation about brand and we really thank you for being a part of it, Jenny.

Jenny Bengeult: Thank you for having me.

And thanks for joining us and to connect with Hilary or Kelly to simplify your credit union marketing needs with EmpowerFi's full service marketing and design support, please visit empowerfi.org. You can also email info@empowerfi.org for more information.

This is the Speakeasy Financial Marketing podcast. Thanks for listening.