Funny Money: Why banks want to be our friend

by Ron Daly 

Redneck Bank, which I'm sure you've seen by now, is still alive and kicking. They're offering checking accounts of various types and they're the buzz of the finance news world for their tongue-in-cheek approach to banking. You can see their website here, complete with braying donkey, outhouse for "personal bidness" and lots and lots of Flash animation tutorials and info. (Note: they're not a "bank", per se, they're an extension of Bank of the Wichitas). 

Then, there's Ally, formerly GM's GMAC bank. They're putting out these commercials about kids who don't get why the "bank guy" isn't being fair. Ally is shooting to set itself up as the friendly bank, the kind that's looking out for the customers' best interest.

Tightwad Bank was closed and then reopened. According to this NPR snippet, they're offering debit cards with the word "Tightwad" across the top and trying to set themselves up as the "bank with a sense of humor".

What do they all have in common? 

Well, for one, they're all trying to turn finance into a bright spot. Why not get people on your side with good natured humor and a "common sense" marketing approach? Especially since 72% of non-customers say they have NO desire to put their money into the "big banks", according to this Raddon report.  That considered, it makes sense to appeal to people's sensibilities and seem more personal. 

Another thing they have in common? Lots of deposits, not much lending. 

Redneck Bank doesn't feature any loans or credit lines (that we can see - if you know otherwise, tell us),and Ally bank was revamped as a bank that only deals in CDs and deposit services. Tightwad has a mortgage and lending section, but offers a wide array of deposits and even merchandise with their logo on it. (Side note - no online banking, just a website). 

What does any of this have to do with you? 

Well, I'm not so sure I'm a fan of funny advertising when it comes to banks and credit unions. I can see offering people peace of mind, comfort, dependability, but trying to get a giggle out of them just seems counterintuitive. But with the radical shift in how bank business is carried out, are we due for a little humor when it comes to banking? 

And what about credit unions? We keep running up against the same wall, marketing wise - how do we sell ourselves? Do we stand for trust, for thrift, for stability? And will humor erode that message or enhance it? 

Consider this a semi-formal townhall deal. I want to hear from you - is funny good for money? Can credit unions start putting out humorous ads and using "fun" promotions (a la Coast Capital and their "I love fees" campaign) to drive up membership? Are we established enough that we can do it without fear of rejection, or are we far enough under the radar to the public that they'll be more enticed to join if we're more daring? The floor is open, and comments are welcome. 

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Comments

[CUMarketer]

Umm, yeah... I don't think so! I really appreciate the humor of their idea but really, who the heck is going to join! After checking out Redneck Bank's website, I'm still unsure if they're legit or not. Yes, they have the FDIC stuff and all but come on, people don't trust banks right now as it is so why would they trust one displaying a giddy up horse on the homepage. Again, I appreciate the humor and good for them for sticking their necks out there but what people want and need right now is safety and security from a FI and thankfully CUs offer that. I would love to see the demographics of who is using Redneck Bank!

[Denise Wymore]

If you're new to the game (meaning you have no reputation of evil scum-bag-ness) then I say go for it!

I think Gen Y is the target audience for this approach. They have to be mad as hell at the banking industry and what it has done to their world. These are their "back in MY day" stories forming for sure. Can you even imagine what it must be like to graduate from college this year?

Bleak can't even begin to describe it! So why not get a tight wad Debit card. It's hilarious.

B of A is their father's Buick. Don't even.