Roanoke Financial Institutions: Competitive Brand Review

Part
01
of two
Part
01

Bank Brand Analysis Part 1

Freedom First Credit Union, Hometown Bank, and Hometrust Bank are banks that are primarily serving the local communities in Roanoke, Virginia. Brand positioning themes of these banks include being able to serve their local communities’ needs while still maintaining the quality or their services. Their reputations also peg them as community-centered. The three also offer various online services and there are no major outages in their websites. Their target markets are the local communities where they are located. All the details of the banks' information are indicated in the linked spreadsheet.

Freedom First Credit Union

Freedom First Credit Union sets themselves apart as a bank who can respond to the credit and savings needs of its customers especially those who have limited economic means. The bank also aids consumers to save more through various opportunities for savings accumulation. They also provide various credits and grants options that can be used for various productive purposes like building a business or other worthwhile endeavors. The bank is seen as service-oriented based on various testimonials. Furthermore, the bank has a reputation of being committed to serving the local community in order to help those in need.

In terms of its website offerings, Freedom First offers a wide variety of online services such as online banking, online bill payments, Quick pay, e-statements, Card Valet mobile app, mobile wallet digital payment system, and mobile app for check deposits. Their website seems to have no outdated elements.

Hometown Bank

Hometown Bank positions themselves as being able to accommodate the banking services needs of the local community that they primarily serve while still maintaining high standards in their banking products and services.
Hometown Bank's customers laud the bank for its friendly staff and personalized services such as bank account services for kids. The bank even got nominated by The Gentry Locke Attorneys group for the Best Business to Business Services award. Eventually winning this award cemented their commitment to helping the community prosper.
The bank also offers a broad array of services in their website which include online banking, online bill payments, mobile banking through their app, Card Valet, PopMoney personalized payment services, and mobile wallet. No outdated elements can be found on the bank’s website.

Hometrust Bank

Hometrust Bank’s plan to promote its brand involves offering a wide range of banking products and services that will primarily serve the local community while still adhering to ethical behavior, advocating security, and maintaining positive customer relationships.
Hometrust Bank is recognized by the community as a service-centered and community-focused institution who provides sound financial services as well as initiatives that are beneficial to the community.
Through its website, the bank provides the following online services: online banking, online bill payments, mobile banking through their app, Card Valet, and e-statements. The website seems to have no obsolete elements but possible design improvements can be done as well to make it more vibrant. The website relies on the use of two colors (blue and white) which makes the different elements blend in together. Lime green is used sparingly for buttons but most buttons are blue. This prevents most elements from standing out or grabbing the user's attention. At times, when photos are heavily used, this issue is avoided.

All the information about the various features of the three banks above are summarized is the linked spreadsheet.

CONCLUSION

Roanoke, Virginia is home to many community banks which include Freedom First Credit Union, Hometown Bank, and Hometrust Bank. These financial institutions deploy various brand positioning strategies and services in order to enhance their reputation and better serve the local community members. The banks also provide several online services through their websites.
Part
02
of two
Part
02

Bank Brand Analysis Part 2

The required information for this request has been entered appropriately in the attached spreadsheet. Below you'll find an overview of our key findings.

FINDINGS

The majority of the banks listed advertise themselves as not-for-profit member-owned institutions. Bank of Fincastle is the only exception to this. This bank's brand personality is centered around professionalism, excellence, and integrity. Salem VA Credit Union's brand persona focuses on transparency. While Member One Credit Union and Roanoke Valley Credit Union have both developed brand's around sincerity, the latter also focuses on the local community.

Every bank offers 24/7 online banking services except for the Roanoke Valley Credit Union. Although this bank does offer online banking it is not advertised as a 24/7 service. Roanoke Valley Credit Union is the only bank to highlight their live chat feature. This feature is available during the week from 8:30 AM — 5:00 PM. Salem VA Credit Union also offers 24/7 telephone services.

All four banks have up to date information listed on their websites. However, Roanoke Valley Credit Union, Member One Credit Union, and Salem VA Credit Union have websites with dated design elements and user interfaces.

There is overlap with their target markets, but some banks market their services to more audiences than others. The target markets for each bank are listed below.


Bank of Fincastle — Entrepreneurs, retirees, and Millenials.

Roanoke Valley Credit Union — New couples, local communities, and neighbors.

Member One Credit Union — Retirees, Millennials, children under 12 years old, and business owners.

Salem VA Credit UnionMillennials, retirees, the workforce, new couples, and new entrepreneurs.

CONCLUSION

In conclusion, while there is some overlap in audiences and brand personalities, each bank brand has their own distinct combination of traits. More details on the requested information can be found in the attached spreadsheet.
Sources
Sources