Webster Bank Competitors, Part 2

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Citizen's Bank, Part 1

Three key issues or areas of expertise for which Citizens Bank claims a leadership position include best-in-class customer experience, diversity and inclusion, and community involvement. Columns C, H, I, N, O, and T, row 4 of the attached spreadsheet have been populated with this information, while the full reasoning as to why each area was included as an area of expertise for Citizens Bank is listed below.

Three key issues or areas of expertise

  • According to the Citizens Bank careers page, the focus of all employees in the company is creating a best-in-class customer experience. Additionally, the company also points out on their banking page that it provides best-in-class service.
  • Citizens Bank was also awarded a Tempkin award for providing the best customer experience in the banking sector in the US.
  • A second key issue Citizens Bank claims a leadership position is diversity. Citizens received a diversity award from Forbes in 2019 as one of "America's Best Employers For Diversity".
  • Diversity and inclusion is also one of the company's key areas of focus listed on the corporate website: "Through our community initiatives, Business Resource Groups and colleague programs, we demonstrate every day how we don’t just talk about Diversity & Inclusion, we wear it on our (rolled-up) sleeves."
  • A third key area of expertise for which Citizens Bank claims a leadership position is community involvement, which is also one of Citizen's principal values. According to the company's website, Citizen strives to contribute to "a better quality of life by serving the communities across our footprint through employee volunteer efforts, a foundation that funds a range of nonprofit organizations, and executives who provide board leadership to community organizations."



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Citizens Bank, Part 2

Citizens Bank is a leader in the banking industry when it comes to customer experience, diversity and community involvement. It prides itself on helping "citizens reach their potential." Below is a list of those responsible for ensuring Citizens Bank remains as experts in these areas. The taglines and messaging strategies are also highlighted below. Additional information, as well as screenshots of how that information is portrayed, can be found in the attached spreadsheet.

Customer Expierence

Diversity

Community Involvement

Research Strategy

In conducting the research into Citizens Bank, most of the information could be found directly on its website or through Citizens Financial Group. A list of its leadership team is found on its website. A review of each leader's role at Citizens Bank identified those responsible for customer experience and diversity. Community involvement is not a specified department. It is organized through Citizens Bank's Corporate Giving department. A review of LinkedIn profiles connected to Citizens Bank, reveled Denise Wolffs as the head of Sponsorship and Corporate Giving. A search for Ms. Wolffs revealed an article dated March 2019 with her title and association with Citizens Bank. It should be noted that Citizens Bank is the banking division of Citizens Financial Group.



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Liberty Bank, Part 1

Liberty Bank claims a leadership position in promoting financial literacy and mortgage lending. In a general business sense, it is also a leader in employee satisfaction and has been consistently voted one of the top workplaces in Connecticut. We've included our findings in row 5 of the attached spreadsheet.

Promoting Financial Literacy

  • Liberty Bank's leadership in promoting financial literacy — notably among young people in Connecticut — is highlighted both on its company website and in its 2018 annual report.
  • It won EVERFI Inc.'s 2018 Financial Capability Innovation Award for its "significant efforts to improve the financial capability of Americans" through programs in Connecticut schools.
  • The Liberty Bank Foundation has been providing an annual $20,000 grant to finalists in three categories, one of which is Education for Economic Success. The grant program is in its twentieth year.
  • This key issue is promoted across Liberty Bank's website and press releases, as well as within its annual reports. The bank offers several types of economic education programs to members of its community.

Mortgage Lending

  • According to its 2018 annual report, Liberty Bank "produced $240 million in mortgage originations, along with $102 million in Home Equity and Home Equity Line of Credit originations."
  • It won the 2019 Record-Journal Readers' Choice Award for Best Mortgage Lender. Bank customers and publication readers voted to determine the winner.
  • Liberty Bank also runs an annual program called the Giving Circle, where it donates "$100 for every mortgage loan application received... [each] April and May" to provide housing arrangements for the homeless.
  • This key issue is promoted across Liberty Bank's website and press releases, as well as within its annual reports. The bank advertises its mortgage lending practices as "putting [customers] in control."

Employee Satisfaction

  • Attracting and retaining quality employees is a recurring theme throughout Liberty Bank's 2018 annual report.
  • The bank has been ranked by the Hartford Courant as one of the top workplaces in Connecticut for eight consecutive years.
  • It was voted the top large employer in Connecticut in 2017 and 2019.
  • According to its 2018 annual report, Liberty Bank provided over 37,000 combined hours of "training and e-learning" for its staff averaging about 53 hours per employee.
  • The average employee tenure at Liberty Bank is ten years.
  • This key issue is promoted across Liberty Bank's website and press releases, as well as within its annual reports. Liberty Bank refers to its employees as at "the core of [its] success."
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Liberty Bank, Part 2

Liberty Bank is one of the leaders in promoting financial literacy, mortgage lending and employee satisfaction. Their respective marketing efforts and persons in charge of those efforts are outlined below and in the spreadsheet attached. Screenshots can be seen here.

Promoting financial literacy

  • Audra Hamel wears the title of senior vice president, chief marketing officer. She’s associated with promoting financial literacy.
  • Liberty Bank has described itself as a company that cares about its communities’ financial literacy. It has also made a “self-branded digital financial literacy platform” available for consumers.
  • The company has shown that it can work as a partner in promoting financial literacy especially in its effort to help local entrepreneurs.
  • Liberty promotes financial literacy through its Learning Center for all of its customers including the use of literature and easy-to-use financial tools for visual aid.
  • They have also used videos on their YouTube channel for those with a preference for audio-visual information and they have also made posts on social media about the topic.

Mortgage lending

  • Eugene F. Shugrue has the title of senior executive vice president, chief lending officer of Liberty Bank and is associated with mortgage lending.
  • Liberty Bank promises customers that they’ll be able to acquire mortgages at an affordable cost which include low interest rates and /or low monthly payments. They offer options that may be attractive to price-conscious shoppers and makes it easy for them to apply online.
  • Liberty Bank shows that it is considerate about the needs of its customers and consumers and that it will do what’s necessary to meet their needs; even if it requires them to hire more employees.
  • They describe their loan officers as “some of the most helpful and experienced mortgage lenders in Connecticut”, who’ll listen and guide the customers.
  • They have highlighted their mortgage lending commitment to customers by implementing mortgage lending strategies that target “low-to moderate income households”.
  • It uses their mortgage lending services as a bolster to give back to the community through its Giving Circle program. It describes itself as consistent and committed to members of the community who are in emergency situations or need transitional housing.

Employee satisfaction

  • Robert Parry is the chief administrative officer (CAO) of Liberty Bank. He is in charge of human resources and therefore associated with employee satisfaction.
  • Liberty Bank prides itself on being cognizant of their employees’ efforts and recognized as one of Hartford Courant Top Workplace. It has maintained this status for 7 consecutive years, thanks to their employees’ votes and satisfaction.
  • The company tries to gain confidence from its consumers by describing its employees as “loyal” and efficient in getting new business. It always makes mention of their employees efforts when describing an achievement.
  • It has also highlighted its efforts in keeping their employees’ satisfied with their working conditions by offering them change and what is considered “the best of the best”.
  • The employees at Liberty Bank are engaged in activities that benefit the community, which also suggests that are satisfied with their workplace and what it stands for. They participate in internal competitions that are used to generate donations for charity.

Research strategy

For most of the information about who is in charge of promoting financial literacy, mortgage lending and employee satisfaction as well as the company’s messaging around these areas and screenshots relating to them, we consulted the company’s official website, annual report and social media channels. However, the company’s website did not include information pertaining to descriptions of the role members of the executive team play; so we had to rely on the job titles, general information about c-suite officers’ responsibilities and LinkedIn to determine the executive who likely has the responsibility as a part of their job or associated with the area.

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Chase Bank, Part 1

JPMorgan Chase Bank is a global firm that offers financial services for both consumers and businesses. Three key areas of expertise for the bank include digital banking, neighborhood revitalization and middle market banking.

Digital Banking

  • Chase Bank won the Greenwich Associates 2017 Excellence Award for Overall Digital Banking
  • According to the firm's 2018 annual report, the company's banking portal is the most visited in the United States with 49 million customers active on the digital platform
  • JPMorgan Chase invests $11 billion per year on technology to develop, improve and secure digital banking platforms
  • To enhance its workforce, JPMorgan Chase offers a two-year training program for new technologists that includes hands-on training and career advise from their assigned managers."

Neighborhood Revitalization

  • According to the 2018 annual report, financed $2 billion in affordable housing in low-income neighborhoods and offer financial education.
  • Chase Bank committed $150 million over a five-year period to work toward economic recovery in the city of Detroit, Michigan where unemployment dropped to 9 percent in 2018 compared to 20 percent in 2013. The bank plans to use that experience as a model to revitalize other cities.
  • The company plans to open 400 new branches around the United States which will bring jobs and investments to those cities.
  • Chase bank runs the Partnerships for Raising Opportunity in Neighborhoods, or PRO Neighborhoods, initiative which invests $125 million over five years to promote community development by investing in community services, job training, and developing affordable grocery stores."

Middle Market Banking

  • Over a three-year period, Chase Bank achieved a 22 percent increase in revenue, expanded into 39 new markets and gained 2,800 new customers and they anticipate more growth within this market.
  • In 2018, JPMorgan Chase Bank won the Greenwich Best Brand Awards in Middle Market Banking for overall service, loans, cash management and investment banking
  • JPMorgan Chase is the number one traditional bookrunner for the middle market
  • Middle market banking is the largest revenue segment for the firm's total commercial banking revenue.

Research Strategy

Digital banking is a key issue for Chase Bank as outlined in the company's 2018 strategic update report. Their focus is "digital everything" and the firm invests billions of dollars into being a leader in digital banking. In addition to their own annual report and strategy updates, the bank's digital strategy is the focus of many articles and interviews since 2018 including this brief from CB Insights and this article from Business Insider.

In the 2018 JPMorgan Chase Bank annual report, the firm notes their commitment and initiatives to help with neighborhood revitalization as an important part of corporate responsibility. The bank recognizes the importance of community and invests millions of dollars in helping local neighborhoods through the PRO Neighborhoods initiative. We further recognize this as a key issue as Chase promotes the initiative through sponsored content such as this post on Politico. Their commitment is also seen in interview and articles such as this one form Business Insider and this post from United Housing.

Finally, JPMorgan Chase Bank is a leader in middle market banking. Their 2018 annual report notes that they are a leader in middle market banking for business customers with between $20,000,000 and $500,000,000 in annual revenue. The firm has focused on growing their business in middle market banking and won the Greenwich Best Brand Awards in Middle Market Banking. In addition to their stated goals, growth and awards in the annual report, the firm is devoted to continuing to lead and grow in this segment with a focus on customer experience, commitment and consistency.





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Chase Bank, Part 2

At Chase, Bill Wallace is in charge of digital banking, Peter Scher is in charge of corporate responsibility, including neighborhood revitalization initiatives, and John Simmons is in charge of middle market banking. The marketing efforts in these areas are described in the attached spreadsheet.

Digital Banking

  • Bill Wallace is the Head of Digital for Consumer & Community Banking at Chase.
  • Chase's marketing efforts related to digital banking include launching both flagship and express branches that focus on digital tools, targeting millennials with memes and gifs, and having a web page devoted to educating consumers on their digital tools.

Neighborhood Revitalization

  • Peter Scher is the Head of Corporate Responsibility at JP Morgan Chase.
  • Neighborhood revitalization is one of the corporate responsibility pillars for Chase and they have committed hundreds of millions of dollars to the cause. Chase describes these initiatives on their website, does interviews about the projects they are involved in, and the visible nature of many of the projects also provides indirect marketing for the bank.

Middle Market Banking

  • John Simmons is the Head of Middle Market Banking & Specialized Industries at J.P. Morgan Chase.
  • Chase has web page devoted to the middle market banking division which emphasizes that working with Chase gives companies the opportunity to benefit from a bank with a global reach while still having a local banker as a contact. It appears that Chase's main marketing strategy for this division is to continue growing its local presence in key markets across the U.S. Rather than running generic commercial ads, Chase pitches individual companies with personalized marketing materials.
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Santander, Part 1

Three areas of expertise that Santander Bank claims a leadership position in (within the U.S.) are renewable energy financing, corporate social responsibility, and mobile banking. All the requested information about those areas of expertise is both included in the attached spreadsheet and provided below.

Santander Bank — Areas of Expertise

Renewable Energy Financing

  • Renewable energy financing is an area of expertise that Santander Bank claims a leadership position in.
  • We determined that renewable energy financing is an area of expertise that Santander Bank claims a leadership position in because a company executive stated that "[s]ustainability financing is a core competency at Santander Bank" and the company stated in its 2018 Annual report that it's "a leader in project finance."
  • The U.S. was Santander's second-largest market for renewable energy finance in 2018.
  • In 2018, Santander financed 1,225 mega watts worth of renewable energy projects in the U.S.
  • In June 2019, it was announced that Santander was one of just two lenders involved in the refinancing of a solar portfolio ("one of the largest independent C&I solar portfolios in the U.S.") in the amount of $85.7 million.

Corporate Social Responsibility

  • Corporate social responsibility is an area of expertise that Santander Bank claims a leadership position in.
  • We determined that corporate social responsibility is an area of expertise that Santander Bank claims a leadership position in because the company is extensively engaged in/strongly committed to such efforts, has received awards for such, and has received many media mentions about such.
  • In 2019, Santader "received a silver level U.S. President's Volunteer Service Award from Junior Achievement USA . . . for providing at least 10,000 volunteer hours to local Junior Achievement offices during the 2017-18 school year."
  • In July 2018, the company "announced that it has donated more than $3 million to 119 non-profit organizations that support low- and moderate-income individuals, families and communities primarily located in its Northeast footprint."
  • In May 2019, the company "announced that it has committed donations of $3.97 million to 137 non-profit organizations that support low- and moderate-income individuals (LMI), families and communities primarily located in its Northeast footprint."

Mobile Banking

  • Mobile banking is an area of expertise that Santander Bank claims a leadership position in.
  • We determined that mobile banking is an area of expertise that Santander Bank claims a leadership position in because the company highlights the success of its mobile app on its website and has been awarded for its digital banking.
  • Santander's number of digital banking customers increased by 10% year-over-year in 2018, for a total of 894,000 customers.
  • Santander states on its website that its mobile banking app is rated 4.7/5, as determined by 140,000 "ratings on the App Store as of" October 1, 2019.
  • Santander received the "2016 Model Bank Award for excellence in Digital Banking Transformation" from Celent, which is "a global financial services research firm."

Research Strategy

Since Santander Bank is based in Spain, we paid close attention to ensure that the key areas of expertise we identified for the bank pertained to its operations in the U.S. market specifically. We achieved that by reviewing its U.S. website, information pertaining to the U.S. in its 2018 Annual Report, and in articles about the company's presence in the U.S. The key areas of expertise that we identified were found from information published directly by the company on or through its website.
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Santander, Part 2

Row 8, columns E-H, K-N, and Q-T of the attached spreadsheet have been completed. The executives associated with Santander Bank’s areas of expertise are Nuno Dias Andrade, Seth Goodall, and Christopher Lacek. Screenshots illustrating how the bank is promoting its efforts in the areas of expertise have been provided in the attached Google document.

Summary of Findings

  • In an interview published by Hispanic Executive in 2019, Nuno Dias Andrade, the managing director & head of structured finance at Santander Bank stated that his department is “heavily engaged in the rise of renewable energy across North America, primarily in financing utility-scale wind and solar farms.”
  • Seth Goodall is the executive director, corporate social responsibility at Santander Bank.
  • Santander Bank uses its website and other social media platforms such as Twitter, Facebook, and Instagram to promote its corporate social responsibility activities.
  • Christopher Lacek is the senior vice president, director of digital channel strategy at Santander Bank.
  • Santander Bank uses its website and other social media platforms such as Twitter and Facebook to promote its mobile banking app.
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TD Bank, Part 1

Three key areas of expertise that TD Bank claims a leadership position in are (1) wholesale banking, (2) online banking, and (3) diversity and inclusion. The requested information about those areas of expertise is both included in the attached spreadsheet and provided below.

TD Bank — Key Leadership Areas

  • Wholesale banking is a key area of expertise that TD Bank claims a leadership position in.
  • We determined that wholesale banking is a key area of expertise that TD Bank claims a leadership position in because the company stated in its 2019 Annual Report that it's "a leading Wholesale business."
  • Online banking is a key area of expertise that TD Bank claims a leadership position in.
  • We determined that online banking is a key area of expertise that TD Bank claims a leadership position in because the company stated in its 2019 Annual Report that it "ranks among the world's leading online financial services firms."
  • Diversity and inclusion is a key area of expertise that TD Bank claims a leadership position in.
  • We determined that diversity and inclusion is a key area of expertise that TD Bank claims a leadership position in because the company stated in its 2019 Annual Report that it received four awards for its achievements in diversity and inclusion.

Research Strategy

We identified three key areas of expertise that TD Bank claims a leadership position in by reviewing the company's 2019 Annual Report. Within the report, we specifically looked for areas that the company outright stated that it's a leader in. We chose that approach to determining key areas of expertise because those were the areas that the company itself identified as such. Some of the areas of expertise that TD Bank claims a leadership position in pertained to Canada specifically, so we excluded those areas of expertise because our research focused on the U.S. market specifically.
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TD Bank, Part 2

At TD Bank, Norie Campbell is in charge of customer service, Christopher Gallagher is in charge of online banking, and Kelley Cornish is in charge of diversity and inclusion. The company uses humor in its messaging about customer service, emphasizes that its online banking services are free, and uses the tagline "The Better Bank" in its diversity and inclusion messaging. All the requested information about the leaders of and messaging for TD Bank's key areas of expertise is included in the attached spreadsheet.

TD Bank's Key Areas of Expertise — Leaders & Messaging

Customer Service

  • Norie Campbell is in charge of customer service at TD Bank. Her title is Group Head, Customer and Colleague Experience TD Bank Group.
  • TD Bank's slogan ("America's Most Convenient Bank") directly pertains to customer service.
  • "Unexpectedly Human" was a recent marketing campaign from TD Bank, which highlighted the company's customer service and the modern conveniences that it offers to customers.
  • TD Bank uses humor in communicating its messaging about the excellent customer service it provides. For example, the company states, "[d]on’t be alarmed if we smile."
  • TD Bank created a microsite to spread the world about its "Unexpectedly Human" campaign, which focused a lot on customer service. A message that the company communicated on the microsite stated the following: "It’s only human to want more from your bank. So we give you more ways to make life and banking easier."
  • Another statement about customer service communicated by TD Bank on its "Unexpectedly Human" campaign microsite stated as follows: "We’re the bank that defies expectations. . . . We’re locals helping locals and an all-dogs-are-welcome kinda bank. . . . Midday or midnight, you’ll get a real person when you call us."
  • Screenshots of how TD Bank is/has been promoting its customer service efforts are included in this Google Doc.

Online Banking

  • Themes in TD Bank's messaging about its online banking services are that it's free, reliable, accessible, and secure. Some of those themes are referenced in the following statement from TD Bank about its online banking services: "With our free Online Banking, you can access your account online anytime, anywhere — even from your mobile device!"
  • A tagline used in its online banking messaging is that TD Bank provides a "one-stop shop for business banking."
  • TD Bank uses humor to emphasize the simplicity of its online banking. An example of its humorous messaging is illustrated in an ad the company ran titled "Passwords," which showed the frustrations people experience in trying to remember all their passwords. The end of the ad states: "Forget all your passwords. Bill pay on the TD Bank mobile app keeps all your bills in one place."
  • Screenshots of how TD Bank is/has been promoting its online banking efforts are included in this Google Doc.

Diversity & Inclusion

  • TD Bank communicates much of its diversity and inclusion messaging on various sections of its website, including on its Careers page.
  • "The Better Bank" is a tagline the company uses for its messaging about diversity and inclusion. An example of how TD Bank uses that tagline in its messaging is illustrated in the following statement: "To be The Better Bank, we need the best people."
  • On its Careers page, TD Bank features four sayings to communicate its messaging about diversity and inclusion. The first statement provides: "An inclusive environment where you can bring your whole self to work." The second statement reads: "A culture that recognizes the unique talents of everyone on the team."
  • The third statement provides: " Here, we celebrate our differences. Your unique abilities make us stronger." Lastly, the fourth statement reads: "A supportive environment that allows you to learn, grow and develop."
  • Screenshots of how TD Bank is/has been promoting its diversity and inclusion efforts are included in this Google Doc.

Research Strategy

We found the leaders of TD Bank's key areas of expertise by looking through the company's leadership team pages and by searching on Linkedin. Our analysis of the messaging that the company uses for each key area of expertise was based on a thorough review of the content included on the company's website and advertisements that it has run pertaining to each area. Lastly, we found screenshots of how TD Bank promotes its efforts in each area of expertise by looking for images posted about such and then linking to the articles/posts that the images were included in.
Sources
Sources

From Part 06
Quotes
  • "Personalization plays a big role in creating successful financial experiences for younger clients. In its beta release, Finn experimented with allowing users to determine how they’d like to be addressed, exploring more inclusive ways to address consumers. Chase is also using more millennial friendly marketing to attract younger customers, including campaigns with memes and GIFs."
Quotes
  • "Scher's team is on track to spend $350 million this year, up $100 million from 2018. Its aim is to reach $1.75 billion by the end of 2023. These investments include the five-year, $500 million AdvancingCities initiative to boost opportunity in underserved city neighborhoods and a three-year, $350 million skills training plan."
  • "Scher previously worked in President Bill Clinton's administration and as a lawyer in Washington, DC, before JPM CEO Jamie Dimon recruited him during the financial crisis to run an emboldened corporate responsibility team. The key turning point for Scher's team was in 2013, when the bank launched both the New Skills program and investments in Detroit after it declared bankruptcy. Both would set the pace for the rest of Scher's work."
Quotes
  • "Based on the firm’s previous experience, JPMorgan Chase expects its AdvancingCities investment to attract an additional $1 billion in outside capital, resulting in a total of $1.5 billion directed to efforts that will increase inclusive growth in cities. The firm will invest in cities where conditions exist to help those who have not benefited from economic growth. This includes demonstrated, strong collaboration across the public and private sectors on solutions that create opportunity for people at risk of being left out of economic growth."