Banking industry chiefs say boring is good—and most customers agree

The news: PNC Bank’s new marketing campaign describes the bank as “brilliantly boring.” Its CEO William Demchak believes this messaging positions the bank well for growth opportunities, per Bloomberg.

And it isn’t the only one: The “boring” messaging has grown in popularity throughout the banking industry, according to Bloomberg’s analysis.

• At a recent industry conference, Fifth Third Bancorp executives spoke about how being “boring is good.”
• The number of times banking management has used the word “boring” on public calls has increased by 57% since Q1 2023.
• Analysts say setting this tone of “nothing to see here” can provide customers with much-needed reassurance after last year’s eventful collapses.

Do customers really want boring? Yes, according to a recent survey of 2,000 US consumers by the Motley Fool and Pollfish. Customers across all generations care about a bank’s reputation and security features—two survey categories that most relate to its stability.

• However, more baby boomers than younger consumers considered both categories very important.
• For example, 98% of baby boomers consider security features very important, but 80% of Gen Zers do. And baby boomers scored customer service as high as security features. 
• 92% of baby boomers believe a banks’ reputation is very important, compared to 72% of Gen Zers.
• However, more baby boomers than younger consumers considered both categories very important.
• For example, 98% of baby boomers consider security features very important, but 80% of Gen Zers do. And baby boomers scored customer service as high as security features. 
• 92% of baby boomers believe a banks’ reputation is very important, compared to 72% of Gen Zers.

But what about crypto? This popular digital currency is often in the news, making it seem like a popular component in a modern investment strategy. But crypto actually attracts a more risk-tolerant crowd that’s not necessarily looking for something “boring.”

• 38% of US consumers who have invested in cryptocurrency have lost more than they’ve made from these investments, according to a LendingTree study.
• And per the Pew Research Center, 75% of US consumers who are familiar with cryptocurrency say they aren’t confident it’s reliable or safe.
• However, certain groups of consumers continue to invest in it. Forty-one percent of male consumers between 18 and 19 years of age have held crypto.

But just 16% of women in the same age group have done the same. And across all age groups, only 17% of US consumers have invested in crypto. 

Key takeaways: After 12 months of financial industry ups and downs, the majority of US consumers appear to really value stability—or at least a good, “boring” banking experience.  Smaller groups of customers with an appetite for more excitement may gravitate toward cryptocurrencies, neobank competitors, or nontraditional banking services.

• It looks like the right time for marketing messaging to emphasize a bank’s strong reputation and stability—particularly when targeting Gen Xers and baby boomers.