Earlier this year, the 186-year-old institution launched an IPO that also began its separation the bank from parent brand RBS. In addition, the group has moved to rebrand all of its operations, including its 200 Charter One branches, under the Citizens Bank banner.
These moves are part of a major effort by CMO Arturo Perez to simplify the bank's operations and, in particular, its offering to customers. Perez, who joined Citizens last year, describes the 'Bank Better' initiative as an opportunity to regain public trust. In an interview with the Holmes Report, he explains why.
That said, there is a structural change in how consumers relate to their bank and their financial services right now. It’s a lot more on a 'help me, do my banking with me, not do it for me.' Consumers tended to be very hands-off with their financial relationship before the recession. That has changed. Our Bank Better initiative is really about helping customers bank better — be very simple, be very clear and be very personal in the relationship.
marketing switches over from Charter One to Citizens in Michigan or Ohio. We haven’t started that yet.
With all of the new targeting technologies, especially in the online space, there’s just a ton of opportunity to invest more. That’s where we’ve seen a lot of our growth.