The Art and Science of Naming for Banking Brands

Bank and Credit Union Naming at a Glance:

• The need for renewed relevance in a brand’s name is happening in every segment of the market
• Triggers for a rename and rebrand include geographic barriers, M&A, renewed relevance, and a need for differentiation
• Brand differentiation accounts for 57% of future growth for organizations
• Name changes need to be supported with data for decision making, an internal and external launch, brand awareness campaign, and ongoing marketing programs

Increasing Impact

As banks and credit unions strive to make their mark in what can often be described as a community of conformity, creating a differentiated brand is fundamental for future success. And it all starts with a powerful and memorable name. That need for relevance in a brand’s name is happening across every segment of the market – from national and regional banks to smaller community financial institutions, according to Gina Bleedorn and Juliet D’Ambrosio in a lively conversation on the Believe in Banking podcast. When an institution comes with a growth challenge, it’s likely their brand that’s holding them back and “rebranding helps them break free from those limitations,” according to Gina.

Data from Adrenaline’s ROI of Rebranding report on the impact of rebranding and renaming reaffirms that result. The data shows that 86% of financial institutions surveyed report that a rebrand – which often includes a rename – positively impacted their organization’s business value. Financial institutions that rebranded generated bottom line benefits, with banks undergoing this change seeing a 13.6% increase in compound annual growth rate (CAGR), over the 7.4% year-over-year industry average. While most organizations want to realize this kind of success, what do they need to know about the process of renaming and rebranding?

Names as a Barrier to Growth

With the need to grow serving as the catalyst for change, financial institutions most often face roadblocks when trying to expand their footprint, increase their influence, and engage new audiences. The triggers for a rename and rebrand include:

• Geographic Barriers – A legacy name that calls out a specific geographic area and the bank or credit union wants to grow beyond that area
• Mergers & Acquisitions – When two or more organizations come together, especially in a merger of equals, a name needs to signal a new meaning and new approach
• Renewed Relevance – An existing name no longer speaks to the target audience, like in a credit union charter change or a bank’s shift in customer focus
• Need for Differentiation – In an increasingly consolidated marketplace, the need to stand out among competition is critical

Regardless of reason, name changes need to be supported by a holistic framework that includes data for decision making, an internal and external launch, brand awareness campaign, and ongoing marketing programs to support customer acquisition and market impact. For all organizations undergoing rebranding and renaming, brand differentiation is the ultimate goal, even if it’s not the trigger. Recent research illuminates the role of brand differentiation in creating brand value. In fact, data from Google and Kantar finds that brand differentiation accounts for an eyepopping 57% of future growth.

Building Distinction for Bonvenu Bank

When a Louisiana-based community bank from Shreveport and Bossier City was eyeing expansion into New Orleans, they knew their legacy name presented a barrier to growth. Completing holistic evaluation of their current brand, the rebranding process to Bonvenu Bank incorporated brand strategy, naming and positioning, and identity building.

• The existing Citizens National Bank name was not only non-ownable, but it also didn’t stand out in current and expansion markets
• Six other banks with “citizens” in their name were already operating in Louisiana
• Expanding relevance and reach, Citizens National Bank needed differentiation to create a sharper contrast between themselves and their competitors to win more business
• Market analysis found a population on the move, impacted by a cycle of natural disasters, but with strong investment and strategic development supporting region’s growth
• Competitive analysis revealed ample opportunity to serve in new markets – resilient, culturally rich places that come together and thrive in the face of adversity
• Inspired by regional roots, the name Bonvenu is a modern mashup of “Bon” (the French word for good) and “Bienvenue” (the French phrase for welcome)
• The new name offers a warm welcome, reflecting a brand brimming with vibrant Louisiana spirit and a regional character of strength and optimism
• The new Bonvenu brand demonstrates a promise for building stronger communities together and empowers the bank to stand out among their competitors

Merger Connects Community for EastRise Credit Union

When two legacy institutions merged to become Vermont’s largest credit union, they needed a united, cohesive brand to represent the soul of the organization, without losing long-standing connections to communities they serve. A comprehensive, data-driven brand strategy resulted in EastRise Credit Union, a singular institution with its own signature approach.

• When New England Federal Credit Union (NEFCU) and Vermont State Employees Credit Union (VSECU) merged, they needed a unified name that didn’t favor one institution over the other – either in name or in perception
• The new unified brand would need to positively position the credit union to continue growing in the region with newfound breadth and depth
• New brand identity nods to the Eastern Seaboard, with the logo featuring the Vermont state bird and brand elements evoking the region’s colors, natural landscape, and geography
• Uniting the credit union from the ground up, the rebrand spotlighted shared values and vision expressed with a fresh, unmistakably Vermont-focused name and identity
• The merger united two distinct cultures – one more progressive, another more practical – coming together to represent the best of Vermont
• The new EastRise Credit Union name and brand symbolizes a bright new day for members and reflects the credit union’s Northeastern roots without being overly regionally limiting

Renewed Relevance for Emblem Credit Union

When a 65-year-old credit union expanded their field of membership in 2001, they kept their legacy name. Though the credit union currently serves anyone living, working or attending school five Alabama counties, the Alabama Teachers Credit Union name and brand limited their growth goals and expansion efforts in the state. The new name and brand would represent an enduring mark of something they stand for every day.

• Although the credit union expanded their charter, nearly half of consumers thought they had to be a teacher to join, and shortening their name to ATCU didn’t solve their ownability challenges, as the acronym lacked distinction
• Research revealed that members and the market actually weren’t attached to the name and were excited and supportive of a name change
• At the beginning of the renaming process, key stakeholders were firm that their new name needed to be a real word with real meaning, not a fanciful word members might not understand
• The new Emblem Credit Union name is a simple, clear way of communicating what the credit union stands for – being a trusted financial institution that values and supports the unique potential in everyone they serve
• The name Emblem also honors the credit union’s educational roots, while moving them into a future focused on empowering all people to achieve financial wellbeing
• Emblem – defined as a mark of individual and collective distinction – embodies the experiences of the people and places that make Alabama a unique place to live and work and reflects the credit union’s values of people learning and growing together 

To learn more brand and marketing strategies and leading change for financial services brands, or to speak with one of Adrenaline’s experts, contact us today.

Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.