Bank Rebranding and the Bottom Line

Bank Rebranding at a Glance:

• Consumers are different now, and brands need to be able to adapt
• Brands bring great value to organizations, and maintaining brand strength is just good business
• Brand archetypal mapping is really the “gold standard” for defining a brand’s personality
• Strong branding is a primary driver of business growth and business advantage

Relevant & Responsive Brands

According to recent data, more than three-quarters of companies have worked on their brands over the last three years. During times of change, it’s essential for brands to remain relevant and responsive. “By understanding the current needs and wants of customers, brands can authentically meet customers where they are,” according to Believe in Banking. Whether it’s a brand refresh or a complete rebrand, companies across the globe understand that the only constant today is change. Consumers are different now, and brands need to be able to adapt. But knowing you need a change and actually acting on that change can be complicated.

A recent Financial Brand article featuring Juliet D’Ambrosio tackles the topic of brand change, spotlighting the process behind brands that embrace their evolution. While banking executives may feel overwhelmed by the enormity of what a rebrand might look like for their organizations, they know what two decades of data has consistently shown: brands deliver value. One need look no further than Interbrand’s ranking of the world’s best brands to see that even amid the uncertain economic  conditions during the last year, the top-100 global brands have a value that has again reached a record high. Maintaining brand strength is really just good business.

Ushering in Brand Change

To ensure enduring relevance, brands should be assessed every 36 months. Adrenaline recommends a data-driven approach that anchors every decision and brand recommendation in data. Data incorporates sentiment surveys to gather customer or member feedback, along with market data to evaluate brand presence and impact. It’s essential that organizations don’t just talk to people who already drank their Kool-Aid, so to speak. As outlined in the Financial Brand article, banking brands should also engage with customers of competing institutions, ask why they choose their primary provider, and what influences led them to make those decisions.

Armed with meaningful market, customer and competitor data, brands can take on the next step in the process of change by incorporating tried and true methods like brand archetypal mapping to uncover their deepest brand attributes. Archetypal mapping is really the “gold standard” for defining a brand’s personality and providing a universally understood foundation for brand storytelling. This method allows organizations to define their brand almost as a person or a personality that people can relate to. The most recognizable brands in the world have used this methodology to define their brand image.

Branding and the Bottom Line

In many cases, the need for bank rebranding grows out of opportunity rather than out-of-date branding. “Companies looking to freshen up usually have an expanding client base that has outgrown the original messaging,” according to the Financial Brand. A sure sign of growth, M&A and organic expansion provide a compelling reason for banks to rebrand. Interestingly, nearly three out of four companies rebrand within their first seven years, according to Landor data. That seven year benchmark is also borne out with Adrenaline’s clients. While brand assessment occurs every three years, bank rebrands and brand refreshes are undertaken at a seven-year clip.

In a competitive landscape where every financial institution offers similar products – from checking and savings accounts, to credit cards and loans – a rebrand is a powerful way to stand out from the crowd. What financial brands are seeking is the idea of differentiation – a way to be distinguished among competitors in a virtual sea of sameness. But brand differentiation isn’t soft science made for marketers, it’s serious business. Branding is not superfluous to business success, it’s actually one of the primary drivers of business growth and business advantage.

To learn more bank brand and marketing strategies that can get your financial institution ready for growth, 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.