On Demand Webinar: The Brand Advantage at Financial Brand Forum

The Power of Brand at a Glance:

• Rebranded banks experienced 33% higher CAGR than the industry average
• Differentiation is the top factor driving share performance, but only 15% of brands are distinct
• To drive differentiation, successful institutions own a position, live their story and stand out while fitting in

As banks and credit unions gathered at the industry’s most influential conference on financial branding, marketing, CX, and growth strategies, fresh data from Adrenaline finds that a focus on leveraging brand yields big results. Following a rebrand, 60% of brands report 3-5% customer or member growth, and 20% report growth in the 6-10% range. Viewed over a decade, rebranded banks experience 33% higher CAGR than the industry average. Collectively, what this data clearly communicates is that strong brands equal growth, but the word “strong” doesn’t adequately capture what’s driving this greater value. The right term is “differentiated” – that’s what spurs growth.

Data shows that differentiation is the top factor determining share performance, yet only 15% of all brands have that essential foundation. In financial services, banks and credit unions operating sea of sameness make the need for differentiation even greater. But what is the recipe for creating a differentiated brand in banking? According to her presentation at the Financial Brand Forum, Gina Bleedorn, President & CEO of Adrenaline, says successful institutions do three things:

#1 they own a position created of their own DNA to competitively differentiate

#2 they live their story, and this is an authentic story that only they can embody

#3 they stand out and fit in, rising above the competition but fitting in with their audience

Own a Position

For a 170-year-old bank in Virginia, owning their position meant bringing new life to a storied legacy brand to get new growth. The position Burke & Herbert Bank embraced was “Always Extraordinary” which leveraged a unique mix of traditional and unexpected elements. This positioning was so strong, it was not only used internally, but expressed outwardly, as well. The brand’s differentiation ultimately empowered expansion into a new market and set the stage for future opportunities through M&A activity.

Live Their Story

For Everwise Credit Union, their previous acronym-based name certainly presented ownability challenges, but their story also needed reimagining to reflect with how they were serving their members. Before even choosing a new name, the credit union went through a process to create a story that would mean something to the organization. The positioning became “Powering People,” because at the end of the day, what the credit union provided wasn’t about finances at all – it was how they empowered people to use finances to help their lives.

Stand Out & Fit In

Tower Federal Credit Union had only rebranded once during their 70-year history. When they started the rebranding process, they knew that renewing their positioning would be an essential element of their refreshed brand platform. Tower had a distinct name and longstanding brand, but they needed to double down on who they were and how they showed up for members. The “Smarter Stronger” positioning provides them with a refreshed story that creates new energy around the way they’ve always served – being smart about finances and supporting people as they create their own financial futures.

To learn more 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.