If your bank or credit union has been around long enough to be due for a rebrand, odds are you've (at least at some point) had a presence in your community or region that makes you recognizable to both existing and potential customers alike. So approaching the rebranding process can take a lot of thought and planning.
Here are four things to keep in mind when embarking on the FI rebrand journey.
Do it for the Right Reasons
What prompted the decision to rebrand? Are you losing a foothold in the marketplace? Is the makeup of your team or your client base changing or diversifying? Are you trying to broaden your appeal to new demographics? Whatever the case, make sure it's worth it. If your brand is succeeding in hitting goals, and customer retention and acquisition are high or stable, it might not be time to upset the apple cart. Take stock of what you're doing well to determine if smaller tweaks to your messaging, collateral or priorities could reinvigorate your existing brand first.
Don't Be Something You're Not
If you feel your bank or credit union brand is stale, it might be tempting to run in the opposite direction—after all, you're trying to grow and change your potential consumers, right? The problem with that logic is that it can be jarring and alienating to completely transform your brand overnight. Consumers confusion can run rampant when a brand arbitrarily alters everything about itself. Go on a truly intensive quest to figure out who you are as a company and what you aspire to be, and combine the two to solidify your actual brand (versus your intended brand).
Simplify Wherever Possible
It can be tough with a lot of stakeholders, particularly in larger banks and credit unions—every product, every division, every branch wants logos, unique product names and individual campaigns. But unification during a rebrand can provide a great opportunity to streamline brand fracture—when the core message and vision of your brand becomes so diluted with endless (and unnecessary) logos and sub-brands. Simplify and cluster when you can, rather than grandfathering in confusing or inexplicable offshoots with little merit.
Change More Than Your Name
A rebrand is about more than simply slapping on a fresh coat of paint or changing your business cards. It can become a definitive and comprehensive change to your bank or credit union's entire way of thinking. And if your team and leadership don't buy in, it can be a tough sell for your end consumers as well. Spend the time to "train" your team on what this new brand means, and delineate it to all levels of your organization. This is an exciting time—everyone should be a superfan of your rebrand by the time it hits your customers' or members' eyes and ears.