Banking and financial institutions have traditionally had several design considerations when developing their brands. How have these considerations been affected by changes in information communication in the global world we live in today?
Brand is the foundation of competitive advantage and long-term profitability for banks and other financial institutions, so the final design must be considered and well thought out.
The basic elements of the brand are used to identify the institution and differentiate its products and services. They help the customer navigate an often broad offering while at the same time identifying these products and services with the company. Through the use of brand, the financial institution creates an image, attributing a specific set of ideas and values the company is aiming to communicate about itself, such as the level of quality of its services and products, credibility and trustworthiness.
Let’s have a look at some examples of how well-established and recognisable financial brands have influenced branding in the financial industry.
Chase Bank
The Chase Bank logo was designed more than half a century ago. It is particularly relevant in financial branding because the minimalist ‘octagon’ at the end of the logo was one of the first abstract corporate logos created. It has influenced the widespread adoption of abstract corporate identities since it was first introduced in the 1960s. The octagon’s design has a simple yet powerful geometric form embodying a strong feeling of motion and activity. It is divided in such a way as to suggest forward motion centred around a square shape, which implies growth from a central foundation.
Citibank
The Citibank logo is widely regarded as one of the most iconic and widely recognised financial logos. Its current version, created in 1998 by Paula Scher of Pentagram, is noteworthy because during a client meeting, Scher made her initial sketch on a napkin in a few seconds. The logo was designed after the merger of two existing brands, Citigroup and Travellers Group. The Citibank logo uses a red curve above the “t” to represent an umbrella — a symbol of protection — between two pillars (the “i’s”), symbols of strength, with the letter “c” representing the globe.
Bank of America
The distinctive Bank of America brand mark, with its patriotic icon and colour system, was introduced in 2001 after the bank restructured, and is a shift away from the word mark and icon that stayed with the company for almost 30 years.
The new logo uses red and blue stripes to denote the image of the American flag. This image worked to cement Bank of America as a wholly American institution, at the same time promoting its trustworthiness and reliability. The image is also supposed to denote a farmer’s field. As many farmers trust and work with Bank of America, this image was meant to resonate with them, while tapping into the patriotic needs of its whole audience.
Commonwealth Bank
Looking closer to home, the Commonwealth Bank logo was introduced when the bank launched its new identity in September 1991. The shape had to be memorable and contrast with the bank’s competition, leading to the diamond shape with the broken up yellow and black (which has been linked to the shape of the Southern Cross).
Some common messages arising through these logos and brands is strength, trustworthiness and reliability. At the centre of these designs is creating a brand mark that is memorable, simple and approachable. But with that, and an increasing number of competitors in the industry, comes the challenge of modernisation.
Nimble
So how do these established brands compete with modern brands and a younger market? With the increasing number of Internet users and expanding online presence of companies, there has been a number of niche, modern-style financial institutions taking smaller shares of the market. Nimble, for example, is an online lending service that approves small- to medium-sized loans to individuals online. Nimble aims to “delight people by making borrowing simple, fast and stress-free.”
“Tech-loving geeks who saw something wrong with the way people borrowed money and decided to fix it”, Nimble imagined the simplest, fastest, most stress-free way to borrow — then built a technology platform to lend money in a way not seen before. Its brand is fresh, modern, bright and engaging. And Nimble prides itself on being in the first few across Australia to ‘crack’ paperless applications, paying members in seconds 24/7, deciding in minutes of a submitted application, and doing all this across any device.
UBS
This level of innovation and convenience is elusive for large corporations. Some contemporary thinking and open-mindedness can help bigger, traditional brands elevate their brand beyond their logo. UBS has attempted to do this with a brand refresh and ad campaign that plays on life’s common questions. The refresh included a digital font selection, and a shift in imagery and tone, that is mobile, digital and social-ready. They engaged Annie Leibovitz to photograph the core imagery used across out-of-home and print ads, using real people who exemplify UBS’ client base and can relate to the questions being asked. The refresh aims to keep the brand relevant to its clients, and make them feel like the bank understands them and can help them find the right answers.
Citibank has also attempted to elevate itself with the “Make it Here” campaign, which integrates the role of banking into consumers’ everyday lives. The campaign resonates with “forward-thinking, aspirational and driven” clients.
Both of these examples show traditional, large financial institutions attempting to stay relevant in today’s market.
Banking and financial organisations must consider branding as an important factor in their strategic capital. Creating a brand that communicates trust and resilience and aligns with their target audience’s needs is essential. However, it’s also important to consider how they can stay relevant in an increasingly connected, innovative and ever-changing market.
The internet has allowed smaller, more agile start-ups to pop up and compete in the financial market. Larger brands need to consider digital elements for their brand and strategy to stay relevant and profitable.
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Originally published at hardedge.com.au.