Rebranding is expensive, time-consuming – and essential
The right brand facelift offers a leg up on competitors and gives financial institutions the ability to highlight services and core values that resonate with consumers. Fair warning: It can also be costly and time-consuming.
The latest wave of rebrands is helping financial institutions attract new clients, stay up to date with customer trends and better position themselves in the marketplace.
By better understanding the decision-making process of their customers, banks are learning to associate their brands with powerful messaging that goes beyond traditional banking. That’s because new generations of consumers are prioritizing the purpose and the mission of companies over other factors when making purchasing decisions.
More than three quarters of Gen Z customers said brands they buy stand for a greater mission, according to a recent survey from Razorfish. Six in 10 consumers of all ages said a brand’s values are important to them. Brand purpose even trumped other purchasing factors in the research, including innovation and discounts.
“Consumers are different now,” said Juliet D’Ambrosio, chief brand officer at the marketing agency Adrenaline. “Brands need to be able to adapt.”
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