John Lewis - The Bear and Hare - 2013 Seasonal CGI Amazing coloured pencil drawings Tokyo City Symphony Luis Nieves - Baywood Red Light

17 October 2013

Can you bank on your brand to install consumer confidence?

Hello readers,

As many of you may have noticed on the high street, Lloyds Banking Group has separated its main brand from TSB, a bank it acquired in 1995 and is due to resell next year, according to EU competition rules. Whilst both banks have had a rebrand, as they currently stand both of these banks are offering identical products which puts customers at a crossroads and begs the question, which brand do you as a customer, trust more?

TSB's branding has seen it take an approach towards local banking, focusing on serving individuals and local businesses, promising to put profits back into the local community through loans and mortgages. Its current advertising campaign boasts a return to the traditional banking of yesteryear, in a time where banks were trusted and customers interests were at the core of the bank, run for the benefit of the community. It's not hard to understand why a brand that has spent the best part of 20 years of the high street would want to distance itself from the current consumers perception of mistrust of the financial industry.

I have to say I found the advertising campaign is really engaging. I was intrigued to find out more and the juxtaposition of  two-dimensional characters and 3D computer generated imagery gives a welcoming, friendly feel.
TSB Branch - Courtesy of Google images
At first glance, the brand experience matches that of its values, with the removal of glass cashier screens in branch, and meeting rooms for customers in the back of branches, giving an altogether more personal feel. This brave venture to try and recapture trust will only work if the brand delivers it values to its customers as promised. The business values will have to be evident right to the bank's core. From the cashier to the chief executive, each will have to embrace and demonstrate their understanding of these values.

In contrast, Lloyds Bank has placed its focus on 'moments that matter' with current advertising detailing case studies of first time home buyers and new business owners. The brand itself however, remains relatively unchanged. With a tweak to the horse, a switch to using the green brand colour in isolation and a new typeface this brand has modernised, but the very fabric of what makes Lloyds Bank has remained intact. As a Lloyds customer myself, I have had mixed experiences with them and I wonder if they will in fact deliver on being there for the 'moments that matter' to their customers. In light of yet another recent scandal regarding PPI claims, I can't help but feel that Lloyds may have missed a prime opportunity at this re branding juncture, to distance itself from its past image, installing a new confidence in its customer base with a fresh approach.

Courtesy of Google images

With recent changes in the law to allow consumers to change their bank within days as opposed to weeks, banks will have no option but to try and build trust. If these two banks' new customer values are to set a precedent, it will be interesting to witness the evolution of the high-street banks and to see how they will seek consumer confidence. We will no doubt see more re brands and repositioning on the banking high-street soon, but only thorough and consistent delivery of brand values by its employees will a bank convince customers to trust them once again.

What are your thoughts on the branding of these banks? Which one do you prefer? We'd love to hear you thoughts.

Chris Cheshire
Brand & Experience Team

No comments:

Post a Comment

Thanks for submitting a comment. Don't forget to visit www.sovibrant.co.uk to learn more about our work.