The Story:
Distinction and differentiation are essential for building brand awareness, and new data from Adrenaline reveals just how much financial brands think standing out matters. With so many competitors in the financial services space, it’s becoming even more challenging to rise above the noise. Despite this reality, a whopping two-thirds of banks and credit unions report having not refreshed their brand since before the pandemic – with some as far back as the late 2000’s – even though most companies prioritize rebranding once every 7-10 years, with minor refreshes in between.
The Takeaway:
Following all the brand challenges resulting from the global pandemic, there is no better time to reintroduce yourself to the marketplace than with a refreshed brand and reinvigorated purpose. “A brand name that’s true to your organization’s legacy, relevant to your unique offering and audiences, and legally ownable can help drive growth through awareness, memorability,” says Adrenaline in their Financial Industry Pulse report. “It’s a clearer path to new market entry and growth.”
Source: Adrenaline, “Financial Industry Pulse Report,” January, 2023