The Story:
Banks and credit unions undergoing a rebrand over the last decade report business growth in the months and years following the launch of their updated brand. Data released in the ROI of Rebranding finds that more than eight out of ten respondents said their financial institution saw at least “moderate” growth from their rebranding activities. When asked what factors were critical to maximizing their rebrand investment, 86% reported that marketing to support the rebrand, consistent communications, reimagined digital experience, and focus on culture and staff training were all essential to institutional success.
The Takeaway:
“For banks and credit unions that refresh or rebrand their institutions, the payoff is great,” says Juliet D’Ambrosio, Chief Experience Officer at Adrenaline. The company’s analysis found that financial institutions gain bottom line benefits from their rebranding efforts, with rebranded banks realizing a 13.6% increase in compound annual growth rate, compared to the U.S. average of 7.4%. “There are real, bottom line benefits from rebranding,” says D’Ambrosio. “Not only does rebranding help banks and credit unions rise above a sea of sameness, it truly helps them grow their organizations in a way that wouldn’t have been possible before their rebrand.”
Source: Adrenaline, “Measuring the ROI on Rebranding Initiatives Survey,” May, 2024