With more regulation and tighter margins, banking entities are having to rightsize and refocus to stay relevant and profitable. This presents companies with a unique opportunity to optimize both business and brand at the same time. Louis Sciullo, Landor’s executive director of financial services, discusses the implications of this trend for our 10 days of trends series.
Rightsizing, while not new, creates unique opportunities for banks to clarify who they are in the context of a different world: They can change their business model while also changing perceptions of the brand. We’ve seen this already with UBS, which recently developed a business strategy focused on wealth management coupled with a new brand message: “For some of life’s questions you’re not alone. Together we can find an answer.”
Other companies are undergoing similar shifts in corporate structure that will call for brand redefinition. Goldman Sachs plans to launch an online consumer loan practice, likely requiring brand messaging directly to consumers, contrary to its traditional B2B focus. In the United Kingdom, Masthaven Finance has decided to transform itself into a retail bank, which will necessitate a complete reimagining of its brand and relationship with consumers. Expect to see more of the larger investment banks rethinking their brand strategies in light of shifts in their footprints and core businesses.
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