With
so many options available for financial customers, for a bank to really stand
out from the crowd its executives need to think creatively and take some risks
with the brand.
The
importance of the ‘niche’, the unique selling point, for banks cannot be
ignored. Is the company the reliable
family brand? Is it the forward-thinking international bank? The power of a
business’ image can make or break a bank, in an age where a bank’s “personality”
can be judged through so many mediums.
First
Direct have recently rebranded to take control of the public perception of
their company. Their parent company, HSBC, took action in May 2013 by releasing
targeted advertising through the medium of television.
First
Direct has now been positioned as “the unexpected bank”, a change that will
hopefully target a slightly younger demographic. The advertisements, which are
the first the bank has placed on television in many years, used the unusual
mascot of a platypus to indicate their quirky nature.
The
supplemental print adverts, which are black and white to show the simplicity of
the bank’s processes, state non-conformative phrases such as "We’re the crab
that walks forward” and "If a tomato is a fruit, then we’re a bank.”
The change in the
brand’s image ties in with the implementation of new laws over switching banks
accounts, which will force banks to switch accounts within one week of the
customer’s request. The aim is to create competition between banks and to revive
the industry.
First Direct’s approach
will make it more appealing for customers looking for a new way to bank. With
public faith in the banking industry at a critical point, novel ways to
encourage customers and generate revenue are needed. First Direct has claimed
its spot as the “non-bank bank”; it surely will not take long for other banks
to either further establish their niche spots in the public conscience.
