Nigerian Banks and Rebranding: Beyond the New Logos

It is a season of corporate identity reimaging in the Nigerian banking sector as a couple of formerly conservative-leaning institutions attempt to key into the vibrant, youthful culture of the ever rapidly changing digital age and expand their customer bases.

The latest entrant in the rebrand train is the ultra-conservative Union Bank, which finally ditched its static horse resting on its hind legs in favour of a more elegant-looking cantering stallion. The bank has also abandoned its favourite catchphrase, ‘Big, Strong, Reliable,’ which lost traction overtime, and moved with the times with a new tagline: ‘Building a Simpler, Smarter Bank. The typeface has also changed to a simple, more modern font.

'Building a Simpler, Smarter Bank'

Within the same period, Fidelity Bank, another traditional bank but one comfortable in its own skin, has also tried to shed bits of its conservative elements for a warmer, active persona. The bank chose a squared logo with smooth edges at the top right and bottom left points with a deep blue colour symbolising the financial institution’s “rich, solid background forming one half of the logo; and a green colour which stands for fertility, growth and progress to the future making up the other half. An inclining white path divides in the middle. According to the management of the bank, this stands for safety, purity and a guiding light. 

Also, earlier this year, FCMB attempted to shake off its gerontocratic look as it moved from investment to commercial banking with a refreshing royal purple logo. Wema Bank also chose purple to reflect its new logo, but the bank seems to be grappling more with a deeper lying identity crisis as not long ago it had adopted a rather cryptic shield-like logo. However, with too much similarity in the brand colour, one of these two banks is likely to suffer limited brand visibility even if its in the short run.  The likely candidate is the rather taciturn Wema Bank (‘taciturn,’ in reference to brand personality). 

Last year too, First Bank maintained its distinct deep blue hues with its iconic elephant taking forward steps. Same for Diamond Bank some three years ago with a multi-coloured diamond logo.

Fidelity Bank: From a conservative green to a more vibrant green + blue hue

While the goals of the rebranding drive is to position these banks for the new market dynamics, expand their customer base and grow their earnings; the critical questions is are these objectives being achieved within the impact evaluation period? 

Already, Union Bank has attributed a 17% growth in its half year gross earnings to the deployment of a new technology (Oracle FlexCube UBS) and the rebranding of the bank. This may be true, but a complete and true rebranding process and the brand equity it earns in the long run goes beyond the fanfare of a logo change.

In effect, what these banks with new ‘shiny’ garbs, logos, and icons really need is not just brand identity change, few tweaks in their e-banking products and louder digital media presence. What they truly need change and deeply yearn for is a change in their BRAND PERSONALITY. 

Some of the banks have certainly incorporated the vital elements and achieved this objective, but just one or two. To make the points clearer, let’s explain in a few, punchy bullet points: 

o   In their various submissions at the launch of the new brand logos, the management of each of these banks said their new look was in identifying and connecting more with the their target customer base and reinvent themselves for the realities of the dynamic digital age. 

FCMB: A more youthful look

o   That essentially defines the youth demographic, which is the largest in Nigeria, which explains why institutions and decision makers, including in the political sphere are factoring them more in their strategic blueprints. The telecom companies to a large extent have explored this vital stats in their brand personalities and marketing communications campaigns, most especially Glo.

o   BRAND PERSONALITY (the real unrealized needs of the banks) is the human attributes the sight or mention of the bank spontaneously evokes in the minds of the public. It is humanising a brand and how it ‘speaks,’ ‘behaves,’ ‘thinks,’ ‘acts,’ and ‘reacts.’

o   Analysing from another perspective, it is Brand Imaging, which is the mental associations, ideas, feelings and beliefs people think of when they see or hear a brand.

o   So what is the Brand Personality these banking institutions desire? Dynamic, digital, youthful, fresh, fun, warmth, innovative, cool – as opposed to their former rigid, old-time, conservative personalities.

o   That is not to say a serious personality is bad in itself. For example, Apple’s personality  is young and hip, and Coca-Cola is happy, playful, refreshing, and all about sharing and having a good time; whereas IBM is mature and set in its ways.

o   However, Brand Personality does not happen overnight and it definitely cannot be wished into existence by the simple magic wand of a new logo. It is communicated over time using all elements of the marketing mix; product, price, promotion and place (distribution) which can be simply summarised from a branding perspective as: BRAND POSITIONING.

Wema Bank: a stand out or lost in the crowd?

o   Essentially, the institution has to first define and get its Brand Positioning right. This is the conceptual place the brand wants to own in the target consumer’s mind — the benefits the bank wants them to think of when they think of the brand. The goal is to create a unique impression in the customer’s mind so that the customer associates something specific and desirable with the brand that is distinct from rest of the marketplace.

o   Designing the right Brand Personality and Brand Positioning that will exponentially increase the bank’s mindshare and boost its brand equity requires a comprehensive and strategic brand communication plan.