Copperfin: Another Red Canoe
Canadian-based Lakewood and Kenora District credit unions are merging under the new name “Copperfin.”
Last week, the members of both credit unions voted overwhelmingly in support of the merger.
The new Copperfin website touts the merger’s benefits and explains the name change. The homepage takes a creative slant on the merger:
BETTER TOGETHER.
Starsky and Hutch. Peanut butter and jelly.
Lakewood and Kenora District.
Some things just work better together.When you put two great things together, you get something even better.
It’s about synergy. It’s about community. Most of all, it’s about solutions.
That’s why Lakewood Credit Union and Kenora District Credit Union
have joined to become Copperfin Credit Union.
Copperfin’s new design style is both distinct and refreshing, representing a big visual upgrade in the two credit unions’ brand identities.
The new slogan is “Enjoy life’s possibilities.”
Copperfin falls under the same category of financial names as Red Canoe. These kinds of names are highly unique and creative, they are very trademarkable, and totally unforgettable. Both Copperfin and Red Canoe are the work of Weber Marketing Group, arguably the country’s leading financial naming firm.
Some people have complained that such names make no sense for a financial institution.
Key Question: Who says what a financial name should- or shouldn’t sound like?
Reality Check: There are no rules. If there are rules, they will be summarily ignored by breakthrough brand builders.
Before you rush to criticize a name like Copperfin, just remember: Many of the world’s most successful brands have names that — on the surface — make absolutely no sense at all: Old Navy, Starbucks, Gap, Apple, Virgin.
Key Insights: Name changes are subjected to a level of scrutiny that existing brands never endure. There’s something irresistable about comparing an old name to a new name. And generally speaking, people don’t like change.
Previous related stories from The Financial Brand:
October 1st, 2008 at 10:52 am
Yes I agree, name changing (or even simply product naming) triggers harsh reactions from certain people. It’s normal for people to poo poo what they don’t understand and then jump on board later when everyone already has. I’ve also found that unfortunately the naysayers are much more likely to speak up. Supporters stay quiet for some reason. Why is that?
October 1st, 2008 at 11:11 am
So true Irina. People in favor of change are usually dispassionate, while those opposed to change are often violently against it.
That’s one of the struggles with credit union name changes where members are required to vote and approve the new name. Often most people think, “Oh, okay. That’s fine.” But they aren’t the ones who vote. You maybe see 5% of them vote. But almost 100% of those opposed will vote. Negativity, it seems, is a powerful motivator.
Of course, in Copperfin’s situation, we’re talking about Canadians, who (stereotypically speaking) don’t have the same kind of temper tantrums as Americans.
October 1st, 2008 at 12:49 pm
Someone just told me the slogan is actually “Creating Opportunities Together.” Unconfirmed at this time.
October 21st, 2008 at 4:17 pm
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