After inviting members to submit names, Canora Credit Union in Canada will become ‘Crossroads.’ According to an announcement from the credit union:
“‘Crossroads’ has a meaning that is both physical and philosophical. It represents those moments when one comes to a point where a path must be chosen that will have both large and small affects on one’s life.”
The credit union said the name change was necessary because it needed to “rebrand itself.” It went on to explain that “a new name will help the credit union continue to grow and prosper for years to come.
In its entry form for member suggestions, the credit union gave these instructions:
“Please keep in mind that the name will be the credit union’s primary brand name for years to come. It will be used to represent our services and professionalism to our members across Canada, and to attract new members in our communities and abroad, so the name should not be town specific. It must also be flexible enough to be used with additional services we may provide in upcoming years. We are a growing, developing organization, and our new name must be able to help take us into the future.”
A blog post from Market Insights on the Canora name change urges caution, saying that name changes are not the answer to everything, and that a financial institution needs to embrace the opportunity to revisit its brand as part of any renaming process.