Canara Bank in India rebrands with a new logo. I don’t speak Hindi, but this looks good:
According to one blogger musing about banks in India renaming and rebranding:
“Rebranding helps an organization do well in its business if well executed. It is also important to continue the spirit after the exercise. Rebranding involves heavy investment in the form of advertising & marketing. It surely helps the organization come back to lime light.”
He criticizes another Indian bank, Axis Bank (formerly UTI Bank) for changing its name and image, but doing nothing further after the initial rollout to support its rebranding effort. Perhaps that’s because “everything is the same:”
The blogger’s advice: “If the marketing team acts with the same intensity after [rebranding], it surely can boost its organization’s growth very easily.”
Key Takeaway: Branding is never finished, and launching a new brand is only the beginning. It takes cash and commitment over the long term.
When rebranding and renaming a financial institution, there are strategic decisions that need to be made:
- How much of the existing brand’s equity should be preserved?
- How much should the rebranding effort suggest things will be changing?
- What changes are you asking staff to make?
- What adjustments will marketing make?
- How will existing customers react?
- How will prospective targets respond?
Bottom Line: A rebranding effort can represent a fresh way of doing things from top to bottom. It can signify the start of an organizational transformation. Or “everything can stay the same except the name.” Whatever decision you make, just be sure it’s for strategic reasons that benefit the longterm bottom line, not just the safe, easy or obvious choice.