SCENARIO
In the legacy market, older people knew the bank as Boiling Springs Savings Bank and thought the name was familiar, safe, unchanging. But in the bank’s growth markets, with younger demographics, the bank’s unwieldy name was not only virtually unknown, but it was seen as a hinderance. The name was geographically limiting, confusing (Is it a water company? Is it merely a savings bank?), long, and abbreviated to BS ( ! ) Consequently, the brand was outdated and tired, with a musty reputation, conservative track record and jaded mood—loved by existing customers, and appreciated as a benefactor by community nonprofit organizations, but virtually unknown to all others. Though well-established, trusted and strong, the brand faced steep competition and seemed to be living on borrowed time if it did not reinvent itself for today’s customer who demands more speed, convenience and more engaging brand experiences.
PERSPECTIVE
By the time FMS joined in, a revolution had begun at the bank. New leadership was rethinking the brand and the old way of managing the brand was going through a complete overhaul. Brand discovery revealed that the brand was needing to make a dramatic shift to re-emerge as creative, resilient and flexible to foster robust growth, attract new millennial customers, retain high-quality bankers, assume a more prominent leadership role in the community, and be more attractive to investors. A new name was needed to play a more strategic, purposeful role in shaping a cause-driven brand message. More and more, people will come to know the bank as one that makes things happen.
