Every few years a totally new sector emerges in India that offers great revenue generation options for advertising agencies – Telecom, Insurance, IPOs and such like. Joining this list seems to be the nationalized banks. After the aggressive overdrive of SBI, Canara Bank, Bank of Baroda comes the new branding initiative from Union Bank of India.
Traditionally, nationalized banks are seen as solid but slow & dull and the private banks, the new kids on the block, appeal to the youth. The re-branding project always involves a new logo, some PR on the rationale behind the new logo and a new advertising campaign. Some sound bytes about how the bank is investing in technology, how customer-centric they are and how they offer a bouquet of financial services are all part of the drill. Here is a ready reckoner of press releases that is likely to accompany future branding initiatives:
“About the logo: the new logo is a reflection of our customer centric approach. The colours (indicate the appropriate colour) signify the freshness we bring to the customer service paradigm. Red signifies passion and green reflects our commitment to the environment and society”.
“About the campaign: the tagline (insert tagline here) reflects the changing aspirations of the consumer and our investment in people, technology and processes”.
As a potential new business opportunity, there are at least 16 nationalized banks that could go in for a branding rejig.
Do these campaigns make a material difference to the way the banks operate on a day to day basis? Or are they merely shot in the arm for the agency’s billings? As a customer of Canara Bank, I can say that it is as good or as bad before the logo change. Any experiences from your bank which has gone through an identity change?