For any business, a rebrand is more than just creating a new name. It’s a bold declaration from a fresh but familiar player in the game. In recent years, the community banking industry has experienced a substantial increase in mergers and acquisitions, forcing many institutions to re-envision their identity and carve a new path forward. Today we examine the importance of branding and retail space design during these monumental transitions.
Mergers and acquisitions present a unique set of challenges for financial institutions as these consolidations can often have a huge impact on public perception. This is especially true for smaller community banks that rely on their ability to make more personal connections with customers. While most institutions experience gains in cost efficiency from these mergers, improvements in their overall market power are usually minimal. These findings suggest that the anticipated synergy between the two brands is rarely achieved, which results in a fragmented relationship with customers.
With decades of expertise in financial industry specialization, retail space design, and brand implementation, Solidus can help institutions retain customer loyalty by leveraging the product and service enhancements produced by the merger. While initial brand introductions are made through a variety of strategic marketing communications, the most effective billboard is often the branch itself. Physical branches provide an immersive canvas where an institution can project its new image and reinforce its reputation. When executed correctly, interior design and brand implementation can minimize any negative perceptions triggered by the merger by creating a cohesive visual package that reflects stability and security.
Whether we’re constructing a new branch or renovating an existing space, we believe that our client’s brand identity can and should be woven into every choice we make. When banks and credit unions focus on building and maintaining a connection to their brand it is more likely to resonate with their customers and foster a sense of trust. This commitment to brand distinction and recognition is even more vital when the institution is going through a merger. To unlock the full potential of their new identity, banks and credit unions must ensure their brand is fully realized and integrated properly throughout their physical spaces.
