Every company wants its brand to have an impact, to be well known and positive, and to stand out in the right market. Having a strong brand is not about how catchy and how pretty it looks, but the true purpose behind it. Companies that understand their brand well, have a good purpose linked to it. In the banking industry, it’s no different; banks are constantly competing across most of their core products and services. I have worked in the banking industry before, and as a marketer, I have seen firsthand the effort and discipline it takes to elevate a brand in line with the company’s marketing strategy.
Let’s look at one of the largest banks in the US, for example, Bank of America. Its history dates back to 1904, when Amadeo Peter Giannini opened the Bank of Italy, which later became Bank of America. Before the logo we know today became widely recognized and respected, the bank’s name alone was a strong brand known for its products and services.
The evolution of the brand has been significant over the decades, but it wasn’t until 1998 that the red, white, and blue stylized American Flag was introduced and adopted to represent the brand’s name as we know it today.
For many years, the brand became synonymous with a powerful bank, services, access to financial centers throughout the country (and internationally), and endless possibilities not only for customers but also for its employees. Bank of America is continually investing in its brand to communicate purpose, value, and trust. Think about their official slogan: What would you like the power to do? The phrase is an invitation to clients.businesses, and communities to come and share their goals so the bank can work with them to achieve those goals. For a large bank like Bank of America, creating a brand that remains trustworthy and respected in the community is a primary goal. It’s not only about how the logo looks, but what it represents and what can be delivered.
