After 28 years in market, TSB Bank’s brand was in need of a makeover. It was considered outdated and no longer representative of the TSB Bank identity, values and strategic direction of the future.
The bank was increasingly seen as peripheral, with low awareness and consideration. At best, it was seen as a provincial ‘Agri-bank’, at worst, it was not thought of at all.
Beyond its own walls there was also an imperative for banks to transform themselves for the future due to changing customer expectations, technology, regulation, as well as demographic and economic change.
Evidence could be seen in the big banks winning new customers through innovation and aggressive marketing tactics. They were seen as big, nationwide, secure, safe and for everyone, while Nielsen Qual research showed TSB Bank was positioned as a ‘people bank’ – small, rural, specialised, less convenient and potentially risky.
However, among the negatives, there were positives for TSB Bank with people saying things like: “It feels like you’re at home at TSB” and “It’s slower, more intimate and will actually get me what I need”.
Knowing it had to challenge its perceptions in order to reach its future goals, TSB Bank turned its perceived weaknesses of being small, into a strength.
It underwent a brand transformation initiative to redefine the bank from the inside out, building a more relevant, purpose-led brand. It set out to be a bank that understands its customers’ value drivers and puts them at the heart of all it does.