What is brand anyway when it comes to banking

We are often asked: "What is brand anyway when it comes to banking"? A brand is the DNA and heritage of a business - its values, personality, and distinctive traits. It's a merger of physical and visual language to share the unique story of who we are and what we're all about in the most simple, straightforward way.

How is a brand crafted?

It takes collective brainpower to create and capture the essence of who a business is and then to turn that into a roadmap for creative ways to tell the world about what we're doing. Real people make any business decision within an organization — people with a shared purpose. The brand team is essentially the bridge between the business and the consumer, clearly and creatively capturing information to share and how to do that in a way that resonates with the public. No one wants to be sent ad after ad for something, and it's up to the company's brand team to share vital information in a way that feels more natural to how people communicate. 

Who benefits from a strong brand presence?

Everyone involved, from the business and its team to the public, benefits from clear transparency and understanding of what the company is all about. Employees benefit from having a thoughtful workplace that considers their well-being within the organization, communities benefit from a company with community-minded platforms to support society, and customers benefit by having a choice in selecting a business that can clearly meet their needs. Communication has to be at the forefront, especially with a 100% digital banking experience like Ferratum. It takes time and skill from everybody in the company to make it engaging, and, above all, easy to navigate. The concept of having a brand is crafting an overarching guide for company decisions to follow a clear, consistent path for any customer-facing product, offering, or option. 

How is the brand communicated?

Brand, especially in finance, is how a company can honestly share who it is and what it stands for and open the lines of communication that build trust in who you choose for your own financing needs. It is essential information when it comes to your money, financing, and banking. It's imperative to find trust in where you place your assets and to know your hard-earned funds are in safe hands. This information is all available through a company that has worked to provide the messaging of who they are and what they can offer you, doing so transparently.

So let’s draw a logo and that’s it?

 It’s not that simple 😊 A strong brand means that you recognize a seamless experience and familiarity as a whole. A brand is not just a logo, a catchy slogan, or the slickest marketing or advertising modes. Those are techniques and tools to customize the individual identity of the business so unique attributes can be effectively communicated and instantly recognizable.

The brand's experience happens through every channel people interact with the business, from social media to its website, advertising, and interactions with customer service. From a company standpoint, it is also represented in how their people talk about the business with internal and external partners, experience their workplace, and plan for upcoming products or messaging.

I very much like the saying that I came across a while ago: “Brand is not the icing on the cake, it’s the cake itself.” 

Do brands matter in the banking sector?

The importance of the brand is immense. It is your tool to select what feels right to you for all kinds of things. It's valid for everything from what food to eat or which car to drive, and in a financial sense, how to best use, access and invest your hard-earned money. Banks must be extra mindful to communicate honestly and with full transparency to ensure compliance with regulatory financial standards in business. Knowledge is power, and business transparency is vital to understanding where to place trust in your greatest asset.