Campaign Review : FinBank Campaign: Still Same of the Same? - 2008-10-06

Campaign: FinBank Rebranding

Client: FinBank

Agency: Mendallion

Reviewer: O'Lekan Babatunde

The consolidation in the banking industry has been described as being one of the most successful exercises ever undertaken by the Nigerian government. Truly, this has been acclaimed by the different sectors of the economy, the banking public and the international community inclusive.

To drive home their new offerings and market positioning, each of the 25 (now 24 with the merging of Stanbic and IBTC to form Stanbic IBTC) surviving banks had gone ahead with individual rebranding exercises to harp on the new positioning with a view to adequately inform the public and carry it along in the emerging new phase of the respective banks.

The current situation of the banks can be summarily described as “banking on a new image”. As most of the banking institutions have succeeded in cutting a new, distinct and clear perception in the minds of the banking publics, a few others have not been too lucky at this. Therefore, they continue to try their hands on different consultants and agencies in order to cut an acceptable image in the minds of customers and move the business forward.

Penultimate week, the bank that the public used to know as the First Inland Bank Plc, one of the 25 survivors of the Soludo consolidation hurricane, took the industry by surprise when it launched and unveiled a new logo and brand name.

The event which had the barest minimal fun-fare achieved commendable success at the uniformity in the deployment of the new signage at the bank's branches at least within the immediate Lagos zone. Although, the officials of the bank claim the deployment of the new logo and name takes effect simultaneously in the bank's premises allover Nigeria . This shows a good handling of logistics for the multimillion dollars invested in the rebranding exercise.

Why the second rebranding in less than two years? one may want to ask. First Inland bank had former First Atlantic Bank and Inland Bank as it major constituents hence the adoption of the name - FirstInland Bank.

The campaign that heralded the bank into the market, in the post consolidation era, according to industry watchers was weak and ineffective in moving the brand ahead in the highly competitive banking industry. The Y-shaped logo more than anything else reminds one of either Mercedes Benz auto brand or the River Niger and Benue tributaries joining their ranks to flow into the ocean (elementary Geography).

It was published on these pages that the logo and the series of the advertising campaign supporting the brand lack the necessary bite to move the brand to the next level. The initial agency responsible for the initial logo design and advertising campaign was relieved of the business. A couple of others were asked on board to manage the situation but nothing concrete could be achieved on the faulty foundation. Though, the bank realized that nothing drastic could be achieved without a necessary second rebranding, and the business was placed on review.  

And so, the business was thrown open for a full fledged pitch by few selected agencies. M2 also reported the intended pitch with the six invited agencies.

With the unveiled campaign, two major things have happened to the FirstInland brand, the logo has changed, so also is the name too. However, all the changes to an open mind, look one of the same. “Same of the same” to quote Koro campaign team in the 2007 general election for the governorship seat in Lagos State .

Placing the new and the old logos side by side, structurally, these are still the same except for the fact that the gutters are now wider, and each of the lobs making up the 3-part logo now come in a multi color fan-like shape. The take out here is that nothing has changed except for the splash of colors the “experts” might interpret this as dynamism!

Considering the new name, Finbank, obviously and effortlessly too gives itself away as a compression of the previous FirstInland Bank name. Good to some extent because the consultant will be in a haste to explain to stakeholders that the bank decided latch on the First Inland equity. However, the weak point is that “Fin” does not appear a strong name for a bank.  Secondly, “Fin” could also go for the “Federal Inland”, “Financial Institution” and a thousand and one derivatives.

In Nigeria today, every practitioner or industry watcher with a mind for history will find it difficult to buy into the bank's new pay-off  “Come in”.

During the era of the glut in “Savings and loans” institutions in the country, Forum, a prominent player in the sector had a pay-off the that says “Everybody Come Inside”. Sooner after the campaign was unveiled, the bank folded up with customers savings trapped in. Following the manner of the delivery of the line by the comedian  Aluwe, “Everybody come Inside” became a commonplace jest among industry practitioners and the banking public.

This apart, in the final analysis, “FinBank  Come in” does not strike. What is the customer's take out from the full page and sometimes centrespread insertions placed in the most of the dailies? What is the promise there to look out for in the FinBank?

Lest I forget, do you see a line between FinBank and GTBank? Same brand consultant worked on these financial institutions rebranding.  From all indications, the FinBank rebranding is another mere rearrangement of all properties and elements of the bank before the rebranding.

For now, the accompanying introductory campaign featuring the old and the new logos, door ajar and the come in pay-off, is too elementary and simplistic.

The elements and the layout arrangement in this ad under review do not justify the account review which featured a number of agencies.

If the campaign does not drastically change over the next few weeks, then the bank management may need to consider another review to make its advertising spend work for the brand.

The current set of ads are tagged by Mendallion is still same of the same. 

Rating - ** Very fair.