Re-branding an upstart bank

ING logo

ING Direct’s Canadian operation was recently bought by Scotiabank.

ING’s brand associations have traditionally been about being more innovative and consumer-focused than corporate; more about transparency than intimidation. To that end, when the online-only bank brand was first launched, it actually opened a cafe in New York City to raise awareness with a physical location (because there were no banks to visit). (A cafe also later opened in Toronto). 

Your classmate Anna has pointed out to me that as part of the acquisition, Scotiabank is rebranding:  the bank will soon be known as “Tangerine.” An interesting description of the process is here: http://www.youtube.com/watch?v=Y8GB40isubo

ING direct cafe NYC

ING Direct cafe, New York City

ING_cafe_3d_Av_58_jeh

TORONTO, ON - May 14th, 2012 - ING Direct's cafe in downtown Toronto.

What do you think of the Tangerine rebrand? Will it resonate with Millenials?

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5 thoughts on “Re-branding an upstart bank

  1. Mark Patey

    At first when hearing the name I have to admit I was a bit skeptical, but after continuing to watch the video I understood the thought behind the re-brand and it grew on me. In terms of what Millenials will think of it, I think it is on point with what our generation aspires for. We are all about experience and innovation. The rebrand of everything ‘tangerine’ and the light and fun corporate atmosphere around banking I feel will definitely resonate with Millenials. The cafe will also help generate considerable awareness for the brand and help consumers to feel excited about banking. This re-brand is a big change for ING Direct, and there are certainly risks involved with such a change, but i feel that this change will definitely resonate with Millenials and overall will be a good move for the brand, inspiring Canadian’s to think about banking in a completely different way.

    Reply
  2. Allison

    While this re-branding is very innovated I don’t think it will work for very long. The way I see it is that a bank is a bank is a bank sort of thing. There is not much difference. Interest rates will always fluctuate as well as customer service depending on where you go. I think this will resonate will with the millennial’s as they will most likely enjoy the trendy culture however it’s banking, and not many people try to spend a lot of their time in the bank and therefore I don’t think it will have high resonance with anyone really.

    Reply
  3. Rachel MacDonald

    I agree with both Mark and Allison. After hearing the new name, I was somewhat uncertain why exactly they chose to use it. I also do believe, like Allison said, that it is difficult to differentiate between different banks. However, upon watching the entire video, I actually do think that this name could have a positive influence on consumers, especially in regards to the Millennials. I think that the name is quirky and different, and it encompasses the values that they are trying to convey–like innovation, progression, etc. The Millennial Generation is constantly looking for innovation, and providing a bank that seems so different in terms of just their name will undoubtedly draw them in. They are also already very different as they don’t have an actual physical location. I think that these brand elements go together really well and compliment one another, as they both hint at innovation.

    Reply
  4. raquelparedes

    This name change is very interesting, and indeed very different from the traditional corporate Canadian banking system. I agree with the above comments that the name and the business practices are very innovative. I’m not too sure how much the millenials will appreciate it though. I’m sure some will enjoy the idea of Tangerine and what they stand for, but I’m not sure how much our innovative ideals translate to banking. Personally, investing my money in an innovative bank isn’t on the top of my to do list. I would almost lean towards a bank that seems more corporate, and professional to ensure that I’m making the best investment decisions.

    Reply
  5. Tweety Lai

    I was in shocked when I hear about the name change. In my opinion, it is hard to associate the name “tangerine” with a bank although it is a somewhat innovative idea. I will prefer a more traditional name when it comes to a bank as it provides professional services.

    Reply

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