A logo is a symbol or other small design adopted by an organization to identify its products and brand. An organization’s logo says a whole lot about the company, its strengths and values. A number of Nigerian banks have undergone some level of transformation by changing its corporate brand identity. Here are some banks who unveiled new logos in recent years:
FIRST BANK
Nigeria’s largest financial services group, First Bank of Nigeria unveiled a new corporate identity on 28th January 2014. This came as part of its activities to commemorate the banks 120th anniversary celebrations. The new logo bears the popular Elephant symbol and blue colour associated with First Bank. There are several differences between the old and new logo. The most notable being the infusion of the gold with the blue colour. The Elephant’s head has been lifted higher while the trunk is longer and no longer curled inwards. The tusk is also larger while the ear is also less pointy.
FIRST CITY MONUMENT BANK
First City Monument Bank (FCMB) on April 19 2015 unveiled a new corporate identity to reflect an expansionist disposition cum contemporary flavour.
With the new look, its traditional corporate colours of black and gold which denotes exclusivity were replaced with a vibrant combination of purple and yellow in an attempt to reflect its new positioning as a retail bank.
The Logo also went through some tinkering to make it less formal and more contemporary, yet retaining the distinct FCMB touch.
FIDELITY BANK
On September 3rd 2015, Fidelity Bank Plc recently unveiled its new identity. The bank explained that the move was aimed at strengthening its operations in order to deliver superior customer satisfaction. It also explained that the rebranding exercise was to bring about convergence in its services, to suit both the old and new generation customers. Speaking at the unveiling of the new identity, Chief Executive Officer Mr. Nnamdi Okonkwo, reiterated the financial institution’s commitment towards customer service, saying that the bank is also targeting the youth population. While commenting on the new logo of the bank, he explained that the deep blue colour reminds the financial institution of its “rich, solid background as a bank,” adding that “It holds there an accommodative path which inspires us to go into the future.” The green colour, according to him, stands for fertility, growth and progress to the future, while the white line at the middle stands for safety, purity and a guiding light.
Not many people seem to agree with the bank’s choice of colour as some aired their personal opinions. On Nairaland, one of its readers criticized the bank’s new logo. In his own words, ‘Personally, I think it looks like crap, especially when you consider it’s aimed at the youth. I’m sure some of out there could come up with something better’. Another commentator said’ I think the brand manager needs to be fired ASAP. The logo is a big joke. It looks like a toy or medicine store’.
WEMA BANK
May 5th 2015 saw WEMA bank which is one of the oldest banks in Nigeria unveil their logo to suit their purpose.
The new logo is composed of intersecting lines representing the continuous connection between the bank & all their strata of Stakeholders – Staff, Customers, Management & Board of Directors, Shareholders and all other groups in our Stakeholder community.
The bank is known for its purple colour branding. The bank calls it the PURPLE LINE. Wema banks says the PURPLE line is a driving philosophy that seeks to showcase to the world, our unique type of banking which is based on creating and nurturing enduring, value-adding relationships with all stakeholders.
PURPLE LINE is all about creating and nurturing relationships through professionalism, trustworthiness, service excellence, mutual respect, integrity, accessibility, teamwork, innovation, focus, dependability and much more.
UNION BANK
The launch of this refreshed identity has signaled a new phase in Union Bank’s transformation as they set sights on attracting a new base of customers while remaining focused on providing simple and smart banking solutions to all its customers as they unveiled its new logo on October 27th 2015.
“Big, Strong, Reliable” has for many decades been the payoff of this bank that was destination for Nigerians that wanted a safe place for their monies as well as other financial services solutions. Union Bank is one of the longest standing financial institutions in Nigeria and their identity pays homage to the past and carries with it the proposition for the future.
Their iconic white stallion, which represents strength and passion, is now in motion, cantering forward with energy and dynamism. They introduced a modern typeface and updated its colour to a fresher and more vibrant blue. Finally, they included patterns to infuse a contemporary feel to the overall identity. With the launch of a new identity, Union Bank is now focused on delivering on its promise to make banking simpler so its customers can focus on the things that matter most to them.
DIAMOND BANK
Diamond Bank Nigeria Plc. was among the first batch of Nigerian banks to rebrand its logo. Diamond bank rebranded its 2012 logo with multiple colors of red, green, blue and orange which is different from the previous logo that ash in color. The new logo can be seen as to be more colourful and brighter.
According to the words of the then Managing Director, Dr. Alex Otti, “What we have done with our corporate identity is to refresh elements of our brand look and feel the need to identify with our growing customer base and usher in a period of renewed focus and commitment to our business. He also stated: “Our colours reflect the bright optimistic colours of the Diamond spectrum using green as a base colour with complementary colours of red, orange and blue.
For us, the green symbolizes growth, red stands for vibrancy, orange illustrates ‘passion’ of our people and the blue symbolizes our commitment to innovation in our products and services. By modifying our logo, we want to reaffirm our commitment and desire to provide tailor-made banking solutions for you.”
“These changes also imply that we must develop a deeper relationship with you, and this has formed the basis of our new payoff line –Your Bank. So when it comes to saving for a future project or looking for capital to start /improve your business; we want to be able to partner and work with you every step of the way so that your dreams become a reality. The re-branding also coincides with the company’s improving results. With your support we have witnessed impressive all-round growth and have in turn invested in people, technology and partnerships that will sustain a platform to help you succeed.”
IMPORTANT TAKE-AWAY
For business owners to fully realize their full potential, they must look at signages not just as a way of marking the business, but also as a way of marketing the business. Logos are created in order for businesses to be identified, mark its location, and convey the right image of the company. But the most important thing it should do is communicate its services.
While logo rebranding may release a new burst of life for and create new appeals for many brands, it may not always be a necessary exercise as it sometimes back-fires with the core target audience who may not find the new look and feel up to par. It is just as some brands make a nose-dive when the formula for making the brand is altered. Rebranding or logo redesigns are also quite expensive to execute as there are a lot of product and corporate livery and collateral materials that need to be replaced in addition to the cost of redesigning the logo itself. This is why some of the series of rebranding exercises by Fidelity Bank and Diamond Bank have been curious as the timing from the previous rebranding exercises were rather close and it involved total rebranding of head office and branch facades along with other manifestation materials. Some unimpressed shareholders may not find such expenditure necessary or even worthwhile just as their customers.
