To rebrand or not to rebrand. That is the question.
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In the last few months, we have seen the rebrand of more than one big financial institution, and when there’s a shake-up in financial services design land, that’s my idea of a good time. There’s nothing my colleagues and I enjoyed more than having a good debate as we dissect what has been changed and what we might do differently if we had the chance to redesign one of the most recognisable brands in the market.
To rebrand a premium brand, well that’s always going to have scope to be beautiful, but to get your hands on financial services rebrand and take it into its next century? Now that is a challenge a lot of designers would relish.
Rebranding—it’s bold, exhilarating, and let’s face it, a bit terrifying. As Jeff Bezos once put it, it’s a “one-way door” decision. You step through, and there’s no turning back. You don’t get the luxury of undoing a rebrand if the world doesn’t respond as you’d hoped. Some other ways which make rebranding high stakes include:
- Public Scrutiny: A rebrand invites widespread feedback and critique, especially in the era of social media.
- Customer Attachment: Long-standing customers may feel alienated if their emotional connection to the brand is disrupted.
- Brand Equity at Risk: Redesigning core elements can weaken or dilute the value built over years.
- Rapid Evolution of Trends: A design that aligns with current trends can quickly look dated as styles evolve.
I was working for a large financial corporation when we rebranded and remember the backlash, along with the positive reception, the new branding received. People were posting on social media about how upset they were that this established brand had been changed. Didn’t we know their grandfather’s first bank card had that logo on it? How dare we change it? The implementation had to be swift once the announcement was made and the man hours that went into that change was huge. And you couldn’t get it wrong, the NDAs were signed, the new brand guidelines were shared, and it was up to us all to work with it. Good luck.
But even then, we were luckier than a lot of branding agencies that in the past had to hand out these new brand guidelines and prayed they had thought of everything. There are several benefits to digital brand guidelines:
- Real-Time Updates: Guidelines can be updated instantly to adapt to new platforms, trends, or feedback.
- Platform-Specific Flexibility: Rules can be tailored for specific channels like TikTok, Reels, or apps while maintaining brand consistency.
- Ease of Access: Teams and partners can access the most up-to-date branding rules online, ensuring alignment across all regions.
- Interactive Tools: Digital guidelines can include practical features like logo placement guides or colour contrast checkers to simplify implementation.
So now we have the rebrand of not only Lloyds Banking Group, but Aegon and Scottish Widows (a Lloyds banking group subsidiary). Scottish Widows reasoning is that they are investing heavily in digital as it seeks to engage people more with their pensions. Scottish Widows has also launched a TikTok channel to coincide with Pension Engagement Season. It’s all go.
Chira Barua, CEO of Scottish Widows said: “One in four people in their 20s don’t have a pension and 38% of adults are not on track for a minimum lifestyle in retirement, so we need to revolutionise the way people interact with longer-term savings to close that gap.” and TikTok is believed to be the place to find that age group’s attention. They go on to say, “We’re also updating the Scottish Widows brand so it feels more intuitive in digital channels, like our app, but with a new look and ‘digital widow motif’ to bring it into a new era.”
And that is in my opinion, where the genius in this rebrand lies. I grew up with Scottish Widow’s adverts on the TV, in press and could tell you what era we were in by the “Widow” of the day. The brand recognition built on with the successful advertising campaign, has not only been retained, but elevated. The Scottish Widows’ Fund and Life Assurance Society, as it was known, was originally set up to make provision for “widows, sisters and other females” in the event of the death of the policy holder. It’s core purpose when it was established, has been modernised and brought front and centre. This is a motif that could not belong to anyone else.
Highlights of the Scottish widows rebrand include:
- Transition to Digital Identity: The company is replacing the traditional "living widow" model with a digital motif, aiming to make the brand more intuitive across digital platforms, including their app.
- Enhanced Digital Engagement: As part of a £100 million investment, Scottish Widows is launching a TikTok channel and updating its app with gamification features to attract younger audiences and simplify complex financial concepts.
- Addressing Retirement Preparedness: Research indicates that 25% of individuals in their twenties lack pension savings, and 38% of adults are not on track for a minimum lifestyle in retirement. The rebrand seeks to revolutionise interactions with long-term savings to bridge this gap.
- Maintaining Brand Heritage: While modernising, the rebrand preserves the essence of the original "widow" motif, ensuring continuity and leveraging the brand's longstanding recognition.
- Phased Implementation: The new branding will be rolled out gradually, with both old and new elements appearing side by side throughout 2024 and 2025, allowing customers to adapt to the changes seamlessly.
But while you want your brand to be invigorated and modern, a balance must be struck to ensure it is timeless and won’t look dated because when these big financial brands are still around in 30 years time, will this “widow” look her age? Because nothing moves on faster than design trends.
Get a rebrand right and you’ll be praised in design articles (hello!) get it wrong and you’ll have people commenting on how it looks suspiciously like another financial brand and how did no one see that? (True story) But in my opinion they have got this so right. It is beautiful. The type is taller and will sit better in a square space than its more linear predecessor. The ligature of the double T is crafted to perfection to make the perfect space for the “widow”. The motif can sit above a type only ad and that is a gift to not even need the logotype to recognise a brand instantly.
In conclusion, rebranding is a high-stakes, transformative process that requires both boldness and precision. It’s a delicate balance between honouring a brand’s legacy and embracing innovation to stay relevant in a rapidly changing world. Financial services brands, like Scottish Widows, are often seen as traditional and resistant to change, which makes a successful rebrand all the more impressive. By modernising their identity while preserving emotional connections, Scottish Widows has set a new standard for what financial rebranding can achieve. It’s not just about refreshing the look; it’s about redefining how a brand communicates its values in a digital-first, customer-centric world. Done right, a rebrand can elevate a brand to new heights, embedding it deeper into the hearts and minds of its audience, ensuring longevity and continued relevance for decades to come.
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