2014 Marketer of the Year Shortlist: Tangerine

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ING Direct’s April rebranding by Lexicon, triggered by an ownership change, managed to successfully preserve what made it stand out while still presenting a fresh face for a changed banking market. What could have been a chore has become a blossoming under the new name, Tangerine.

ING Direct had spent more than a decade building a brand on attributes like simplicity and accessibility with a healthy amount of innovation until it was acquired by Scotiabank. To minimize client loss during the switch, CMO Andrew Zimakas and his team wanted to retain those attributes. They succeeded with TV and online pre-roll ads that show a bank that is less institutional (read: overbearing) than the Big Five and good at keeping money in customer’s pockets through low fees.

The campaign drove 95% awareness of the name change among existing clients, and more than 80% awareness among Canadians in general. (It scored a few customer service points too during the transition when, seeing call centre volume skyrocket, the company let every employee help answer customer calls and e-mails about the change.)

Seeking wealthy, savvy, DIY clients with a penchant for digital banking, Tangerine now presents a name, colour palette and product offering that firmly differentiate it from competitors. And people have taken notice. New customers contributed to more than $1 billion deposit growth by October’s end of fiscal year. And while there was some “exceedingly low” client attrition, Zimakas says it fell well below expected levels.

Tangerine has absolutely picked up where ING Direct left off. As obligatory rebrandings go, this one has been elegant and effective.

Tags: ING Direct, Tangerine, rebranding, corporate,