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Digital banks, so-called neo-banks, have sprouted from the ground in recent years. Like many other start-ups, they rely on the strong simplification of business processes, high transparency at low costs and an attitude that is different from established banks. At the same time, established banks are faced with the challenge of developing digital solutions for the customers of today and tomorrow that are not mere copies of new market participants, but use their expertise to be able to offer customers an even better solution.
In this context, Credit Suisse commissioned Hotz Brand Consultants at the beginning of 2020 to develop a comprehensive product brand strategy for its distinctive positioning in the area of digital banking.
Ensure high relevance of the product brand for different customer segments
Reflect the strategic positioning of the umbrella brand
Combine high Credit Suisse specificity and high autonomy
Sustain successful positioning in a dynamic market
- Credit Suisse CSX
Based on a comprehensive analysis of the market environment, target group preferences, the planned range of services, and an exchange with two focus groups and around 20 key stakeholders within the company, the team at Hotz Brand Consultants developed various prototypical, insight-based approaches for the product brand strategy.
A wide variety of parameters were defined and discussed, from the product brand architecture to the positioning statement and naming. Finally, a product branding strategy was conceived. Not only was it relevant to the target groups and differentiates from competitors, but it also expressed the defining characteristics of Credit Suisse as a company and brand.
The positioning of CSX demonstrates, with entrepreneurial clarity, a concept of progress that is evident along the entire value creation chain: "No more apps that play the bank. Time for a bank that feels like an app. We're creating the next level of banking our customers deserve."
Measuring the impact of the brand overhaul through data-driven performance metrics, we were able to observe a clear value creation that not only met Credit Suisse’s goals but surpassed them. CSX grew to over 100,000 clients in just one year, with more than CHF 1 billion collectively in accounts.
Awareness and positive reception of the new CXS brand were overwhelming. It became the number one brand for digital banking services in Switzerland with brand awareness of over 50% nationwide within only a year. Through measuring our impact we found we had succeeded in speaking to the target group, with approximately 50% of users being 34 or younger.
Building on existing Credit Suisse characteristics and reinterpreting them in a new context was at the core of our work. We developed a brand strategy that supports, inspires and guides service delivery, resulting in the immensely successful launch of the new CSX brand. Implementation-oriented development resulted in a smooth transition to an adaptive sub-brand design system.