Migros Bank was founded in 1958, making it one of the younger banks in Switzerland. As a wholly owned subsidiary of the country's largest retail company, it has long positioned itself primarily as a good and inexpensive alternative to the established banks in the savings and financing market. Within the framework of the new corporate strategy, though, it was important not to solely focus on being cheap and "different." Instead, Migros Bank capitalized on an opportunity to formulate a clear and differentiating value proposition of its own, to make it known and to measure its performance in the market. Hotz Brand Consultants supported Migros Bank and its internal brand management experts in achieving this goal.
From brand positioning and brand personality to purpose and principles, the foundations were laid for the repositioning of Migros Bank. A strategy was defined that gives the bank a characteristic, relevant, and differentiating identity, as well as a clear profile that sets the tone in both digital and personal advice and support. Ambitious strategic goals were set based on comprehensive analyses and intensive engagement with customer expectations. As a human bank, the company consistently orients its service provision to three authentic and action-guiding principles: Migros Bank thinks and acts "accessible,” “hands-on” and “committed." Comprehensive mobilization measures enabled all employees to pivot within a very short time to using the brand as a tool for their daily work, both with each other and with their customers.
The brand strategy was translated into a modern and flexible brand identity, with which different target group segments can be addressed individually in their respective life situations. The brand identity is based on a sustainable and diverse brand design concept. This allows the brand to evolve over the years on its own initiative.
All touchpoints — from the bank card to various communication materials to the branches — were redeveloped based on the strategy and principles. In order to complete the changeover efficiently, in terms of both time and resources, not all touchpoints were renewed at the same time, but on a rolling basis. To this end, it was important to ensure that "old" and "new" could coexist for a while. Over a period of six months, a dedicated project office of more than 20 employees from the Brand Leadership Circle translated the content and design of all brand touchpoints into the new brand tonality and identity.
The numerous other initiatives that will help to achieve the positioning goal are continuously measured for their effectiveness. For this purpose, a proprietary measurement methodology has been developed that combines transactional and relational measurement approaches.
Migros Bank's brand strategy is being rolled out continuously and comprehensively. Initial results show that people feel the desired simplicity, clarity, competence and modernity. The uniqueness of the company can be experienced through the brand presence at more and more touchpoints, generating differentiation in the market and relevance among the target groups.
The human and dynamic brand is and remains a central driver of Migros Bank's future strategy. The adaptive brand design concept gives Migros Bank enough freedom to present itself appropriately depending on the context and target group. What’s more, the company's services will not only feel different in the course of the strategy realization, but they will also be made differently — humanly, that is.