Presented By:Harjas Bakshi 2014148 Prathamesh Patil 2014159 Shonit Naralkar 2014172

An Overview of Identity Change for Bank One

McCoy family created ‘First Banc Group of Ohio, Inc.’

Changed to ‘Banc One Corporation’

‘The City National Bank & Trust Company’ renamed as ‘Bank One’

“A Bank One Company” just for the organization of First Chicago NBD (Commercial)

Then it was renamed as Bank One which is a monolithic structure.

Part I – First Change

‘The City National Bank & Trust

Company’ renamed as ‘Bank

One’

Why did the change the identity ?

To keep pace with the new Ohio bank branching law.

To enable effective marketing

To realize the collective success of all the banks in the group

To cut costs and operating in an efficient manner

To be sync with its ambition of expanding outside Ohio

To create a better brand recall

How did it do it? National Credit Card Program

Installation of ATMs

VISA Cash Management

One-stop (Kingsdale) financial services center

BANK ONE wire

“The Uncommon Partnership”

Part II

“A Bank One Company”, during

the merger of Bank One and First

Chicago NBD

Why did it do it?

To smoothen the transition of First Chicago NBD merger with Bank One

To bring three different core businesses under one brand

To establish ‘new brand identity’

To cut costs and operating in an efficient manner

How did it do it?

Fitch developed a “Brand Toolkit.” It contained all of theprecise standards, guidelines, templates

Key groups were given a live presentation by Fitch staff.

“Brand Vision” booklet for upper middle management had been developed to guide them in embracing all the elements of the emerging brand

Focus group discussion on the differences among each line of business, its customers, and its individual culture and personality

the work groups were made to articulate a positioning statement

They created a series of demonstration modules for each business unit to show employees exactly how they could try to achieve their goals.

Uncommon Partnership

• To leverage Banc One’s highly premium stock to buy out profitable institutions in attractive market.

• Providing the acquired company with considerable autonomy and the same management.

• Equipping the acquired company with Banc One’s extensive product set and marketing prowess.

Need to become a National Financial Services Company?

• The Management was finding it increasingly difficult to run a massive company with decentralized framework

• Each of the 70 Banks under Bank One’s name was undertaking marketing activities independently.

Brand Tool Kit Utility

• To strengthen the brand by identifying the core values of the company.

• To explain the employees how to reflect brand values, such as customer focus, innovation or leadership, in the way they deal with customers

• To reinforce a consistent perception of your company among your customers.

• The Toolkit acts as a guideline for the brand manager and internal staff members in sustaining a unique brand and communicating that brand effectively to target audiences.

• A Brand Tool Kit should be used by firms with diverse business interests and the ones who wish to derive common benefits by pursuing a single branding strategy.

• Further it should also be used by companies who have recently undergone a Merger.

Answer 4 (Importance of branding in the bank industry)

Unique Nature of Banking as

a service

A strategic Resource

Higher Revenues and

profitability

Better Human

resources

Faith among other

stakeholders

Important when a regional player wants to become a national player

Clients are more willing to pay a premium price

for strong brands

Public sector banks in India need to

attract new generation customers

Answer 4 (Indian Perspective)Axis Bank, formerly UTI Bank, gained huge benefits from its rebranding exercise, spent Rs.50crore in rebranding

The Catholic Syrian Bank plans to expand out of Kerala

Examples of Mergers and Acquisitions in the Indian Banking Sector:

HDFC Bank acquired Centurion Bank of Punjab (May 2008)• This provided

an opportunity to make a stronger brand by adding scale, geography and management bandwidth.

Merger of bank of Rajasthan with ICICI bank  (May 2010)• Post the system

integration customers can benefit from ICICI Bank's enhanced branch network of over 2500 branches and over 5600 ATMs spread across 1400 locations in the country.

Standard Chartered acquired ANZ Grindlays Bank (November 2000)• To capitalize on

the high growth forecast for the Indian economy.

• Aimed at becoming the world's leading emerging markets bank

Gobal Trust Bank GTB) will be amalgamated with Oriental Bank of Commerce (OBC).  (Dec 2004• OBC had

made the offer for the merger proposal as it perceived synergy between the two banks, adding the merger will be effective once the government sanctions the scheme of amalgamation.

Brand building for a bank:

Difficult to create POD through branding in case of banks whereas brands routinely create POD in

case of consumer products

For services, every time a customer interacts with a service brand it changes perception of the brand in some way unlike consumer

products & durables where the experience can be consistentAgainst a FMCG product

Against a consumer durable

Brand Building for a Bank

Service-based brands, as opposed to product based brands such as washing powder or a TV involve a multiple interface with the consumer

Consumer experiences the brand at various levels

In the Banking Sector very few brands have managed to create a complete set of perceptions in people’s minds

The large majority of consumers cannot differentiate significantly between the brands of major banks