Eika – Purpose
Many banks.
One common purpose.
Norway’s largest association of local banks needed to find its true identity, and reposition itself after the financial crisis. The alliance sought to reinvent itself as a driving force for sustainable growth and development for people and their local community. Consequently, it became necessary to build a new brand from the ground up. With so much upheaval, it was crucial to establish the alliance’s shared purpose and create a new name and identity reflecting the change within the business.
Project deliveries - the following process was carried out together with Eika
① Insight
Customer survey
Brand tracker
Interview with key executives, alliance staff and local banks
② Define
Workshop
Development of purpose platform
③ Develop
Purpose Statement
Purpose story
Purpose Tagline
④ Activate
Brand book
Brand movie
Presentation to employees
Kick-off for all members of the alliance
① Insight
To find the essence of the alliance, it was essential to gain a deep understanding of the history, culture, competitive landscape and drivers of the local banks, while also understanding the benefits they have as a group and alliance.
Supporting of each other
Our research revealed just how important the relationship was, between the local banks and the alliance. Local banks know the community and their customers, it’s their job is to take care of them. In turn, the Alliance contributes with various profitable and practical economies of scale. For example, for a small bank it’s expensive and time-consuming, to develop their own online banking solutions and product offerings. But when you are one of many in a group, you can offer customers the same services and quality as large bank would.
Positioning map
Brand metrics showed a discrepancy between the positioning of the alliance and the individual local bank. On this basis, it became clear that the position of the alliance had to change from the typical “commercial bank” position to a new “local bank” position.
② Define
In this phase we created a platform, defining the shared motivations of employees, customers and owners.
Shared identity, shared commitment.
In our analysis, local banks scored very well on customer care. Expertise became another decisive factor, indicating the alliance’s purpose was to empower the local banks. When the alliance becomes stronger, the individual bank becomes stronger and better equipped to meet customer needs.
Purpose Platform
In the group, a purpose platform was prepared, which included the following:
· Category belonging
Uniqueness
Target Audiences
Motivators
Our contribution
Our value creation
What motivates the individual employee
Our brand is the only Norwegian banking alliance➀ that provides economies of scale to small, local banks and their local environment➁.
We help local banks and their local environment➂ offer the same range of services as larger banks➃ by contributing technology and expertise, at a level that a small bank cannot be expected to provide➄.
We are here to make our alliance banks the most attractive and profitable in their respective local communities➅.
We believe that we can be a driving force for growth for customers and the community in a more personal and engaging way, which large bank chains cannot match➆.
③ Develop
The company's purpose was developed to give the brand and the organization a common focus and to motivate employees.
A story to be recognised in
When employees experience that they have a meaningful job to go to every day, it does something with the motivation. It is quite common for employees in local banks to have a close relationship with their customer base, which we took into account. We ended up with the following purpose for the banking alliance: We will be a driving force for growth and development for you and your local community. We also developed a purpose story that says something about the local bank's important role in society.
Purpose Statement
With the new name “Eika” (Oak) in place, the company’s purpose was developed to give the brand and the organisation a common focus and to motivate employees.
Purpose story
To bring further depth and clarity, we support the purpose with a background story.
Purpose Tagline
To bring the strategy to fruition, we formulated a brief and clear customer value proposition, “By your side”. These three words serve as a daily reminder of why the Eika Alliance exists and highlights the relationship with each local bank.
④ Activate
Building on the inclusive process, we developed a brand book, film and presentations, for alliance employees and local banks. So they could learn about their role in driving the brand forward.
A catalyst for positive change
The Eika name and identity complimented the purpose as one connected stream of thought. See Eika’s identity project here. Our value proposition, “By your side” worked so well that even local banks chose it for their message to customers. A sense of proximity is recognised at every level, from the alliance through to the individual customer. Staff find the purpose meaningful and important and find it serves as an easy reminder in daily working life.
Externally the new brand stands out, with many acknowledging that the service of the banks has much improved. In a national survey the banks score highest on customer satisfaction and customer loyalty, in both the retail and corporate markets.
Advantages of Purpose
Although the banks are located around Norway, they have something important in common.
Proximity is important at all levels, from the alliance down to each individual customer.
The purpose is easy to remember and easy to have as a reminder in everyday life.
The purpose is perceived by the employees to be meaningful and important. This therefore provides both focus and motivation.
Differentiates the alliance in a clear way.
"I would like to say that our purpose, together with a sharp vision, not only made the name change easier, but that it also strengthened cooperation throughout the alliance. It built an important belief in our new name, the role we have for each other and vis-à-vis our customers.»
Ole Rølvaag - Director of strategy and innovation, Eika
(2021)
Eika - identity
A brand that is unifying and true to its purpose