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.

Mission designed a new purpose statement for Eika.

Project deliveries - the following process was carried out together with Eika


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.

Eika is in a position with several local banks. Then a consistent purpose is important.

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.

 
Positioning map for Eika.

② Define


In this phase we created a platform, defining the shared motivations of employees, customers and owners.

 
Mission designed material so that purpose statement becomes a common identity for Eika.

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.

 
As a common identity, Eika analyzed the local banks, the customer and their own position.

Purpose Platform

In the group, a purpose platform was prepared, which included the following:

  1. · Category belonging

  2. Uniqueness

  3. Target Audiences

  4. Motivators

  5. Our contribution

  6. Our value creation

  7. 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.

 
Mission designed a new purpose statement for Eika.

Purpose story

To bring further depth and clarity, we support the purpose with a background story.

 
Mission and Eika established a purpose story to fulfill the common identity that Eika wanted.

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.

 
Eika's purpose tagline together with wood and green leaves.

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.

Purpose statement for Eika used on the cover of notebooks.

Advantages of Purpose

 
  1. Although the banks are located around Norway, they have something important in common.

  2. Proximity is important at all levels, from the alliance down to each individual customer.

  3. The purpose is easy to remember and easy to have as a reminder in everyday life.

  4. The purpose is perceived by the employees to be meaningful and important. This therefore provides both focus and motivation.

  5. Differentiates the alliance in a clear way.

 
Ole Rølvaag - Pleased quote about the collaboration.
 

"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)

Mission designed Eika's logo and background as part of a new identity.
 

Eika - identity

A brand that is unifying and true to its purpose

Let's make magic together!

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