Despite having a “very powerful” brand, Barclays believes there is limited differentiation between banking brands, something it is trying to address with a new positioning, tone of voice and visual identity.
Barclays is repositioning its brand in a move aimed at “breaking it out of the pack” and giving it a clear point of difference in the financial services sector.
The new direction for the brand is based on the insight that 12.3 million UK adults have little or no confidence in managing their money, according to data from the FCA Financial Lives survey. The strategy will encourage people to have a more positive relationship with their finances and to see Barclays as a helping hand, rather than part of the problem.
It also hopes to help the banking sector mark the end of a difficult period that has included the financial crash in 2008 and high-profile scandals such as PPI, and look forward to the world of open banking and disruptive competition.
“The sense is that the time is right to think about a repositioning of the brand that builds on the strategy and puts us in a place to take advantage of the way the world and customer needs are going to change,” Barclays’ managing director of marketing communication Alex Naylor tells Marketing Week.
“That is why we got to this ambition that we call ‘breaking the brand out of the pack’. The aim is to make Barclays more relevant, distinctive and empathetic than other financial services.”
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