As the financial ecosystem takes a distinctly digital direction, centuries-old major players are preparing to show the world, through their outward appearance, that they are ready for a new challenge.
Over the past 18 months, some of the most storied names in finance invested significant sums in refreshing their corporate identity, rebranding, or repositioning.
US banking giants BNY Mellon and State Street led the transformative wave, modernising their legacy-backed names and redesigning historic logos to a refreshed look and offering a stronger digital presence.
These brands, which represented the golden age of US financing, have finally been persuaded to reinvent themselves – at least cosmetically.
The shift is also representative of the end of the faded “Wall Street Era” branding. Today, banks along with all financial institutions, need to shift to compliment today’s market demands rather than rely on previous success.
Looking forward (not back)
For senior brand managers, the challenge lies in harnessing the initial labour and cost soaked up by the rebrand to make sure it sticks and continues to have impact after the buzz of the relaunch dies down.
Marketing leaders must also consider how PR, marketing and product teams align to produce campaigns, ongoing strategy and content outreach that meets new corporate objectives.
Aside from aesthetic factors, the focus must remain on differentiation, leveraging the rebrand to engage audiences, improve value propositions and drive client acquisition.
A pivotal shift from tradition is evident from those market leaders that we have seen move first. Their approaches are likely to spark a revaluation in the minds of dozens of other financial strategists.
BNY Mellon’s decision to refine its portmanteau, created from the merger of two of the largest US financial brands in 2000, to simply “BNY” is the standout example for marking the shift.
The merger was announced in December of 2006, and created the new identity “The Bank of New York Mellon Corporation,” with $8trn in assets under trusteeship and $16.6trn in assets under custody.
However, the decision to cling onto the Mellon name has been rethought with the 2024 identity showing a notable logo change and the 2006 geometric graphics replaced.
Natalie Sunderland, BNY’s current global head of marketing and communications, explained that the rebrand is reflective of the company’s progressive growth into a global banking leader.
“These changes complement the company’s evolution as a leading global financial services company,” said Sunderland.
“The updated brand conveys trust, resilience and innovation, and helps us align the full breadth of our offerings and capabilities under one brand, to improve familiarity with who we are and all that we do for our clients.”
Historically, Wall Street brands could tap into their history-backed legacy to remain differentiated in the market, to their clients and audience. Today, however, a solid digital presence, sharp visual identity, and global resonance are the new factors if institutions want to remain relevant.
For financial marketers, the new challenge is to perform a rebrand that achieves the right balance between innovation and maintaining the history that resonates through the brand’s message.
BNY said its rebrand was the result of thorough planning, and a desire to preserve its audiences trust through clear messaging, while also introducing a more modern identity.
“Since our founding 240 years ago, we have been on a journey of continuous innovation, evolving from America’s oldest bank to a leading global financial services company,” the bank said in a press release.
Financial evolution
BNY is not the only major player to recognise the need to freshen up amid a growing pool of digital challengers and a competitive trading environment.
Like BNY, State Street boasts a lengthy 232-year US banking history, and similarly, its marketing leaders realised visual reinvention was necessary to maintain clear communication and relevance.
It could be argued that State Street’s visual identity overhaul was testament to custodian banks wanting to underscore their readiness for the future.
Previously, a clipper ship was the early-adopted State Street emblem. The bank’s former labelling of “Great Street to the Sea,” tied its early success to Boston’s flourishing shipping industry and noted how State Street was one of the original American banks.
This provided State Street with traditional backing, and set in stone its brand familiarity, that has lasted until present.
However, like BNY, the new movements across banking and financial services more broadly has again set the bank’s marketers to thinking about its visual presence.
The logo – a key component of any corporate identity – should allow a brand like State Street to maintain a solid, traditional narrative while also refreshing its appeal to more modern audiences.
Lou Maiuri, president, chief operating officer and head of investment services for State Street Corporation, said the brand’s newest identity achieves this and has managed the balance of the old and the new.
“Our new brand reflects our identity and the future of our organisation – one that is leading, transformative and client-centric,” said Maiuri.
“It also demonstrates the essential advantage we deliver to institutional investors with leading financial platforms, data, expertise and solutions that help enhance performance and better decision making.”
The brand’s maritime heritage is subtly maintained by a more minimalist design. Two flowing lines connoting water, that was once underneath the clipper ship, are featured on the design.
By creating the design data from inside the company, and building it out into the rebrand, the new identify could maintain its message while adapting to a changing environment.
Whether the significant brand investment has worked will be measured in the years to come. But, State Street’s rebrand was not only a change to the eye, it represented a strategic move, maintaining a congruence between the firm’s brand identity and client’s perspectives.
Client-first approaches are an opportunity to harness the rebrand investment by resonating with the current audience whilst ensuring a strong future for the bank, avoiding an outdated look.
In 2025, Financial Promoter will be further exploring major brand investments in brand identity, design and corporate religion. If your company would like to be involved, please contact Niamh Smith.