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Four times a year you can plunge into the Marketing Shower to lead a steaming hot marketing topic pour down on you. Last time it sprinkled rebranding insights . Francis Peene, director communications Retail & Private Banking explained us how Fortis became BNP Paribas Fortis.
Citation preview
BNP Paribas Fortis : 1 year later
Case study: Rebranding of brands
Francis PeeneJune 9, 2010
2
The difficult and uncertain period
Top meeting weekends05/10: 1st agreement on take- over by BNP Paribas and dismantling Fortis
Uncertainty•Fortis juridical arrests and appeals•Turbulent shareholders meetings
Take-over by BNP Paribas is official•BNP Paribas buys 74.93% of Fortis Bank Belgium and 16% of BGL, in exchange for BNP Paribas shares•Fortis Bank buys 25% + 1 share of AG Insurance (Fortis Insurance Belgium), pays cash
27 28 4 5Sept Oct Nov Dec Jan Feb Mar Apr May
20
2008 2009
3
83 countries13 Mio. clients
Who is BNP Paribas?
202.300 employees
Strong Ratings: Standard & Poor’s (AA+) and Fitch Rating (AA-)
Nominated by Global Finance magazine :
“1 of the safest banks in the world”
Retail BankingAsset MGT & Private Bk,
Corporate & Investment Bk& Insurance
European Leader
Top 10 banks worldwide
4
The brands BNP Paribas and BNP Paribas Fortis
Origin of the brand BNP Paribas
Reassure
Seduce
Reputation
Weak Strong
Strong Weak
• Retail Frankrijk• Retail Afrika• Corporate Banking
• Capital Markets UK/US• Private Banking / Asset
Management Europe
5
The brands BNP Paribas and BNP Paribas Fortis
The brand BNP Paribas
6
The brands BNP Paribas and BNP Paribas Fortis
Group’s Brand Architecture
7
The brands BNP Paribas and BNP Paribas Fortis
One of the best known international banks in our retail markets
1
3
6
8
…Deutsche Bank was mentioned 6 times
…BNP Paribas was mentioned 6 times
…Citibank was mentioned 5 times
…Société Générale was mentioned 5 times
…Barclays was mentioned 4 times
…HSBC was mentioned 3 times
…Raiffensen Bank was mentioned 3 times
…ING was mentioned 2 times
…Santander was mentioned once
1
6
3
5
9
Number of countries in which the bank is mentioned spontaneously in the top 3 of foreign banks (by retail customers) …
What are all the foreign banks and financial institutions you know of, even if only by name? (14 key markets for BNP Paribas, mainly in Europe)
8
The brands BNP Paribas and BNP Paribas Fortis
BNP Paribas brand identity
Values Attitude
BehaviorHeritage
The bank for a changing world
CreativityAmbition
CommitmentResponsiveness
Committed
Doesn’t talk like other banks
Global perspective but sensitive to local
Human/responsibleAnti-conformist
Optimistic/positiveOpen-minded
Not herd instinct
Born in Paris in 2000
Hybrid merchant bank + retail banking
A global company early in its history
9
Top meeting weekends05/10: 1st agreement on take- over by BNP Paribas and dismantling Fortis
The brands BNP Paribas and BNP Paribas Fortis
Market research, key in supporting choice for new brand name
First feedback from clients concerning the take-over by BNP Paribas
Decision new brand name
5Sept Oct Nov Dec Jan Feb Mar Apr May2008 2009
8 30
Testing if hybrid brand works for Belgium
Uncertainty•Fortis juridical arrests and appeals•Turbulent shareholders meetings
Take-over by BNP Paribas is official•BNP Paribas buys 74.93% of Fortis Bank Belgium and 16% of BGL, in exchange for BNP Paribas shares•Fortis Bank buys 25% + 1 share of AG Insurance (Fortis Insurance Belgium), pays cash
10
± 30% Market Share
The brands BNP Paribas and BNP Paribas Fortis
Who is BNP Paribas Fortis?
17.300 employees
Strong credit ratings:Standard & Poor’s (AA)Fitch Rating (AA-)Moody’s (A1)
Client TrustChallenge to regain client trust
Market positions in Belgium:n°1 deposits n°1 consumer creditsLeader in Private Banking
Shareholders:BNP Paribas (74,93%)Belgian State (25%)Other (0,07%)
3,6 Mio. Retail clients
11
The brands BNP Paribas and BNP Paribas Fortis
Introduction of the brand BNP Paribas Fortis
Weakness
Strength
Crisis Foreign Bank
1st bank in Belgium(bank-insurance) Solidity
12
=
Introduction of the brand BNP Paribas Fortis
A hybrid brand with the best of :
+
13
The brands BNP Paribas and BNP Paribas Fortis
Testing if hybrid brand works for Belgium
Base: Total rep sample (n=1001) in % top 2Green: significant difference (95% CL); White: directional difference (90% CL)
32
27
44
14
26
24
21
20
0 10 20 30 40 50 60
A humane bank
A bank for prosperouscitizens
A bank for everyone
No unnecessary risks togain more profit
Handles in the interest ofits customers
A bank offering trust
A bank offeringperspectives
Can survive the financialcrisis
31
25
52
16
30
32
27
29
0 10 20 30 40 50 60
31
27
52
17
26
29
22
26
0 10 20 30 40 50 60
Fortis Bank(n=300)
BNP Paribas(n=300)
(Fortis) (BNP Paribas) (n=401)
2.3
2.5
2.5
2.6
2.1
3.2
2.8
2.8
2.7
2.8
2.8
2.8
2.5
3.4
2.8
2.9
2.6
2.6
2.6
2.7
2.3
3.4
2.8
2.9
A B C
A
A
A
A
A
The ‘BNP Paribas’ brand obtains higher ratings than ‘Fortis bank’ on ‘A bank offering trust’ and ‘can survive the financial crisis’ and ‘A bank for everyone’. The co-branding also scores better than Fortis Bank on the last two elements.
14
Evolution of the communication
The new green arrives…
15
Evolution of the communication
Before…
16
Evolution of the communication
Brochures and foldersRetail
17
Evolution of the communication
The Private Bank universe
Private
18
Evolution of the communication
First Results: Spontaneous use of brand name
20% 24% 17%
19% 18%19%
64%61% 58%
0%
20%
40%
60%
80%
100%
Totaal Klant Geen klant
Study conducted October 2009
19
Competent staff, knowing their products very well
Not commercially pushy, not only going for bonuses
Topmanagement honest and truly engaged
Client service,no hard-selling
A person of confidence,Stability of the staff
Active, with initiative (not only talking)
Transparent productsKnowing what you get
Safe and guaranteed Clearly
knowing/understanding the risks
New products, innovations
Open, informative, transparent and respectful
communication
Controlled by the state, with guarantees
Checked and advised by external, neutral finance
specialists
Honest and competent topmanagement, long term
thinking
Core values:-Transparency- Honesty- No nonsense- Competence- Acting- Real client- and service oriented
The ideal bank for our clients
We asked our customers what they expect from an ideal bank
20
A bank that listens to his customers
A bank wanting to build long term relationships with his
customers
Client service,no hard-selling
Good advise and offering solutions
Putting the interest of the clients before the interest of
the bank
Simple products, not too complex
Transparent on conditions and risks
Open, informative, transparent and respectful
communication
Good price/qualityEthical and socialBe there for the client and be
accessible (banking at a distance, flexible opening hours)
Core values:
-Real client and service oriented-Transparancy
-Honesty-Ethical/social
The ideal bank for our employees
We asked our employees what they expect from an ideal bank
21
Based on this feedback we defined 5 promises
22
1ste big campaign was not a corporate campaign, but a proof of our promise to be a partner
Anticipates on the Credit Crunch
Evolution of the communication
1ste External BNP Paribas Fortis campaign: “1 miljard euro”
23
Icons to give clear information
24
Evolution of the communication
New external campaign “Accessibility”
25
Evolution of the communication
New external campaignes “Listening” & “Batibouw”
Thank you!