In financial services, branding is often considered to be limited to the visuals – logos and supporting marketing collateral. But on a recent episode of our podcast, The Growth Engine, Malcolm Fried, CMO of Ninety One, said branding goes way beyond that. He put it simply: a brand must be in every part of a business and represent everything it stands for. This article looks at what it means to have a brand that goes deep into an organisation and the role it plays in helping to build client trust and confidence.

 

Why Brand Matters in Financial Services

Malcolm’s words ring true, especially in financial services where trust and credibility are everything. The relationship clients have with their financial institutions is built on confidence. Branding plays a big part in that. Understanding that a brand is not just a logo but a living thing allows organisations to better align their messaging and actions with client expectations.

 

Influences on Branding Philosophy

Early on in my time at Hub, I had the pleasure of meeting the late Martin Lambie-Nairn, a giant in the branding world. His work was innovative and bold and arguably changed the way organisations think about their brand. Martin had a big impact on many in the industry, including me. Martin saw branding as a dynamic relationship shaped by client experiences – a view shared by Malcolm. It’s a reminder that branding is all about how clients perceive and interact with an organisation.

 

Brand as a Whole

A brand is formed by every interaction. Every touchpoint – whether it’s a client conversation, a marketing email or a research report – contributes to the overall brand perception. Financial services firms must see every encounter as an opportunity—an opportunity to add to or subtract from brand equity. This holistic approach to branding is key to building strong client relationships.

 

Consistency Across Touchpoints

To build a strong brand, consistency is key. Organisations must ensure all communications and interactions align with brand values. This means equipping employees with the knowledge and tools to embody the brand in their daily interactions with clients and stakeholders. When the brand is consistent across all touchpoints, it builds trust and credibility.

 

The Role of Content in Branding

Content plays a pivotal role in reinforcing a brand, especially in the financial services sector. Malcolm emphasised that Ninety One creates high-quality, thought-provoking content designed not just to inform but to engage clients in meaningful conversations about their capital allocations. This content is carefully crafted to challenge existing perceptions, making clients reconsider their investment strategies. By delivering well-researched insights that resonate with client needs, Ninety One builds trust and credibility, establishing strong relationships of value. Attention to detail is paramount; even minor errors can undermine the firm’s reliability in the eyes of clients. Effective content not only showcases the firm’s expertise and commitment but also fosters an environment where clients feel valued and understood, ensuring Ninety One remains top of mind. Ultimately, high-quality content serves as a critical vehicle for brands to communicate their values, establish authority, and foster trust with clients, reinforcing the brand’s identity and purpose in every interaction.

 

Employee Advocacy and Brand Building

Employees are obviously a vital component in the brand-building process. As representatives of the organisation, their actions impact the brand’s reputation. Firms should create an environment where employees understand the brand values and feel empowered to live them in their daily roles. This cultural alignment means everyone contributes to the brand’s reputation and builds trust.

 

Measuring Brand Perception

Understanding how clients perceive the brand is also key to ongoing brand development. Feedback through surveys and client conversations can provide valuable insights into brand performance and identify areas to improve. By asking for client feedback firms can adapt to client expectations and build trust.

 

A whole organisation approach

A brand that goes beyond visual identity requires ‘a whole organisation approach.’ As Malcolm said, a brand must be everything a business stands for and resonate with clients. By being consistent, delivering valuable content, promoting employee advocacy and understanding client perception, financial services firms can build strong brands that inspire confidence.

 

So, let’s celebrate Martin Lambie-Nairn and remember our brands are living things, formed by every experience we give our clients. By authentically embodying our values, nurturing meaningful relationships, and consistently focusing on delivering value, we can redefine the essence of branding in financial services. In doing so, we not only enhance our brand’s reputation but also cultivate the trust that is paramount in our industry. As an industry, we are evidently moving in the right direction, as the latest 2024 Edelman Trust Barometer reveals a significant 3-point increase in trust within financial services compared to 2023, now at 61%. However, we still significantly lag behind other sectors, underscoring that collectively, we have much work to do to enhance consumer confidence.

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