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8 March 2004
Standard Bank is consolidating its subsidiary brands under a single Standard Bank brand.
This means that divisions such as Standard Corporate and Merchant Bank (SCMB), which previously had their own brand identity, have been brought under the Standard Bank brand. SCMB is now known as the Corporate and Investment Banking, and our asset finance offering is now called Vehicle and Asset Finance.
The only exception is the use of the Stanbic Bank brand in the bank's Africa operation where the bank is legally required to differentiate itself from its UK-based competitor, Standard Chartered Bank. All other international operations will be branded Standard Bank or Standard.
Says Jacko Maree, Standard Bank Group Chief Executive: "The Standard Bank brand is a respected and recognised brand, both locally and internationally. Comprehensive research by our marketing division shows that customers clearly associate with Standard Bank even though they might be SCMB or Stannic customers."
He said that the main advantage in implementing the monobrand strategy was that the bank was able to capitalise on a single name and leverage off economies of scale across the group.
In addition, by having a single brand it made it easier to enter new markets with less communication expenditure as the brand was already well known and regarded positively. It would also help eliminate confusion in international markets. Standard Bank has a presence in 38 countries internationally.
Says Sarah-Anne Orphanides, Standard Bank Marketing Director: "It is well documented that a strong brand forges a bond with the customer as well as creating emotional links for staff."
Standard Bank has been voted South Africa's number one brand in the financial services category of the Markinor Brands & Branding survey for the past seven years. The Standard Bank brand also features in the Top 10 Most Admired and Trusted South African Brands rankings.
"For us, branding is not just a logo and campaign strap line. In the increasingly competitive financial services arena we have tried to make the brand the heart and soul of the company, of what we stand for and to weave it into all dealings with our customers," says Orphanides.
She says the Standard Bank brand recognises that although there are differences between clients there are also many similarities in their needs. "Everyone wants banking to be less complicated and for banks to focus on their needs. Our customers want to be treated with respect and recognised as individuals."
In embracing a single brand strategy, the bank is able to draw on the best of the divisions within the organisation and confer those values across the business in order to ensure a consistent brand experience for customers. "Brand value is maximised when all products, services and divisions are aligned to provide a clearly defined, total brand experience."
Orphanides says the consolidation to a unitary brand supports the group's internal strategy of continuously improving co-operation between the different business units, while maximising relevance for the customer.
"Most important to us is that the Standard Bank brand is not simply a monolithic face for the organisation. It's an evolving aspiration that relies on ongoing understanding and engaging with customers, listening and continuously responding to their needs with relevant innovation."
Says Ben Kruger, Managing Director of the Corporate and Investment Banking division: "With globalisation as one of our key strategies, the time is now right to align our brand more firmly across markets. Although SCMB has been a strong brand in South Africa, internationally we have always been known as Standard Bank. This change will ensure seamless branding for all our clients."
Says Dipak Patel, head of Vehicle and Asset Finance division: "The Stannic brand has been around for five decades, so our integration into the Retail Bank brings an era to an end. It is clear, however, that our growth comes from the Standard Bank customer base and we therefore need to be closely aligned to our retail and wholesale operations. Being part of the Standard Bank family makes perfect business sense."
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