A Super Regional Bank?
ANZ announced late last year that it had an aspiration to become a “Super Regional Bank” and at the same time announced a new brand, logo and visual language to be rolled out progressively over the next two years. The Asia Pacific division was the initial focus.
As part of this growth agenda, we need our brand to translate across a vast region that covers diverse audiences and geographies, including those with non-English speaking backgrounds.
IN ANZs 2009 Shareholder Update, Mike Smith, Chief Executive Officer states;
Our focus on Asia is driven by the reality that over the next two decades, economic growth in many parts of Asia – particularly in China and India – will outpace the rest of the world by a factor of three or four. At the same time, the trade and investment links between Australia and New Zealand and Asia are continuing to deepen.
The aspiration we set, however, is not simply about Asia – it is also about building and investing in our presence in Australia and maintaining our leading position in New Zealand.
Does the new ANZ logo reflect a Super Regional Bank?
Old logo
New logo
Research – Is it always right?
In developing the new brand, ANZ commissioned Millward Brown to conduct research across the Asia-Pacific region covering six countries, 12 cities, 50 ANZ staff, and 1200 customers/non-customers.
Two common themes emerged:
1/ People wanted their bank to be “people-shaped” and
2/ People wanted to have a banking experience that was “uncomplicated”.
Ok…people shaped and uncomplicated – The new ANZ logo ticks both these boxes quite literally.
Going Global – Attempting to symbolically connect
In response to Millward Browns research, ANZs new logo and visual language was developed by M&C Saatchi to include the following features:
1/ The reduction of ANZ word-mark lines from three to one represents ‘One ANZ’, and reflecting the equator which runs through the Asia-Pacific region.
2/ A new symbol ‘The Lotus’ which represents ANZ in all its markets regardless of language.
The three petals of the lotus is meant to represent our region; Australia, New Zealand and Asia Pacific. The central shape of ‘The Lotus’ represents ANZ’s customers and people.
The result has seen ANZ’s character scaled back to be more modernised and simplified. The introduction of the ‘Lotus’ has the new brandmark very much focused at the Asian market because of its cultural significance.
In Buddhist iconography, Buddha is often represented on a pink lotus. In Buddhist symbolism, the lotus represents purity of the body, speech, and mind as if floating above the muddy waters of attachment and desire. It is also to be noted that most Buddhist, Chinese, Hindu, Japanese, amongst other Asian deities are often are depicted as seated on a lotus flower. According to legend, Gautama Buddha was born with the ability to walk and everywhere he stepped, lotus flowers bloomed.
In the classical written and oral literature of many Asian cultures the lotus is present in figurative form, representing elegance, beauty, perfection and grace, being often used in poems and songs as an allegory for ideal feminine attributes.
Do you think ANZ will lose any existing brand loyalty and appeal by attempting to connect to the new Asian market? It is hard to imagine so given it seems to keep most of its customers even with the fees
it charges!
Keeping the charm of the old, for the sake of the new
If we were to compare the new brandmark to other recent bank brand refreshes we would look at the NAB and BNZ. Both have raised the benchmark for banks to discard conservatism to become more friendly and modern. I think the ANZ logo has both of these attributes, but it just doesn’t have the magic. The ‘Lotus’ feels a little awkward and lets be honest, it is a touch weird. But it is also a reminder that we need to understand the cultural nuances of the international markets served.
However, it will be interesting to see how the new brandmark fits within the Australia and New Zealand markets. I sometimes feel when it comes to banking…‘who cares’ – there is simply no choice when the competitors mirror each other.
Tim Wood
Creative Genius
Related Links;
http://www.shareholdercontactjuly09.com/Our-New-Brand.html
http://thefinancialbrand.com/2009/04/21/anz-new-logo/
http://www.crikey.com.au/2009/03/24/anzs-magical-mystical-logo/
Tags: ANZ, ANZ-Logo, Brand Agency, Brand Design, Brand Experience, Brand Strategy, Corporate Image, Graphic Design Melbourne, Interior Design, Logo, Melbourne Brand Strategy, New-ANZ-Logo
Tim, Great blog — I hadn’t seen the new ANZ brand identity. Gotta say I don’t like it. When I compare it to some of the better global re-brands happening in banking it feels very unsophisticated and already dated. The lotus leaf has become so stylized that I just don’t see it, and I find the human form with arms outspread to be a literal, unattractive, unoriginal and blatantly Western interpretation of ‘people-shaped’. The outcome feels compromised, whether by the client, the capability of the agency or steered by research I’m not sure. On the positive side, they have added a symbol which will provide more meaning than their previous, purely typographic approach.
Tim mate, a great reminder of the need to re-think how you present your identity to different cultures. It feels little clumsy to me and it was great to see some different applications to get a feel — certainly not without a rationale — one that makes strategic sense, so perhaps lost in the execution. Cheers
A very well written blog Timmy, thanks for being so informative and breaking down the basics of the brand mark. On another note and for what it’s worth I like the Bank of New Zealand rebrand.
I have seen this being used on TV already. I think its ok, very safe.
It will definitely be interesting to see what peoples views are on new logo. Its is focused on the Asia Pacific market so i guess it does reflect who they are aiming it at. Not sure about the lotus though.
As an ANZ client, I really don’t like the new logo. To me the old logo was modern, strong and nicely balanced. The new one just looks weak and a bit amateurish…
I like the old logo best. To be honest, maybe because I don’t bank with the ANZ, I hadn’t noticed it had changed. That’s how important logos are to me. I do notice name changes. National became NAB. Bank of NSW became Westpac. At least the ANZ hasn’t change its name yet.
[…] “The ‘Lotus’ feels a little awkward and lets be honest, it is a touch weird. But it is also a reminder that we need to understand the cultural nuances of the international markets served.” — truly deeply // madly […]
I’m quite happy with the lotus, but I’m unsure about the type change. Previously it was italicised, but now it’s bolt upright, and I think this gives it a feeling of being lost, or maybe that type is just better suited to being italicised. They also need to stay away from the grey, as pictured in that airport shot. It felt like we were getting back to the ANZ of the 80s — much more colourless and block like. I do admire the cultural sensitivity, but, it’s a bank — they need to be careful about trying to be too philosophical
Thanks for sharing the research behind the logo prior to hearing this I couldn’t help but think it represented a small child screaming on the pavement. Plus I was mildy patronized by the ‘we live in your world’ tagline.
It seems all of the top four a battling it out to be the ‘simpliest’ bank at the moment. But while they are all trying to own that we have some nice work from others such as UBank shining to the surface (although I think they are owned by Wespac?).
However I respect ANZ’s plans to have a stronger presence in broader markets and also think they have done a good job of rolling the new look out across all channels (from tv, to print, to digital, to branches and ATMS…quite seamless)
This, A Super Regional Bank for every one bank, And Great discussion is going on this blog for Banking, i’d like to join with you guys and gain knowledge from it,
And it’s great tip man i’ve not thought of it before i saw your post. thanks.
[…] “The ‘Lotus’ feels a little awkward and lets be honest, it is a touch weird. But it is also a reminder that we need to understand the cultural nuances of the international markets served.” — truly deeply // madly […]
Great post and well presented discussion starter
I don’t think it’ll lose any customers just because of the new logo and if it charges high fees and still has a high retention rate then it is delivering on key branding elements — offering economic, experiential and emotional value to customers!
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