Unify Financial Credit Union – Exploring the Equity in a Name and Brand

Situation:

After more than 50 years, the Executive Team and Board of Directors at Western Federal Credit Union was concerned that their name was not representative of an institution with 50 branches in 13 states, ranging from California to Virginia.

Analysis:

Through extensive qualitative and quantitative research conducted among both members and non-members, the name “Western” was found to be most often associated with the West Coast or the western United States. Since the Credit Union served members all over the country and was in the process of expanding, they did not want their name (and brand) to be limiting.

Result:

After careful evaluation, the name UNIFY Financial Credit Union was eventually selected as being most representative of how Western had evolved and where they want to go in the future: offering the convenience of banking anywhere you go, and being connected to the local communities they serve.

Ascend Federal Credit Union – Identifying Areas for Growth

Situation:

Ascend Federal Credit Union, the second largest credit union in Tennessee, was moving forward with its goal of becoming the state’s largest credit union and expanding their presence in the Nashville area. As part of their growth strategy, Ascend was interested in determining which areas of the Nashville market represented the best opportunities for expansion.

Analysis:

Alexander Babbage built a model which was based on Ascend’s existing branch performance and the demographics of potential members living throughout the credit union’s targeted footprint for expansion. The model was used to predict branch performance scores, which were then applied to the Nashville area to identify potential areas for growth. The model was also used to analyze potential expansion sites which had previously been identified by Ascend.

Result:

Through a statistically valid approach, Alexander Babbage was able to help Ascend systematically evaluate and prioritize brand re-fits/re-builds, branch re-locations and new branch development.

Mastercard Miami – Latin American Shopper Research Study

Situation:

MasterCard Worldwide and Turnberry wanted to understand the purchasing power and habits of Latin American visitors – especially Brazilian visitors – to the Miami market.

Analysis:

Alexander Babbage designed a study with shopper interviews occurring at Latin American visitors at Aventura Mall with control studies conducted among Latin American visitors at Miami International Airport and Sawgrass Mills.

Result:

When traveling internationally, “international acceptance” is the most important attribute for Brazilian MasterCard holders at Aventura, while the “available credit limit” is most important for Latin American MasterCard owners in the control group.  MasterCard will see greater card usage in Miami among Brazilian tourists if these travelers are more confident that the card is universally accepted for lodging, shopping and dining in the Miami market.  As a result of the study, it was recommended that MasterCard consider higher credit limits for its Latin American cardholders who travel to the Miami market.

Grow Financial – Using Research for Renaming and Image Enhancement

Situation:

The credit union for MacDill Air Force Base needed to expand its brand outside of the military heritage of the MacDill Air Force Base but was concerned whether a rename would impact business.

Analysis:

Through qualitative and quantitative research we were able to identify the core audience segments who were most opposed to a name change.  As a result, a proactive communications program targeted those most likely to be upset.  We also measured the value of the word “federal” to members and non-members.

Result:

MacDill Federal Credit Union became grow financial and subsequently grew assets by over 50%, while losing less than 0.001% of members during the name change.

GTE Financial – Using Research for Brand Investigation

Situation:

GTE Federal Credit Union was concerned that their name, logo and the words “Credit Union” were reflective of an old company, (the brand was discontinued with the acquisition of GTE by Verizon) an old image, and an old positioning.

Analysis:

Through qualitative and quantitative research we identified and quantified brand strengths and weaknesses.

Result:

GTE Federal Credit Union became GTE Financial in 2015 with a modern look and feel that pays respect to the brand’s heritage while positioning the organization for the future.

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