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Which are the risks for BBVA in rebranding its subsidiaries?

The main objective of rebranding is to change the perception of your brand in front of the public, seeking a differentiation from your competitors and at the same time be relevant for your audience. With a new global positioning strategy, BBVA announced the unification of its brand throughout the world, which is why “Bancomer” is eliminated within the subsidiary in Mexico. The Spanish giant made the announcement of the unification, as well as a change of logo, and reiterated its commitment to the digitization of financial services.

“In a world where digitalization and globalization are already a reality, the customer experience is the most important factor for the success of any company. BBVA has been a pioneer in its commitment to digitalization and in seeking solutions that help customers make the best decisions in their lives and businesses “said Carlos Torre Vila, president of BBVA. Thus, with the name BBVA the group will be known all over the world.

For this reason, local designations will be eliminated in the coming months: the term “French” in Argentina; “Compass”, in the United States; “Bancomer” in Mexico and “Continental” in Peru. Garanti, the group’s Turkish franchise, will switch to Garanti BBVA. In Mexico, the Bancomer brand is almost 90 years old, which means that the brand is rooted among the population. In this sense, the transition to BBVA should be a smooth process, with efficient communication towards employees and customers. “They have to be very careful, because the Bancomer brand is a very important equity in Mexico. When people tell you what their bank is, they tell you: Bancomer “says Isabel Blasco, director of Interbrand Mexico.

According to specialists, it is expected that there will be initial confusion regarding the name of the bank for the clients, so the external communication has to be very well taken care of where it is mentioned that they are still the bank of always and the money of its users does not run any risk. However, although a rebranding strategy can be a good resource to integrate into the global market, the competition can take advantage of any mistake to capitalize on the situation and try to win more customers. Some experts believe that Banorte can benefit from the rebranding of BBVA Bancomer by being known as one of the few Mexican banks.

 

Photo by  Joel Filipe  on  Unsplash

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