Shawbrook Bank, a challenger bank and provider of asset finance, has been named as one of the world’s top climbers by ‘brand value’ in a report that assesses the global banking industry, Shawbrook said in a statement.
Innovative marketing, which included a ‘specialists dive deeper’ campaign, may go some way to explain why Shawbrook, a specialist lender to SMEs, performed favourably in ‘Top 500 Banking Brands’ report.
Published by The Banker – a Financial Times-owned publication – the report looks at the global banking industry and the brand performance of the institutions within it each year.
Shawbrook was placed second globally in the table of top 20 climbers by rank, moving up 133 places to 366th.
It also added 73% to its brand value, which earns it a spot in the top 20 global climbers by brand value table.
The FT report states that the Bank, which was launched in 2011, had reaped the benefits of a brand refresh in 2018.
Richard Armstrong, group head of marketing at Shawbrook Bank, said success can be attributed to a return to the bank’s roots. “We decided to shrink our product portfolio and move out of the more vanilla markets.”
Armstong highlighted Shawbrook’s brand campaign ‘specialists dive deeper’, that featured an image of a technical cave diver. “We are illustrating that deep relationships, sector knowledge and attention to detail is what enables us to deal with complex scenarios,” said Armstrong.
The bank’s marketing plan for 2020 is to be “much louder” with more brand promotion activity, both digitally and in trade publications. It will also continue producing reports for specific industries.
“We are using our insights to position ourselves as industry experts,” says Mr Armstrong.
For the first time since the aftermath of the global financial crisis, the aggregate value of The Banker’s Top 500 Banking Brands ranking – which stands at $1,327bn this year – has contracted, albeit by just over 2%. However, this is quite a reversal in fortune compared with the double-digit growth seen in recent years, according to the FT report.