For our first week of semester 2, we went over all the topics that will be covered during the semester. The aims and outcomes were also outlined for us, therefore we know what to expect.
For semester 2 we will be focusing on either creating or rebranding a modern bank, which is aimed at young people aged 16-25 years old. During this project we need to design a brand which is unique to other competitors while also targeting the younger audience.
In the lesson we were told to gather some research, on the leading local bank companies and on the users of these banks. This will be useful for the research of creating our bank as we can analyse what others are looking for in a bank and what qualities each bank has that would match my views.
It is important to understand what a brand actually is before starting to come up with my own brand. In class we came up with our own definition of what a brand is. I believe that a brand is a representation or identity of the company, it tells users what to expect of the app and their morals and ethics. The brand is also the relationship between the customer and company, it is the customers first impression.
The lecturer asked us to gather some in person research from bank chains across Belfast and return to class with anything that is noteable. While walking through Belfast we noticed a lot of different bank chains, we decided to take photos of these banks to compare the difference. Something we noticed was that almost all the banks were almost empty, considering it was 1pm on a Monday that isn’t too much of a shock, however, those that were in the banks were all 40+. This was interesting, this seemed like young people are more likely to use online banking rather than in store.
We also came up with creating a small survey asking simple questions about banks and asked some students within ulster. This gave us an idea of the banks that are mostly used by young people and what they enjoy/dislike about their bank. Below is the survey and the responses we received.
This was a good start to the research however the questions asked are closed questions which block us from getting more feedback therefore I have created another questionnaire with more open ended questions that will allow me to receive more explained feedback. Below is the survey I created, I took some time to research open ended questions to ensure I was getting useful feedback.
We were asked to upload all our research to a Miro board, this board is useful as we are all researching similar information, it will help us develop our knowledge of branding and banking .
Tone of voice is how a business speaks to customers, a crucial thing to withhold when adressing customers or the use of tone on a website, app, product etc. The way a company utilises their words to impact their audience is so important, this can set a business apart from the rest, build a brand identity and can show their brand values. Examples of this is, formal language which indicates seriousness, and informal which indicates friendliness.
Brand values are the principles of how a business runs, this is important as strong values can lead to loyalty from customers and therefore business growth. The business needs to believe in something and explain why they believe in it. These values will create emotional connections with customers who also share the same beliefs.
