Why Some Institutions Stopped Using ‘Bank’ (and Why Most Shouldn’t)

Though overall still a nascent trend, more banks are dropping the word “bank” from their public- facing brand name in an attempt to be more appealing to consumers. Citizens Bank, part of Citizens Financial Group, dropped the “bank” from its name late in 2021, becoming, simply, Citizens.

Truist — formed from the merger of BBT (Branch Banking Trust) and SunTrust Banks in 2019 — does not use the word “bank” in its new name. Chase, while officially still JPMorgan Chase Bank, N.A., has not used it in marketing for years.

In some respects, the thinking behind this logic is understandable. After all, banks typically rate low in surveys of brand loyalty and brand affinity. Many of the fintech neobanks that traditional institutions compete against proudly eschew the word “bank” from their brand name. Some, like Chime,

Article source: https://thefinancialbrand.com/127291/why-some-financial-institutions-dropped-bank-from-their-brand-marketing-and-why-most-shouldnt/