For this project, I have been tasked to create a complete brand for a banking application, which includes a brand app a landing page, and a brand guidelines document. I will aim to make a cohesive brand from the visual components to the voice of the brand. This will include, values, tone of voice, wordmark, logomark, colour palette and application. the target market for this brand is 16-25 years old, so this banking method will have to be modern and easy to understand, I want to help this target market with money management and savings. I am very excited to start this project, as I have never created a brand identity before and I want the brand to be successful and cohesive throughout the app, application, landing page and overall brand.

Banking Methods

Traditional banking has been the most important feature of the financial industry but more recently online banking has become a leader in this industry. Traditional methods include physical banking branches, physical customer service, ATMs, a deposit of cheques, withdraws and inputs of money, while most online banking apps have these features many older people still use the traditional banking methods as they can trust and depend on them. However online banking apps are more popular with the younger generations as they are convenient and can be accessed 24/7. Most of the traditional branches have now created apps so they can be attractive to the younger generations. While there are some completely online services such as Monzo and Revolut people might use the branches as they will be able to have face-to-face customer service rather than online also people might fear the security risks of these apps, whereas others especially younger generations like the designs and the features that are included in these apps.

Traditional banking

Pros

• Customer service - Customers will be able to walk into a branch and talk to staff about their banking needs. this will allow for personalised help and information for the customer. This customer service is valued by people who prefer to have face-to-face interactions allowing relationships between the customers and users allowing them to have tailored advice solutions for their financial queries.
• physical branches - some users prefer having the reassurance of a physical branch that they are going to. these banks have various branches in different locations making it easy for customers to access services. these branches can offer different services including a notary, safe deposit boxes and instant check clearing.
• security and trust - they’re known for their having robust measures allowing the customers to trust them. traditional banks have advanced security protocols, such as cameras, security guards, and secure vaults. these banks also have strict regulations by government authorities. This offers a piece of mind for the customers when trusting traditional banking methods.

Cons

• potential fees - they charge for various services and many of the accounts have a minimum balance and if that fails there could be additional charges.
• limited accessibility - traditional banks only operate for specific hours, and these methods can also be inconvenient as physical branches are becoming more scarce. some services might not be able to be accessed.
• lengthy processes - some of the services can take a lengthy process such as opening an account, applying for a loan, and financial transactions which usually involve waiting periods and paperwork. The face-to-face process can take longer than online.

Traditional banking vs online banking

Online banking is more convenient and accessible than traditional banking, as online you can access your accounts and make transactions on the go 24/7. online banking can also help people look at balances, make transfers, and pay bills very quickly. Online banks have very robust security systems such as encryption and two-factor authentication protecting customers’ information and funds. Still, there is a risk of fraud and hackers with online banking. The security of online banking can be risked by phishing scams, malware attacks and data breaches which compromise the security of the online bank accounts. Whereas traditional banking allows for a sense of security and trust as users can physically interact with the staff. traditional banking features are very important such as the individual service and the relationship of the traditional banks. whereas online banking removes the human touch of traditional banking when they are living financial advice and guidance. some online banking apps have personalised chat boxes and phone support which give a traditional feel to the online banking applications.

How traditional banks are adapting to online services

The adoption of hybrid banking which combines the best aspects of traditional banking and the best aspects of online banking, allowing the platform to be convenient, and personalised to the customer and the physical branches of the traditional banks. this will allow the customers to have a seamless banking method with human interactions and digital interactions. traditional banks can also adapt to the changes in the digital world by embracing artificial intelligence providing AI-powered chatbots which allow for instant customer service, this allows for efficiency and enhances customer experience.

Competitor Analysis

Revolut

Revolut is an online banking method that is used worldwide, this online banking method has low fees, global access, faster and is accessible 24/7. Revolut is one of Europe's most popular online banking methods, especially in the United Kingdom, Ireland, France, Spain and Poland. Revolut was founded in 2015 and is a prepaid debit card - MasterCard or Visa, peer-to-peer payments, currency exchange, cryptocurrency exchange. the mobile app allows for ATM withdrawals from 120 currencies and money transfers of 29 currencies. Revlout offers different plans each with its benefits - standard, plus, premium and metal. Revolut is designed to be user-friendly allowing it to be accessible for all age ranges and technological abilities.