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When Legacy Meets Innovation, Trust Follows

When Legacy Meets Innovation, Trust Follows

Why financial brands with rich legacy must evolve - or risk irrelevance - in the fintech age.

For decades (even centuries), financial institutions have relied on reputations for stability and heritage as one of their greatest assets. Trust has long been synonymous with an ability to project an image of steadfast reliability. But in a digital-first world where trust is no longer built through marble-clad branches, but rather through intuitive user interfaces and seamless customer journeys, how does a financial brand with legacy remain competitive? 

With fintech startups delivering slick digital experiences and new generations of consumers with different expectations, trust through tradition alone won’t cut it for much longer.

Legacy as a double-edged sword


Legacy brands often hold an enviable position in the market that sees to them enjoying widespread recognition spanning generations, often resulting in a much broader customer base. For these brands however, relying on familiarity alone may breed inertia; institutions steeped in tradition must be bold to embrace the kind of changes a new age demands.

A heritage bank may pride itself on its sense of formality or gravitas, but these traits may feel less inviting for some potential customers. The challenge lies in striking a balance between preserving the elements of the brand that communicate trust and expertise and shedding those that feel outdated or unapproachable. It’s no easy task.

Balancing heritage with modernity also tells customers that the brand understands the pace of change and is prepared to meet their needs now and in the future. In pursuance of serving a diverse customer base with different expectations in wider markets and demographics with unique needs, a trusted name can position itself to win new audiences over while reinforcing loyalty amongst the traditional customer bases.

Building a foundation of digital trust


Today, trust is built on technological competence. A sleek app or a reimagined website won’t mean much if the underlying user experience is clunky or unreliable.

Legacy brands that invest in technology and deliver seamless, secure and responsive digital interactions will further enhance trust beyond what legacy might. This includes everything – from intuitive account management tools to advanced fraud protection. Digital trust is earned, often through flawless execution, and it’s just as much a part of the brand as the logo on the homepage.

Embracing design as a tool


Visual identity and representation with an eye toward modernity and accessibility offers a strong path forward for legacy institutions to compete in a new era of disruptors and startups. Design ensures that everything from the logo to the colour palette speaks to today’s consumers and positions the brand top-of-mind, while leveraging a unique legacy and bolstering it with timeless and instantly recognisable identity.

Speaking the language of your audience


Tone of voice matters as much as visual identity. Overly formal financial communication is less effective in building trust. Customers today – particularly Millennials and Gen Z – want brands that speak directly and empathetically.

Stripping the jargon from the language (that has dominated the industry for years) adds simplicity and a conversational tone, signalling accessibility and building trust. If fintechs have taught us anything, it’s that approachability and transparency win out over formality.

No erasure – just evolution


It comes as no surprise that the most successful rebrands are those that honour the past while looking toward the future. The goal should never be to erase history but to evolve it by taking the best elements of a brand’s heritage and carrying them through into the modern era.

Nonetheless, we’ve seen legacy brands like Jaguar recently overhaul their identity almost entirely (a conversation for another day), but for financial institutions in particular, the past is an asset to be built upon, not abandoned.

Dawn of a new age


While legacy is one of the greatest assets, brands cannot rely solely on reputation and tradition. There must be more depth and charisma as demanded by today’s consumers, and they must meet these audiences where they are: online, on their phones and in their daily lives. And while some may be tempted, rebranding isn’t about abandoning the old. Adapting to the new with purpose (and precision) while carrying through the heritage is the only way.

For financial institutions willing to take the leap, a revitalised brand that not only stands out in a crowded marketplace but also connects with wider markets and customers will no doubt be among the rewards.



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