PR campaigns won’t be enough to salvage the bank’s reputation after a series of scandals. Instead, it should look into adopting a new name, among other crucial steps.
The Canadian bank recently caught flak over an ad in one of its branches that was seen as a slight against the diverse Boston community of Dorchester. Here’s what other bankers can take away from the episode.
The banks have no choice but to pick a new name, marketing experts say, but good luck: The best ones may already be taken, made-up names can sound forced, and any change might nudge more customers to rethink their loyalties.
It’s still primarily a commercial bank, but the branding campaign — CIT’s first in a dozen years — is designed to appeal to the group driving its torrid deposit growth: retail savers.
