Excerpt from the article "Swiss banks focus on emotion", published in "Le Temps" on 15 April 2019

The end of banking secrecy not only pushed Swiss banks to review how they manage assets, it also forced them to improve their visibility, to help fend off competition from institutions based in clients’ home countries. Communication and image now play a greater role than ever before. How does a bank build its brand? How can banks adapt their brand?

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Looking back through history

What do banks really think about when they want to reposition their image or change their communications? "It’s about understanding who we are and transposing this identity into the world around us", says Fabio Mancone, Chief Branding Officer at Lombard Odier. "Banking has changed a lot and today, it sits at the heart of many economic, political and social issues. The business largely consists of advising clients in a constantly changing world."

Recruited in 2015 after a career in consumer goods and luxury, he drew out Lombard Odier’s new identity, in part, from the archives of the banking group, which celebrated its 222nd anniversary in 2018. This journey back through time revealed seven historical moments where the bank successfully adapted its global outlook – for example, in the aftermath of wars or revolutions. "These different stages in the bank's history demonstrate its ability to reinvent itself and to change its approach and perspective – this is what we wanted to communicate in a powerful way", explains Fabio Mancone.

This vision was brought to life by one of the four communication agencies that were asked to propose a strategy. Mancone explains that four international agencies were selected to gain an outsider's perspective into the world of Swiss banking. From this, the "Rethink Everything" campaign was born in 2016. Visually, it comprises three levels: a striking image (for example a calf staring down the camera lens or four children with a penetrating gaze); a word that seems unrelated to the image ("threat" or "shareholders", respectively); and finally a short explanatory text ("intensive agriculture is draining the planet" or "we must be held accountable to our children").

Not for everyone

In an industry as fragmented as wealth management (UBS, the world's leading firm, has around USD 3,000 billion in assets under management, which equates to a market share of less than 5%), positioning becomes crucial and involves making a choice. Even if it means not appealing to everyone, acknowledges the former Giorgio Armani, Ralph Lauren and L'Oréal manager: "Lombard Odier is not a generalist bank; we do not want target all market segments. We decided to encourage reflection – to offer innovative perspectives and share our convictions. People who are challenged by or share this vision of the world recognise themselves in our messages."