There are many jokes about bankers. Few of them are publishable and none are really funny. This is not a privilege of Brazil. It is the realization that these entrepreneurs are not appreciated by consumers, despite the importance of their activity to the economy (try living without someone to process your payments and operate your credit card). In this sense, the choice of a fintech that has “bank” in its name as the strongest Brazilian brand in this edition of THE MOST VALUABLE BRANDS IN DINHEIRO is a double surprise. The category winner is Nubank. “The company is in a very good position. It is the only bank in a sector whose image is eroded”, said the founder of TM20 branding consultancy, Eduardo Tomiya. TM20 is DINHEIRO’s partner in the survey. “In general, people have a certain aversion to banks, but Nubank has managed to create an emotional bond with its customers,” Tomiya said. This becomes even more relevant, said the executive, as the survey did not compare the strength of Nubank’s brand with that of its peers. “The comparison was made with companies whose brands are traditionally very strong, such as breweries and retailers.”
In this survey, the assessment of brand strength is based on four pillars. Differentiation, relevance, esteem and knowledge. Differentiation is the ability of the brand to differentiate itself from the competition. Relevance is the impact perceived by the consumer in his life. Esteem is not just how “liked” the brand is, but also its ability to meet consumer expectations. And finally, Knowledge is the ability of the brand to clearly convey to the consumer what it represents.
Young customers According to Tomiya, Nubank is below the big banks in terms of Esteem and Knowledge, more for its qualities than for its deficiencies. “It’s a different brand, the company is perceived as innovative and daring, and these are not characteristics normally associated with brands in the financial sector”, said the consultant. “However, its main attributes are the fact that it is a company seen as innovative and daring, which has secured many points in terms of Differentiation and Relevance.” In the survey, in addition to being bold, another of the brand’s main strengths was communication with young people, said Tomiya. To prepare the list, TM20 branding interviewed 16,000 consumers between October and December 2021, shortly before Nubank went public.
“We want to be a brand that is culturally committed to making lives easier” Arturo Nunez Chief Marketing Officer of Nubank.
The executive responsible for marketing at Nubank, Arturo Nunez said he was honored with the award. “Especially considering that our history is recent, it is only eight years old”, he said “This is a reflection of our customer-oriented strategy.” According to the American Nunez, Nubank’s goal is to be seen more as a lifestyle brand than a fintech brand in the eyes of customers. “We want to be a brand that is culturally committed to making lives easier.”
The fact that the brand strength survey was carried out before the IPO made it impossible to calculate the impact of the accumulated drop of about 50% in the shares since the launch. Like all tech companies listed, quotes fell due to rising interest rates and the prospects of tighter liquidity in the US and Europe. According to Tomiya, the drop did not affect the results of the survey. “Maybe it will affect the 2023 edition, but there’s no way to know.” Nunez, in turn, says he does not talk about it. “I don’t pay attention to stock prices.”
Nunez said the restrictions caused by the pandemic helped to consolidate the brand, especially among older customers. Like any fintech aimed at retail, Nubank was born targeting younger consumers, offering free products and cool communication – the first product, a credit card, did not charge fees and was only accessible by invitation. “In the pandemic, many older customers needed to digitize more financial transactions, and found that traditional banks’ digital platforms did not meet their needs,” he said. “This has supported our growth in these market segments.” Without branches, with a communication different from the average of the banks – considering the appointment of singer Anitta to the Board of Directors – and attracting more fans than customers, Nubank guarantees its place among the strongest brands in the country.
READ MORE ABOUT: The Most Valuable Brands in Brazil 2022
Purpose reputation legacy value
https://www.istoedinheiro.com.br/purpose-reputation-legacy-value/
The marketplace that surpassed the banks
https://www.istoedinheiro.com.br/the-marketplace-qu…perou-os-banks/
Disruption, trust and results
https://www.istoedinheiro.com.br/disruption-trust-and-result/
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