Credit unions are relatively unknown and often referred to as the industry’s best kept secret. Despite members having access to better options overall, membership has remained stable over the past 20 years. In Colorado, credit unions are facing the same fate. They are struggling to stand apart from other credit unions and traditional banks. Public Service Credit Union suffers from their industry as well as a confusing name and an identity that doesn’t convey their strong heritage.
Public Service Credit Union began as a financial institution for the Public Service Company of Colorado employees. After 80 years of business, they had experienced incredible growth, transforming into a credit union for communities across Colorado.
This evolution left their name and identity irrelevant. With the arrival of a new CEO, there was also a cultural shift from a formal and traditional environment to a feeling of belonging, approachability and family. PSCU was hungry for a brand that would accurately recognize and convey the rich and loveable culture that was brewing internally.
During research, we learned how central people are. Employees continually outperformed competitors, and members cited staff as a reason for their ongoing loyalty. But it was their approachability and delightful quirkiness that was a welcome contrast to a formal and unapproachable category.
It became clear that employees and members would be central to everything the brand would become. To carry this through, they chose Canvas as their new name, as an acknowledgement of how a member can paint their unique story of their life.
• We differentiated them from other credit unions with a new name and identity
• Translated the brand into real-world experiences that the people of Canvas could really rally behind
• The hashtag, “becomingcanvas” brought members, the community and the industry into Canvas to be a part of the transformation
• Created a launch day video that resonated well with employees and saw potential members come into branches
• “Thanks so much guys. What an awesome video. We appreciate your partnership so much.”—Tansley Stearns; Chief Marketing and Strategy Officer