Is there a need for Black Americans to use a bank that is “customized” for them?
Blur did a blend of qualitative and quantitative research leading to the strategic insight that Black consumers will prefer a “Black” bank if it is competent, competitive and has unique features benefiting the community. Blur translated this insight into a strategic communications hook: premier banking plus. The plus was explained as the bank’s inextricable link with the community it serves and a commitment to connect those customers to the nation’s financial markets.
The strategy proved successful. In year one after the rebrand, Carver posted record profits and growth including a $3.1 million increase in demand deposit accounts (+10.0%) and a $59.5 increase in total assets to $509.8 million (+13.2).