Naming lessons from banks

Nearly everyone uses a bank. Even if there are no other businesses in a small town, there will be a bank. We were curious what we could learn about naming from this industry because:

• There is a mix of old and new names
• Most people are familiar with the names but don't think about them
• Trust is essential in the industry

We looked at lists of the top 20 banks in the United States. The trends were surprising. We started this assuming that bank names would probably be pretty boring. We weren’t exactly right. Here are the top name types and some takeaways form each category.

Abbreviations

This category ties for the most common, with five companies out of the top 20. Most names get abbreviated because of length. This can happen for multiple reasons. PNC and TD Bank both got their shortenings because of a merger. Some bank names are descriptive and get shortened because they are too long. The Manufacturers and Traders Bank in Buffalo becomes M&T Bank. The Hong Kong and Shanghai Banking Corporation becomes HSBC. The Bank of Montreal becomes BMO.?Here are a couple of takeaways:

• Generally, abbreviation names are forgettable and confusing
• However, in naming, repetition beats everything else for memorability
• Pronounceable names like AMEX are more memorable than names like PNC
• An abbreviated name isn't a great choice if you are new
• There are quicker and less expensive routes to memorability than repetition

English words

This category also had five companies. Ally Bank is the lone standout, using a metaphorical word that hints at the brand's essence. They changed from GMAC Bank in 2010. Citizens Bank uses a metaphorical word, but it falls short because First Citizens Bank is also on this list. Key Bank also uses a metaphor, but it’s so common it is ineffective. Capital One is blandly descriptive.?Here are some thoughts:

• Using a familiar word can be a good option for a new or rebranding company
• Most of these companies fall a little flat, but Ally shows a navigable course for many organizations
• The biggest challenge will be finding a word that passes a trademark screening

People names

This category is behind the top two, with four companies. Wells Fargo is named after the two founders. JPMorgan Chase sounds more like a law firm after the merging of two banks named after people. Goldman Sachs and Huntington are both also named after founders. This is a fine strategy. These banks are all old enough for their brand to live independently of their namesakes. The outlier here is Chase. The commercial banking arm of JPMorgan Chase is named after Salmon Chase, one of President Lincoln’s cabinet members, not the bank's founder.?Consider:

• If you are a newcomer or thinking about a rebrand, consider a historical person who represents your values
• It could be a good strategy to sound established rather than to stand out
• People names are a great start for a compelling story

Place names

This type had three of the top 20 companies. Place names can be interesting and rich with meaning from history or metaphor. But these three are not. Bank of America and U.S. Bank are kissing cousins and virtually indistinguishable. American Express National Bank gets at the same idea with a few extra redundant words. To be fair, this is the banking arm of the AMEX company, a much better name that works as an abbreviation because it is pronounceable like NASA.?

• Place names can be meaningful and interesting
• However, these banks fell flat by being too general
• Make sure your place names is an anchor for your brand story

Made-up or misspelled names

This category is usually reserved for tech startups, but a few banks are dipping their toes in this water. Truist was created in 2019 after the merger of BB&T and SunBank. The name was well-roasted when announced because most people don’t like new things. It stands out from the competitors and is short, pronounceable, and memorable. Not bad. Citibank is the other one in this category. When reorganized in the 1960s, they gravitated toward this name that had been used since the 1860s. There’s history; the misspelling is interesting and aesthetically pleasing.?

• Made-up names can take time to adopt in established industries
• Going against the tide can help you stand out
• Standing out will require taking a risk
• You get to create all of the meaning even if it takes time

The clear winner

We often get the question, “But what is your favorite?”

Well, one more name came about from a merger between two banks. In 1909, the Fifth National Bank merged with the Third National Bank to become Fifth Third Bank. It turns out two wrongs can make a right. Until recently, we thought it was weird and intriguing. And they are embracing it in their “5/3 better” campaign, which asserts that they are better because they try harder. They are embracing their weirdness and using it to communicate with new demographics. We love it.?

So interestingly, the top three names, in our opinion, are two new ones and a name over a hundred years old: Ally, Truist, and 5/3.

• There is a clear opportunity for any company thinking about a name change to stand out or to strategically fit in
• The name could be something new or a re-embracing of something in your past
• But you will have to take a risk either way