The Society recognised that consumers’ needs were changing and has done a lot of work to look at what it stands for and what makes it different to its competitors over the last few years. Following this work agencies were contacted to pitch for the project, which Mr B & Friends was awarded.

Established in 1860, and now with over 500,000 members, its savers and borrowers, Principality is the largest mutual building society in Wales.

The new brand positioning for Principality is centred on the Society’s purpose of helping people to prosper in their home. This new focus will not only inform what products and services Principality will deliver to its members, but importantly how they will deliver them. The new customer proposition will be delivered as part of a five year organisation-wide transformation project and includes a new marque and a brand review across the business.

Simon Barbato, founder and CEO of Mr B & Friends, said: “The financial services market is hugely competitive. A market that traditionally relied on loyalty and credibility is constantly being challenged by consumer preference – largely driven by product relevance and value, marketing and brand awareness and innovation in technology."

Simon continues, “Principality recognised that it needed to evolve to remain relevant and their new brand positioning signifies their commitment to that. The whole branding exercise, underpinned by the statement ’Where home matters’, enables Principality to own a territory which will be of growing importance to the whole sector over coming years. The brand’s entire customer proposition and product portfolio will be amended to fit this focus on the home.”

The new logotype for the Principality brand reflects the geographical and cultural positioning of the Society and also what it stands for. The marque incorporates the initial ‘P’ and also draws on the traditional Celtic knot design – perhaps the most recognisable artwork in Celtic history. This traditional design not only reflects Principality’s roots but also has a more modern and dynamic representation, introducing further colours associated with Wales.

The new brand positioning and identity will be rolled out across a range of touch points in the coming months, including the Society’s website.

Hannah Poulton, Head of Multi-Channel Communications for Principality said: “We have always existed to help people prosper in their homes but it’s been over 10 years since we last made any changes to our marque and this contemporary version will form part of a clear differentiation for us versus our competitors."

Hannah continues, “We will not be changing who we are as a business, but we recognise that we have to adapt to meet the changing needs of consumers through our products and services. We know that home matters to our customers and our refreshed brand, which features a new identity, gives us a more modern and vibrant look and makes us more distinctive. The brand positioning also signals our commitment to the future success and relevance of our member-owned Society.”

Published on: 9:31AM on 1st March 2016