Customers Bank emphasizes “fintech-forward” in rebranding

Pennsylvania-based Customers Bank on Thursday unveiled a new branding, a design the $ 19 billion asset lender said reflects its evolution as a tech-driven financial institution.

The rebranding, which includes visual changes to the company’s logo, website, mobile app and offices, follows the bank’s growth over the past two years, which includes new products and expansion. geographic, customers said.

Amid the pandemic, the bank became a prolific paycheck protection program (PPP) lender, facilitating around 347,000 of government-guaranteed loans totaling $ 10 billion.

The bank has been successful in allowing other financial institutions to white label the PPP platform that it built in-house, giving other lenders access to its technology for origination, financing and cancellation of PPP loans.

The bank also took a major step in the cryptocurrency space, joining pioneers Signature Bank and Silvergate Bank to deliver banking services to digital asset institutions.

The company announced last month its partnership with around 20 cryptocurrency clients, including Genesis, Blockfills, GSR, and San Francisco Open Exchange. The company has helped the company raise $ 1.5 billion in zero-cost deposits since early October.

Customers said recent growth has helped it expand beyond its geographic footprint in the northeast to include new markets such as Texas, Florida and the Carolinas.

“As a result, executive management undertook a complete repositioning of the bank to reposition the bank as a banking institution focused on advanced financial technology that provides business clients and consumers with the stability, regulation and confidence that comes with working. with an established bank, ”the bank said in a statement.

The bank’s new logo removes the red, white and blue theme and the American flag, a hallmark, according to Customers Bank executive chairman Jay Sidhu, who has served the bank well in the past.

“It clearly represented the American dream and our drive to help challengers, small business owners and entrepreneurs move beyond their weight class to achieve their financial and growth goals,” he said in a statement. “We will always hold American values, democracy and heritage in our hearts. But as the emblem of a forward-thinking financial institution with national reach, we must signal to markets, investors and clients that we have a modern look, feel and discipline. “

The new customers attracted to the bank are “younger, more diverse, more tech savvy and looking for a different customer experience,” the customers said, adding that the new branding was “designed to capture that vibe. “.

The new logo features two overlapping blue rings, which the bank says represents its goal of connecting with customers and providing highly personalized service.

“Even though the image is rotated, the connection remains, which perfectly embodies the new Customers Bank brand,” the bank said.

Customers, who declined to share how much it is investing in the rebranding effort, said a redesign of its mobile app is underway.

The bank plans to convert its branches to the new signage in the coming months, adding that the timing depends on supply chain issues.

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