After more than 140 years on the high street, the building society is breathing a new lease of life into its image. The new identity includes a bolder logo and the look and feel of its 51 branches and customer communication materials has been redesigned to appeal to a greater number of customers across Wales and the borders.
Red will now play a key part in the Principality’s image. The Society says it has chosen red because it’s vibrant and reflects the company’s Welsh roots.
To coincide with the launch of its new identity, the Society is also launching new savings products. For those wanting to make the most of their tax-free allowance before the end of this tax year, a new fixed rate ISA/TOISA is available at Principality. Customers have the option of fixing the rate for one year (until 6 April 2006) at 5.05%, or for two years (until 6 April 2007) at 5.10%.
Two new fixed rate bonds will also be available from 1 March for those who have reached their tax-free limit. These products provide our customers with an excellent opportunity to guarantee the return that they get paid over a one or two year period at the rate of 5.05% (until 30 April 2006) and 5.10% (until 30 April 2007) respectively.
Tracy Morshead, Managing Director of Retail at Principality, said: “As a Welsh building society, we decided to launch our new image on St David’s Day – a day for the nation to celebrate its patron saint and its Welsh heritage.
“We have a very strong customer base in Wales and it’s clear from our research that Principality is trusted for financial advice, especially as we are a Welsh mutual organisation. However, in an evolving market place the Principality Building Society also needs to change to meet the needs of both current and new customers. Through developing a new and modern corporate identity, coupled with a broader range of competitive products and services, we can meet people’s needs whatever their life stage or lifestyle.
“Our new website, also going live on 1 March, is a perfect example of the Society’s drive to develop improved services. The wholly bilingual website is geared towards giving people good honest financial advice; it’s fully accessible and easy to use. Later this year, customers will also be able to make online mortgage and savings applications. The Principality is also currently developing new products targeting the youth market to encourage saving through teens and into student years.”
Principality will soon be opening another new branch, in Llandudno on the north Wales coast. This branch comes close on the heels of the recently opened branches in Wrexham and Llanelli, which illustrates the Society’s commitment to the high street and face-to-face customer advice. It is also determined to provide personal service to brokers – enabling them to access a dedicated mortgage service team.
An extensive research programme in 2003 confirmed the Principality has high levels of trust among its customer base but customers throughout Wales and the Borders felt it needed to update its image to compete effectively in the financial services market.
