FREDERICK, Md.-One credit union realized it may be time to change the name when consumers would stop into its branches and attempt to pay their cable bills.
That was just one issue being faced by the former COMSTAR FCU, which has rebranded itself as Nymeo in an attempt to eliminate confusion and build awareness.
"Often Comcast customers would come in to drop off cable equipment or make a payment on their cable bill," recalled Kristina Morgan, senior HR and marketing manager at the 20,000-member, $239-million credit union, referring to confusion caused by the COMSTAR name. "There was definitely an identity issue."
Morgan told Credit Union Journal that extensive market research revealed many consumers were unaware of just what a credit union is, a fact that when combined with the confusing name (COMSTAR was an acronym for Combined Science, Technology And Research), adding "we decided to make a change and create a new brand that would celebrate and embrace who we are."
Nymeo-an anagram of "money"-also has a new tagline: "A new way to look at money."
The new moniker was the brainchild of Pittsburgh-based The Fitting Group, and Morgan said that the group developed that name after the management team explained "the strategic goals of the credit union, which included building lifelong relationships and increasing service to the next level."
Along with the rebranding, Nymeo branches are also getting a makeover. Some will only receive a minor face-lift, such as a new color scheme and fresh paint job, but others are getting a full remodeling, including eliminating teller stations, installing smart ATMs, a shift toward personal financial concierges and more. Those moves are designed to better convey a personal relationship-based experience.
Morgan said that when she first heard the name Nymeo it took a moment for her to come around to it, but everything quickly came together when she considered the new name, new branch design, new tagline and more as a package.
Valid Questions Asked
As for members, "We have had a few people that have asked very valid questions, and sometimes change isn't always easy, but we've made the promise to our membership to expect the same service levels that they received from Comstar from Nymeo."
Nymeo has not yet gathered data on new memberships or tracked any increased business form existing members since the rebranding. Morgan said that data will likely come later in the year, after the rebrand has had more time to gain attention.
Any statistics will also need time to reflect new marketing campaigns at the credit union, including buying TV ad time, which the credit union had not done previously.
Nymeo does not have specific benchmarks associated with the rebranding, but its goals are clear. "Ultimately we would like to increase share of wallet and become our members' primary financial institution through all stages of their lifecycle," said Morgan.
