REBRANDS are in fashion among peer-to-peer lenders.
In recent weeks RateSetter has unveiled a new look and website while Welendus is planning a name change.
We look at the key ways P2P lenders are relaunching themselves.
A logo is one of a firm’s biggest marketing tools, making them memorable and recognisable.
The logo is often one of the first things that is changed in a relaunch.
In 2016, Zopa moved from the orange, grey and yellow logo it had sported since 2005 to the green and white it is known for today.
Similarly, MarketInvoice dropped its orange and grey logo in 2017 for a new, blue design, with the slogan ‘let’s make it happen’.
Funding Circle also changed its logo in 2017, dropping its white and purple arrows for more structured shapes in different shades of purple.
In the same year, ThinCats altered its logo to a simple T, although it has retained its black and white colour theme.
Rather than focusing on the logo, another option is the look of the brand. For most P2P lenders this has involved an overhaul of the website.
RateSetter relaunched its website last month, keeping its purple colour as part of the new branding but incorporating pink and green.
Funding Circle and ThinCats have both relaunched their websites as part of rebrands, as has CrowdProperty, which introduced more imagery of people rather than just developments.
If a logo change or website relaunch doesn’t seem to go far enough, you could always try changing your name.
Welendus is planning to unveil its new name in the coming weeks that it says will be more user-friendly and understandable.
It is not the first to do this.
Lendy used to call its P2P investor platform Saving Stream.
This created a confusing system where investors lent through Saving Stream but borrowers got their loans from Lendy.
Both were absorbed into the Lendy brand in 2017.
As important as branding is, the real test is if customer service and proposition can be maintained regardless of the look or feel of a P2P lender.