Mr B & Friends, the Bath-based brand consultancy, has created a new identity for the Principality Building Society as it emphasises its purpose of helping people prosper in their own homes.
The society, Wales’s largest mutual, was established in 1860 and now has more than 500,000 members. But it recognised that consumer needs were changing and over the past few years has looked at what it stands for and what makes it different to its competitors.
It appointed Mr B & Friends following an agency pitch to help with its new focus on informing what products and services Principality delivers to its members and, importantly, how they are delivered. 
This is part of a five-year organisation-wide transformation project and includes a new marque and a brand review across the business.
Mr B & Friends founder and CEO Simon Barbato 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.
“Principality recognised that it needed to evolve to remain relevant and its new brand positioning signifies itscommitment 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 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.
Principality head of multi-channel communications Hannah Poulton 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.
“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.”
