This is our internal reference for the BWU Credit Union rebranding and repositioning project.

There are two main reasons why we are confident that a name change will be beneficial to our credit union.

The first reason is that the name and the acronym for Barbados Workers’ Union Cooperative Credit Union (BWUCCUL) are uncomfortably close to the name and acronym of another credit union operating in Barbados, which has been operating in the market for longer than we have, is larger (in terms of members and assets under management) than ours, and is generally more well-known than ours. We have recorded several cases over the years where some of our members recommended our credit union to their friends, family members and colleagues, and instead, those individuals joined that particular credit union, thinking they were joining ours. We also have several examples where people have heard our advertisements on the radio or seen them in newspapers and, similarly, become members of that particular credit union, thinking they were joining our credit union. In effect, many times, we are spending our hard-earned marketing dollars to attract new members to our credit union and our marketing campaigns are driving potential members not to us, but to that particular credit union.

The second reason for the proposed name change is that research has shown that many Barbadians believe that they need to be a member of the Barbados Workers’ Union (BWU) in order to become a member of the BWU Co-operative Credit Union (BWUCCUL). While this was true in the past, this pre-requisite to joining the BWUCCUL has long been lifted, and our credit union accepts all Barbadians as potential members – whether or not they are members of the Barbados Workers’ Union. While we owe our existence to the BWU, the inclusion of its name in the name of our credit union actually causes many potential members to overlook us (because they think that they are ineligible to join our credit union) and choose to join other credit unions operating in Barbados. There is also brand confusion between the BWU and the Credit Union, even amongst our members, when signing up for new services, as the BWU is often selected rather than the BWU Credit Union.

We understand that changing the name of an organisation can be an emotional exercise, especially if the existing name has sentimental value for the staff, leadership team and members. As part of our rebranding process, we will find creative ways to honour our history, pay homage to the both the Barbados Workers’ Union and the BWUCCU, and their respective founders as well as important dates and achievements of both organisations. By doing so, as we move into the future, we will honour our past and embed our history into the DNA of the newly-renamed credit union.

Once approved by members, the new name, logo and core values will be launched publicly by April 2024.

Yes. We wanted to have member and staff representation throughout this project.

In selecting the new name and look, we have invited members to make name suggestions, participate in rating polls as well as conduct focus groups on the new name and new logo.

As a result of the proposed name change, we will need to develop a new logo, a new visual brand and a new marketing and communications strategy that aligns with our new name. We will be using this opportunity to give our visual brand an upgrade, and this new visual brand will be designed specifically to help raise our profile in the industry, attract new members and continue to grow our credit union. The rebranding exercise will touch all aspects of our brand, including signage, stationery, uniforms, vehicle branding and the look and feel of our marketing, advertising and social media campaigns.

As a result of our upcoming name change, the national spotlight will be shone brightly on our credit union. Firstly, there will be a lot of grassroots word-of-mouth buzz among staff and members, and there will certainly be a lot of questions asked about the name change. Secondly, our credit union is planning a comprehensive marketing and public relations campaign consisting of paid marketing in the print, digital, social and on-air media that will formally announce the name change to the public. This will increase the amount of interest surrounding the credit union. Thirdly, the media will undoubtedly run the story of the name change, which will further shine the national spotlight on us. This presents our credit union with an incredible opportunity to leverage the national spotlight to highlight not just our existence in the market but to present a compelling reason why individuals, families and businesses should choose us as their financial services provider.

Through research, we have uncovered areas in the market where we excel as well as areas where other financial institutions outshine us. As part of our marketing strategy moving forward, we plan to reposition our credit union in the minds of consumers by focusing on the areas where consumers rate us more highly than our competitors rather than try to win over customers in areas where we are not as competitive.

Our newly repositioned brand will be focusing more on making the financial journey of our members easier and stress-free, showing care to our members and increasing the ease of doing business with us. It will be about continuing to help our members achieve upward financial mobility through the use of our financial products and services.

Repositioning requires much more effort, time and strategic thinking than a visual rebrand, but we believe that the repositioning initiatives we have in the pipeline will serve us well in the long run, help us to distinguish ourselves from other financial service providers and help us to continue to grow our credit union.

There will be no service disruptions to current members of our credit union as a result of the name change, rebranding and repositioning. If anything, these activities and the buzz surrounding these activities are expected to help us attract more members and strengthen the financial position of our credit union and, by extension, our members. We will be providing our staff and members with updates as they occur. Should any unforeseen disruptions occur, you can be sure that we will update our members and will seek to minimize the impact of those disruptions.

Yes. Operation Transformation has employed the use of one of Barbados’ most recognized market research teams to uncover insights into our brand and our competitors (including other credit unions and other commercial banks). The results of the research were beneficial to us by highlighting useful quantitative data about our constantly-changing industry. The process that we have taken up to this point (and will continue to take) has been very strategic and data-informed. The market research, focus groups and other related activities that we have conducted have helped to inform our thinking and our decisions. We combined these insights with the deep knowledge and experience of our leadership team and our employees to ensure that we rely on both quantitative and qualitative insights. We do not take the decision to change our name lightly, and we have done everything within our power to ensure that the name change and visual change align with our strategic plans for our credit union.

No. The Credit Union needs to have 75% of persons attending the Special General Meeting to vote for the rebranding, but we do as many members as possible to understand and support Operation Transformation.

The process of changing an organisation’s name and logo can be complex, time and resource-intensive and, for some, emotional. The larger the organisation, the more opinions there are on the process, and the less likely it is for there to be a 100% consensus on the proposed changes. What the leadership of the credit union has endorsed throughout this process is “commitment” rather than “consensus”. Because of the size of our credit union and the number of stakeholders who have varying perspectives on the upcoming changes, we recognize that it is impossible to get 100% consensus for the name change and logo design, but we have pledged to commit to the final name and logo design once it aligns with the strategic direction which the credit union will be taking moving forward.

We invite you to also seek commitment to the new name and logo rather than seeking 100% consensus.