Earlier today, Piggybank, online savings and investment platform, announced its evolution from Piggybank.ng to PiggyVest.
A move that a lot of us didn’t expect:
The decision was taken in order to ensure that the services rendered ceaselessly evolve with the needs of their customers. In their words, they are pivoting from a strictly savings platform to a “robust financial platform.” The enhanced platform will offer even more services — including insurance and group investment options — which will be accessible to anyone, regardless of their background, all while maintaining the simplicity and convenience that has been its trademark.
For example, we have those who outrightly think that the name change is a terrible idea:
Opinion: The name change is a terrible idea.
Will resonate with fewer people. Savings and investments are very well captured under "Bank".
Piggybank is a better name. Keep it and use piggyvest as one of the products.
Thank you for coming to my Ted talk. https://t.co/97cHOA8sh7
— Chike from Hellocare (@ChikeMD) February 11, 2019
Everyone's dancing around this but I'm gonna say it out loud: This name sucks. PiggyBank is such a rich and relatable name for a competent well established brand. I remember when PGB was still red. Wasn't awesome but it didn't suck either.
PiggyVest doesn't roll off the tongue
— The Commissioner of Good Design (@isl3y) February 11, 2019
Piggyvest doesn’t sound half as good as Piggybank. Don’t change the name.
— Abiola Adebayo. (@AbiolaAdebayoo) February 11, 2019
I just want to know why Piggybankng couldn’t just keep the name and have a subsidiary called piggyvest?
— strawberry shortcake 🍓 (@WithLoveYinka) February 11, 2019
Should have just made PiggyVest a new feature on the PiggyBank platform. PiggyBank name has a better ring to it than PiggyVest
…and no PiggyVest isn’t going to grow on anyone. Who the hell uses words like PiggyVest in their daily interactions ???
— K A C H Í (@the__kachi) February 11, 2019
We also have those who can see the potentials:
At first I had mixed feelings
when I was told piggybank was upgradrading to PIGGYVEST. I was skeptical at first until it was explained to me why this change had to be made.
I’m excited and looking forward to PIGGYVEST and all the new investment opportunities.
— – Nori (@NisforNora) February 11, 2019
growth is good #piggyvest
— M.E.G.A.M.I.N.D.😛😉 (@IamMissKess) February 11, 2019
I can imagine what PiggyVest could be. It's huge. 😳 pic.twitter.com/y13I81LofZ
— Oreoluwa Shonibare (@Amb_Ore) February 11, 2019
As expected, we have more people in support of the old name.
However, the most important thing to note is that the name change will not stop people from using the app – provided they can still get value from the services rendered, the only issue that might arise is with the brand-name’s adoption/usage.
With that said, what do you think?