The new trading name was launched on Wednesday along with a logo and fresh colours that featured on transaction forms, brochures, posters and clothing for 85 staff.

Chief executive Michael Mack said the shift had been two years in the making, with consumer uncertainty about the provisions of credit unions a driving factor.

"Research has shown that people are understanding less and less what products a credit union offers and how a credit union operates, even though we have a banking licence," Mr Mack said.

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"So bringing the word 'bank' into the logo is a really important way to show people what we do, more so than who we are."

WAW, which has had a tag 'Smart Banking', is following fellow Border lender Hume Building Society which became Hume Bank in 2014.

However, changes made by the Australian Prudential Regulation Authority in 2018 mean WAW did not have to hold more than $50 million of core capital or undertake a vote of members as Hume did to make the switch.

"We're still customer-owned, we're still a credit union, but we've incorporated the word 'bank' to show people what we do, rather than change who we are," Mr Mack said, noting his organisation has always had a banking licence.

The change will see green, which has been part of WAW's image since 1980, dropped in favour of coral, ocean slate and white colours.

Mr Mack said the new hues were chosen because they were unique in his sector and would stand out.

An estimated $400,000 to $500,000 will be spent on the rebadging, with signage at the branches changing over six to eight weeks.

WAW board chairwoman Fiona Shanks said the changeover timing was designed to minimise wastage.

"We've taken a really conscious decision to be very sustainable in our rollout, so we've let stock rundown, we've thought carefully about it and are very respectful of the financial impacts, so we've committed to doing it on a progressive state rather than a complete fast rollout that's high cost," Ms Shanks said.

Asked about the fate of the 13 branches which service 25,000 customers, Mr Mack noted their operations would be reviewed as electronic transactions kept growing.

He said more members had joined the Lavington branch after major banks closed outlets in the area and being the only full-time financial institution at Corryong had also boosted clientele in the Upper Murray.

The WAW stands for Wangaratta, Albury, Wodonga, reflecting its area and names of former credit unions from which it merged.

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