Don’t let the money fool you, consumer trust is the key currency of the financial services industry – and the exchange rate isn’t good.
While consumer trust is improving in the financial services industry, it still scores the lowest of all sectors measured globally according to the 2016 Edelman Trust Barometer.
Making banking human
It was in this climate that Westpac launched its latest creative campaign, shifting course to focus on the human impact that a bank can have in a sobering 60 second video.
Celebrating 200 years in business, Westpac’s first TVC of the campaign focused on The Westpac Lifesaver Rescue Helicopter Service, a service the institution has supported for more than 40 years.
Compelling content of a father and son floating perilously in the ocean draws viewers as their story is given a voice.
“He’s a mate. He’s a husband. He’s a father. He’s someone’s brother. A colleague. He’s an electrician by trade. He’s a golfer and a gardener. He’s a sailor, but more of a novice sailor as it turns out. He’s a survivor. And he doesn’t bank with Westpac.
“Not all Australians are with Westpac, but Westpac is with all Australians.”
For the company’s CMO Martine Jager, the message of the campaign is simple. It’s the beginning of an evolution in brand messaging for the business, shifting to ‘Australia. Proudly supported by Westpac.’
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“As Westpac enters its third century in business we believe that to be a part of the future, we must play our part in building it,” Jager said in a recent interview. “As Australia’s oldest bank and oldest company, we are incredibly proud of the role we played and will continue to play in helping all Australians.”
Taking banking local
Another Australian bank that has made waves in the battle for audience attention is Bank of Melbourne, whose ‘For The Makers’ campaign emphasises the brand’s standing as “Victoria’s local bank”.
The campaign, designed to capture the Victoria that all Australians know and love, goes hand in hand with the bank’s promise that:
“As the only bank born of this city we are passionate about the state of Victoria. We’re a state of makers, creators and doers. So whatever it is you want to make, we want to help you make it.”
“I wanted us to think like a media company first and retailer second,” said Jac Phillips, head of brand and marketing at Bank of Melbourne, in a recent column.
Since the company’s relaunch in 2011, Bank of Melbourne has carefully crafted local collaborations with the likes of Broadsheet, Melbourne Cricket Ground, the National Gallery of Victoria, and Melbourne Food and Wine Festival.
“Thinking like a media company first, our tactics had to change… we’ve had to create compelling content people want to engage with. Not just to read, but also to discuss, respond to and share,” Phillips said. “More than ever brands need to become entertainers.”