“Why is any bank these days spending millions of dollars on creating TV ads?” columnist Simon van Wyk controversially asks in tomorrow’s edition of Online Banking Review.
This is something the panelists on last night’s episode of The Gruen Transfer touched on when they analysed the latest set of bank advertisements. You can download the transcript here.
DDB creative director Matt Eastwood agreed advertising a bank is a challenge and that “The problem with a lot of them is that they try to make you love them and it’s never going to happen”.
Van Wyk argues banks should be taking a leaf from the books of the new crop of agile, web-based financial services companies like Wesabe, Mint, Prosper and Zopa – all of which make it easy for people to deal with them, and provide a valuable experience.
He says it’s time bank marketers concentrated on creating value by launching innovative products and services that can be spread via networks, rather than just delivering advertising messages.
Both van Wyk and the Gruen Transfer panelists use the Commonwealth Bank’s most recent “Determined to be Different” campaign as an example.
The question is: Did the campaign work?
CBA marketing director Mark Buckman certainly thinks it did, telling The Australian the campaign had contributed to the bank’s recent 0.34 per cent increase in market share in deposits."We've had month after month of positive market share (growth) in all our key product lines that we haven't had in years.”
What do you think?
Could the bank have achieved the same growth by launching an innovative new deposit product and releasing it on Facebook?
Should banks be redirecting the millions of dollars they spend on TV advertising to services that provide real value to customers?
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