Lloyds TSB – An extraordinary journey: how a simple idea transformed the fortunes of the UK's largest bank
Principal Authors: Ben Kay and Anna Tetlow – RKCR/Y&R
Contributing Authors: Nick Palmer and Pip Lowe – Hall & Partners; Willis Fan – Lloyds TSB
Looking at the focus and clarity of the Lloyds TSB ‘For the Journey’ campaign it is hard to imagine that this bank has been buffeted by the collapse of financial institutions, government intervention and lack of consumer trust in the financial sector. The move away from the traditional product-based communications model to a needs-based one, brought to life with the ‘For the Journey’ idea, gave Lloyds a head start in a new world where consumers are reassessing brands, making choices based on emotional needs and seeking partners for the life they want to lead. The creation of the animated world reflected the customer's journey with the bank in a way that was modern, distinctive and emphatic. The campaign transformed Lloyds TSB into the most considered bank amongst non-customers, reversing current account attrition, adding over 400,000 new current accounts and cutting the cost of acquisition by a factor of four.