RaboDirect: Provoking Australians to steal back their dreams
The value of identifying your source of growth.
At the initial client briefing discussions about 'source of business' centred around ING Direct, BankWest and U-Bank – the first two being long established savings institutions with equally well established advertising strategies (ING had Billy Connolly and BankWest had 'happy banking').
Planning conducted a competitive review of High Interest Savings Accounts (HISAs) that showed the Big Four banks (Westpac, nab, ANZ, CBA) were doing little more than highlighting their rates. This process identified their sneaky strategy of advertising short term bonus rates that soon reverted to much lower levels.
Given people didn't know this was happening Planning recommended RaboDirect position itself as the trusted alternative to the Big Four– a Challenger approach based on its value of transparency (i.e. no sneaky T&Cs).