2019 Bronze Best Digital Experience | DMA
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2019 Bronze Best Digital Experience

04 Dec 2019

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Client: RBS

Campaign Name: Business Unusual: Business Banking Switch

Campaign Overview

Marketers don’t expect to create a campaign asking customers to join a competitor.

But RBS needed to meet legal commitments to reduce its SME market share, so it set out on a mission to persuade business banking customers to switch.


Strategy

When it comes to asking customers to join a competitor, the marketing rule book doesn’t exist. Driving change would be crucial because:
  • Just 4% of SMEs switch annually
  • Customers needed to be convinced switching was the best option
  • They were switch resistant
  • Customers might ask, “What’s the catch?”
RBS needed customers to think more like savvy consumers: to see switching as a way to achieve rewards and benefits.
A comparison website drove the customer journey, making the process easy and breaking down barriers.
Customers were driven to view exclusive offers that outstripped rivals’ deals.
A data-driven approach was at the heart of the strategy, combining market insights and RBS customer data.


Creativity

Comms grabbed customer attention, announcing: “We really are asking you to switch banks!”

The website was designed to build interest in switching and to capture warm leads for participating banks.

RBS created a pool of engaged customers ahead of launch, then warmed them up to the idea of switching.

A drumbeat of engagement built a sense of anticipation and excitement.

Following initial launch, ongoing work supported with consistent messaging across every channel.

Multiple videos connected with eligible customers on a peer-to-peer basis.


Results

Over 12,000 customers moved accounts through Business Banking Switch in its first four months; almost half the 2018 SME switching market.
Awareness of the scheme jumped from 39% to 92%. Customer pre-registrations were three times more than the initial target of 25,000.
Moreover, RBS delivered on its commitment that customers would be the first to hear of the opening offer, with all of them notified via email or post by 10am on launch day - driving spikes in web visits.
Almost two thirds (63%) of customers who visit the website go on to view their offers while website customer satisfaction is high at 7.9/10.
Other highlights:
  • Customers who successfully switch are highly likely to recommend Business Banking Switch, with a Net Promoter Score of +52
  • The website delivered on broader requirements to present offers from up to 10 participating banks
  • 85% of switchers agreed RBS made the process easy


The Team

Andy Hammerton, Senior Communications Manager, RBS

Contributors

Savanta, Paragon Group

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