Here’s a breakdown of who’s paying for what, how much it costs, how many keywords they use and how many clicks they get. The data is divided into four main groups: Banks, Credit Unions, Consumer Search Terms and Geographical Search Terms. There are two bonus sections at the end showing how financial institutions are targeted through Google AdWords by industry vendors and trade groups.

Banks Using Google AdWords

Credit Unions Using Google AdWords

Out of the top 20 biggest credit unions in the U.S., 11 are running Google Adwords campaigns (55%). Navy FCU, the biggest credit union in the world, also has the biggest AdWords budget — probably around $1 million annually.

Common Consumer Search Terms

Geographically Specific Search Terms

Financial Consultants Targeting Banks & Credit Unions

Common Terms Used to Target Banks & Credit Unions

This article © 2012 by The Financial Brand and may not be reproduced.

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Similar to politics, one could easily conclude that bank bashing is the only kind of advertising that works in the financial industry. Look at marketing campaigns from many credit unions and some banks, and you’ll find all kinds of derisive, snide digs against competitors. Banks have become the proverbial punching bag — favorite targets of challenger brands in the financial industry like Simple, Zopa and Ally.

There’s a fine line between a switching promotion and a bank-bashing campaign. Obviously credit unions are targeting bank customers, so it makes sense to hit the pain points people feel with their current provider. But saying “we’re not as bad as those guys” doesn’t necessarily mean you’re any good. You could still suck… just not as much.

“An edgy anti-bank message can work well in social media marketing, but only if it also conveys a better alternative from the company behind it,” writes Jeremy Quittner for Bank Technology News.

“Credit unions need to tread lightly if they are going to do bank bashing, and they better be able to look in the mirror and prove it does not apply to them as well,” says Tim McAlpine, CEO of Currency Marketing.

Matt Monge, VP of People and Development at Fort Campbell FCU, agrees. “I’m just not sure it’s fair for us to declare so authoritatively that we in the credit union world, across the board, offer better service to our members than banks do to their customers.”

“Let’s provide them with those compelling reasons to join us. And let’s leave the outright bank-bashing nonsense behind,” Monge urges.

“Credit unions like to think that people love bashing on banks, but realistically bad service doesn’t necessarily stop across the street,” adds Mark Zmarzly, financial marketing strategist with ACTON.

“These negative efforts do very little to emphasize the benefits of a credit union,” says Kevin Lynch, a banking and technology executive.

“Regardless of whether or not bank-bashing keeps with the image that credit unions like to think they project, I have this question: Has any credit union actually tested with consumers whether or not they respond positively to that type of message?” Ron Shevlin, Senior Analyst with Aite, asks skeptically. “My guess is that the credit unions running bank-bashing campaigns are satisfying their entertainment needs, and not necessarily doing smart marketing.”

“Credit unions can’t rely on messaging and positioning statements to improve their competitiveness. They’ve got to make tough choices about the products and services they offer,” says Shevlin.

“Financial marketers like portraying each other as sneaky, greedy, self-serving, mean, old farts.”
— The Financial Brand, 2009

In 2009, The Financial Brand published an article questioning the industry-wide impact of bank-bashing campaigns. “The problem is that when so many financial institutions collectively send the same, consistent message — ‘the other guy sucks’ — consumers just lump everyone in the same sucky category,” the article pointed out. It’s partly why people tend to think all banks serve the same flavor of dog food.

How can financial institutions rebuild consumer trust when so many of the industry’s own marketing messages say bankers are untrustworthy scum?

Bank Schmank – Velocity Credit Union

The homepage has four one-minute videos with first-person, man-on-the-street style testimonials from bank-bashing consumers. There are two other sections: Facts and Links. The “Bank Schmank” campaign includes offline components like radio and outdoor. Oddly, the billboards don’t include a link to the BankSchmank.com website.

Sh!t Banks Say – Summit Credit Union

A two-minute parody of big bank clichés. The video, produced in-house by the credit union’s marketing team, set off a fiery debate among industry observers when it came out. Some felt the video’s title was offensive and its intent mean-spirited. Others suggested that Summit Credit Union might be the pot calling the kettle black, since the video makes fun of bank fees when the credit union has some suspect fees itself. Hosted on Summit’s official YouTube channel, the video has been viewed 5,000 times.

Summit Credit Union – “Sh!t Banks Say”

Bankitis – Public Service Credit Union

“Bankitis is a common ailment among people who belong to banks,” the credit union explains on its website. “Common side effects include extreme levels of frustration, indigestion, the urge to say things like ‘there’s a fee for that?!,’ the feeling that you’re no more than a number, and constantly wondering if your money is in the right place. The good news is, there’s a cure!” The site has a blog, contests, videos and tips from Dr. Penny, the credit union’s fictional spokeswoman who can help cure Bankitis.

PSCU – ”Bankitis”

Bad Banker – Garden Savings Credit Union

In this video parody, a man who introduces himself as “a bank” then outlines his anti-consumer strategy and list of fees. “I know you’re angry with me, but what are you going to do about it?” the banker asks rhetorically.

“We realize it’s a fairly aggressive video,” said Garden Savings Chief Sales Officer Michael Powers. “It’s clearly meant to be a little bit over the top.”

“At the end of the day, it does show what we believe to be some clear differentiations between banks and credit unions,” Powers explained.

“At the very least, it shows our take of what the perceptions of those differences are from the consumer’s standpoint and of course, it is meant to call people to action and say to themselves, ‘Why am I still banking at a bank?’”

Garden Savings Credit Union – “Bad Banker”

Lipstick on a Bank – University of Kentucky FCU

“You can put lipstick on a bank, but it’s still a bank.” A campaign including billboards and a microsite oriented towards switching.

Divorce Your Bank – Tobyhanna FCU

Following news of BofA’s $5 debit card fee, Tobyhanna FCU launched its “Divorce Your Bank” campaign, which included radio, Facebook, billboards, and a “Divorce Your Bank Easy Switch Kit” booklet designed to ease the transition of switching financial institutions.

Bummed About Banking – Members Advantage Credit Union

A goldfish named Bob is unhappy about his bank. In this 30-second TV spot, Members Advantage promises “no hidden fees.” They use the tagline www.WeRNotABank.com as a marketing URL.

Members Advantage Credit Union – “Bummed About Banking”

Unlike Your Bank – Allegacy FCU

In Allegacy’s first-ever television commercials, they chose humor to attack the painful banking scenarios — everything from skyrocketing interest rates to unexpected and unnecessary—fees on services that used to be free. For those who have yet to experience the credit union difference, there will be no mistaking that Allegacy is “unlike your bank.”

Allegacy FCU – “Unlike Your Bank 1”

Allegacy FCU – “Unlike Your Bank 2”

Banks Don’t Like You – Co-op Financial Services

“Let’s be honest. There’s really no other explanation for the way banks behave. They don’t like you. Whether they’re gambling with your money, insulting you with their rates, squeezing you with fees, or just making you feel like old chewing gum from the moment you walk in the door, the conclusion is unavoidable.”

This campaign from a credit union industry group includes a microsite. The Facebook page has generated around 500 ‘Likes.’ Meanwhile over at Twitter, you can find tweets such as:

• “Banks Switched Your Coffee With Decaf.”
• “Banks Sent Your Call to Voicemail.”
• “Banks Stole Your Parking Spot.”
• “Banks Tried to Use the Hot Water While You Were in the Shower.”

Ditch Your Bank – Affinity Plus FCU

Affinity Plus FCU’s ditchyourbank.net microsite includes a blog and a lengthy banking manifesto (PDF). Another credit union, BayPort, owns ditchyourbank.com.

The heart of the campaign is a racy spot staged in a stuffy, traditional bank where all the customers are wearing nothing but their undies. “At banks, people don’t just lose their shirts,” the announcer says. “They lose everything, right down to their underwear.” It’s been viewed 36,681 views, with many thumbs-up votes.

Affinity Plus FCU – “Ditch Your Bank”

Bankziety – Minnesota Credit Union Network

The Minnesota CU Network developed SeeYouLaterBank.com, a website wth events, contests and promotions to cure consumer bankziety. The site also includes a credit union finder, information comparing banks and credit unions, and money management tips.

There’s also a Bankziety Facebook contest asking Minnesotans to share their stories of banking anxiety, money stress, or how credit unions have been the bankziety cure. Up to 12 entrants will win cash prizes and gift cards, with the top four entrants awarded $2,000 and a chance to tell their stories as part of a video series.

This article © 2012 by The Financial Brand and may not be reproduced.

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Boys choir sings options for automated phone tree

DNB recruited Norway’s most famous choir, the Norwegian Broadcasting Boys Choir, to sing all of the messages for its automated, touch-tone telebank. For the entire Christmas season, every word on DNB’s phone banking system was sung by angelic voices. The concept is brilliant, the execution is beautiful.

DNB – “Merry Paycheck” (Documentary)

Deutsche Bank guerilla experiment mocks ridiculous fees

This gutsy guerilla stunt from Deutsche Bank aims right at consumers’ pain points: fees and charges specifically in the financial industry that many people feel are absurd. In one experiment, a small boutique bakery introduces a one euro “entry fee” — just for walking in the door. Those who pay are surprised to learn there is also a one euro “exit fee.” Deutsche filmed a second experiment at a supermarket, where patrons were charged for things like using the conveyor belt in the checkout line and printing a receipt. It’s over the top, but it makes the point. Spot 1 (Bakery) | Spot 2 (Supermarket)

Deutsche Bank (Belgium) - “Bakery With Entry/Exit Fees”

Mom gets massage and makeover from bank

This two-minute video from Sainsbury Bank starts out like a documentary about the life of a busy mother. She’s a hardworking woman, but clearly worn out from her dedication to her three young children. Sainsbury ambushes her with their Makeover Mobile, a spa on wheels. She’s a lovely person, so you feel really good for her at the end when she steps out looking beautiful. Her expressions of appreciation are subtle, but incredibly powerful; it’s very engaging. It’s rare to see banks capture such emotion in their marketing.

Sainsbury Bank – “A Break From Mom’s Boredom & Monotony”

Yo, check out this $ vid from US Bank!

California teens Leo Moneymaker and Alex Colucci star as rappers “Young Muny” and “Lil’ Savings” in this cheesy-but-funny parody. It’s pretty good. In fact, the production was good enough that it took second place in the national “Lights, Camera, Save!” contest sponsored by the ABA Education Foundation. For financial education, it doesn’t get much more entertaining than this.

US Bank – “Don’t Forget ‘Bout Ya Debt!”

Bank to viewers: ‘Don’t watch our boring Super Bowl spot’

FirstBank knew it would be tough — if not impossible — to compete with the multi-million dollar Super Bowl productions aired by big advertisers. So for their first-ever Super Bowl spot, the Colorado bank went low-budget: one guy sitting in one chair filmed in one shot. The man says, “At FirstBank, customer service is our priority. So if you’re a FirstBank customer worried about missing one of the exciting commercials, or the game, now would be a great time to go to the bathroom… Seriously.”

The ad is, in a sense, an implicit concession that banking is so dull it could never hope to compete with real entertainment. “It’s okay, we understand. Run along. It won’t hurt our feelings,” the bank seems to be saying, almost like those wallflowers at parties who know they aren’t popular. “We acknowledge that there is nothing we could say that would interest you (at least right now).” The audience laughs at the bank waving the white flag of surrender. It is this inherently cynical sense of self-deprecation that makes the spot funny.

As one of the more creative Super Bowl spots in the class of 2012, it garnered FirstBank a significant level of attention, particularly during the pre-game run up. Creative credits go to TDA_Boulder.

FirstBank – “Take a Bathroom Break”

Where’d that sucker come from?

This three-and-a-half minute production retraces a day in the life of a man handing out an armful of suckers… all in reverse. Republic Bank shot the video in locations around downtown Louisville, the bank’s backyard. It’s obvious Republic put time and energy into this elaborate trick, so they owe it to themselves to get the video more exposure. It’s only been viewed 2,400 times so far.

Republic Bank – “Sharing Smiles”

Philip Seymour Hoffman directs bank’s Super Bowl spots

Celebrity actor Philip Seymour Hoffman made his directorial debut in advertising with two spots for People’s United Bank. The first of two ads debuted on NBC networks across New England during Super Bowl XLVI. They featured the new People’s United tagline, “What Know-How Can Do.”

The campaign highlights the traits of “empathy” and “expertise.” The new commercials tell stories that illustrate that spirit of “know-how,” following a People’s United banker who, on the way to work, observes and solves small problems and helps people along the way, cheerfully and without hesitation. Spot 1 | Spot 2

People’s United Bank – “Walk To Work”

Guy falls from plane… kersplatt! Must be a good time to evaluate banking choices

This spot is just plain weird. A man is sucked out of a commercial airliner. As he plummets to his inevitable doom, he ponders his life. Would he do it all over again the same way? Same wife? Same job? Thud! He hits the ground… but miraculously survives! It’s too soon for celebrations though, as a pair of angry wolves start to circle. If the man gets another second-chance at life, would he choose the same bank? Or would he choose to do more with his money? Fortunately, the wolves are crushed by debris falling from the plane, so the man still has the opportunity to switch banks.

For all the stunts, action and special effects, the glitz isn’t enough to disguise the ad’s itchy non sequiturs. Paraphrasing, “If you were dying, you wouldn’t want to count your bank among your regrets. So switch banks, before it’s too late.” The threat of mortality has sparked many life-changing epiphanies, but the choice of one’s financial institution is not among them. The spot was supposed to come across as humorous, but it feels more absurd than anything.

UBank – “Since Today”

BMO Harris gives savings tip with ‘Vacation Jar’

Some bank spots reveal insights about life or human nature, while other banks’ TV ads focus exclusively on products or features. It’s rare that you ever see a bank commercial that does both. If you’ve ever had a savings jar (goal-specific piggybanks for adults), then you can relate to this ad’s narrative. A bank advertising unique services that solve real problems for real people? What a novel concept!

BMO Harris – “Vacation Jar”

Wacky cartoon pits credit unions against big banks

IC Federal Credit Union put together this peculiar 6-minute cartoon portraying big banks as villains dominating a futuristic world. The plot shares the same childlike innocence you’d find in a Burl Ives Christmas show, while the animation might remind you of something you’d see on an after school special back in the 70s. While the video succeeds at communicating its intended message, some viewers may question the appropriateness of the cartoonish storytelling technique.

IC Federal Credit Union – “Credit Unions vs. Big Banks”

Meet TaMI (Ms. Too Much Information)

Tami is a cybercriminal’s dream come true. She’s the star of four new banking security awareness videos US Bank is sharing via Facebook and YouTube. These aren’t repurposed commercials; this is a made-for-the-web production specifically for an online financial education program.

In the videos, Tami’s loose lips cause her to share confidential banking information with just about anyone in earshot. She learns the basics of online security when she joins an “Oversharers Anonymous” support group.

Support Session 1 | Support Session 2 | Tami’s First Date | Tami Sees a Psychic

US Bank – “Oversharers Anonymous: Session One”

Proponents of BofA Breakup put their feelings into song

A consumer advocacy group founded by Ralph Nader calls for the breakup of megabank BofA… in a musical number. The animated video depicts Ken Lewis, Brian Moynihan and Fed Chairman Ben Bernanke, while a chorus of singers pillories the bank with a parody of Neil Sedaka’s hit, “Breaking Up Is Hard To Do.”

Creators of the online attack surely hoped the video would go viral, but with only 22,000 views, it seems to have fallen flat. Perhaps because it’s only so-so, and not as funny as it could have been.

Public Citizen – “Breaking Up Is Hard To Do”

This article © 2012 by The Financial Brand and may not be reproduced.

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Judges bestowed Diamond Awards to 260 of the 1,100 entries received in 33 different categories, ranging from direct mail and website marketing to public relations and social media. Judges evaluated entries based on strategy, design and production, creative concept, copy and communication, and results. 87 were singled out for top honors, with five winning the coveted “Best of Show.”

Here’s a selection of some of this year’s winners. A complete list of all awards is available online at www.cunamarketingcouncil.org by selecting the “2012 Diamond Awards” link, located in the “Events” pull-down menu.

Best Campaign

Listerhill Credit Union (Muscle Shoals, AL)
“Just Move It” Campaign

Listerhill Credit Union looked to increase the number of new loans through a promotion that offered low rates and an immediate cash back incentive to those interested in refinancing. In order to achieve their goals, Listerhill employed a mix of media, including radio, billboards, newspaper ads, video, coffee sleeves and Facebook.

Most Edgy

Generations FCU (San Antonio, TX)
Youth Logos

Best Use of Humor

America First Credit Union (Riverdale, UT)
Penny & Buck – “Member of America” TV

America First Credit Union (Riverdale, UT)
Penny & Buck – “Just Smiling” TV

Best Use of Artwork

Delta Community CU (Atlanta, GA)
Annual Report

Miscellaneous

Arizona State CU (Phoenix, AZ)
University Checking Campaign – Door Hanger

Dupaco Community CU (Dubuque, IA)
Mobile App Billboard

St. Louis Community CU (Saint Louis, MO)
RedDough Reloadable Prepaid Card

SELCO Community CU (Eugene, OR)
Safari Savers Kids Club

Best Annual Reports

Mid Minnesota FCU (Baxter, MN)

InTouch Credit Union (Plano, TX)

America’s Christian CU (Glendora, CA)

Best TV

SACU (San Antonio, TX)
“Your Spurs Card Is Ready”

Delta Community CU (Saint Louis, MO)
“Fuzzy Dice…That’s How We Roll”

OnPoint Community CU (Portland, OR)
The Bakery & The Allowance

Best Direct Mail

A – Mid Minnesota FCU (Baxter, MN)
B – DHCU Community CU (Moline, IL)
C – Robins FCU (Warner Robins, GA)
D – Linn Area CU (Cedar Rapids, IA)
E – First Community CU of Houston (Houston, TX)
F – IH Mississippi Valley CU (Moline, IL)

Best Practices Winners

Business Development – Maps Credit Union in Salem, Ore., for its Buy Local program. The goal of the program was to increase the credit union’s relationships with local businesses, drive additional traffic to existing businesses, and engage the community with the idea of buying local. The success of the program can be seen in the 10% increase in participating businesses in 2011, a 95% renewal rate for 2012, increased web site traffic on the Buy Local page and approximately $2,500 infused into the local business community.

Community Outreach and/or Political Advocacy – Truliant FCU, Winston-Salem, N.C., for R.E.A.L. (Rural Entrepreneurship through Action Learning), a program that provided participants with networking opportunities, small business education, financial literacy and counseling to build their financial strength and business skills. There have been 126 graduates from the REAL program, with 8 individuals having already opened a new business and 22 planning to open a business within the next 5 years. For their efforts, Truliant FCU was honored as a 2011 recipient of the prestigious National Association of Housing and Redevelopment Officials (NAHRO) Merit Award for job creation and entrepreneurship training.

Miscellaneous – Fort Worth Community CU, Bedford, Texas, for the creation of their virtual spokeswoman “Gabby.” Through social media tools including Facebook, Twitter, a blog, Pinterest, and her own website (www.GetYourWorthOn.com), Gabby engages and interacts with a targeted female audience (women 28-55) in order to develop relationships that will lead to membership growth and increased product/service usage among current members. In addition to features and accolades from various credit union organizations, the campaign has led to an 8.4% membership growth in less than 10 months and a 17.1% increase in loan growth over the previous year.

This article © 2012 by The Financial Brand and may not be reproduced.

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“Non-local banks think The Jerk Pit is a single’s bar,” reads one of the billboards.

The ad was written by Beth Langenderfer, who is a Facebook fan of the bank. Her reference is actually to the Jamaican Jerk Pit, a popular local eatery near the University of Michigan campus.

The billboards feature user-submitted slogans along with the names of those selected as winners in the bank’s “Build-A-Billboard” Facebook contest. The nine winning headlines draw on a combination of local haunts, landmarks, nonprofits, businesses and people — all with names outsiders might easily confuse with another meaning.

For the “Build-a-Billboard” promotion, Bank of Ann Arbor built a custom Facebook app so entrants could write their headlines on virtual billboards and then post them to the bank’s Wall. Over 700 entries were submitted by 400 unique users during the contest, October 3 through November 18.

Nine weekly winners were chosen, with Janine Hutchinson’s slogan selected as the grand prize winner: “Non-local banks think Mani Osteria plays for the Tigers.” Mani Osteria is a popular new restaurant in Ann Arbor, not a baseball player for the Detroit Tigers.

The best submissions were also used to create two radio spots, which you can hear here and here.

Winning Headlines Submitted By Facebook Users

“Non-local banks think The Brides Project is a new show on Bravo.”
Translation for non-locals: The Brides Project is a new nonprofit that sells donated bridal gowns and gives proceeds to cancer research.

“Non-local banks think Briarwood is where Peter Rabbit lives.”
Translation for non-locals: Briarwood is Ann Arbor’s big mall.

“Non-local banks think Wolverine Tower is a U-M cheerleader stunt.”
Translation for non-locals: Wolverine Tower is the name of one of our high-rise buildings and where a lot of University of Michigan workers are housed.

“Non-local banks think Thurston was stranded on Gilligan’s Island.”
Translation for non-locals: Thurston is the name of an elementary school on Ann Arbor’s northeast side.

“Non-local banks think Kosmo is a character on Sesame Street.”
Translation for non-locals: Kosmo is a small deli in a shopping center in downtown Ann Arbor. (It’s quite popular with students at Community High — important to remember when you listen to one of the radio spots.)

“Non-local banks think Eisenhower and Packard were WWII generals.”
Translation for non-locals: Eisenhower and Packard are two streets in Ann Arbor.

“Non-local banks think Alfred Taubman is on the cover of Mad Magazine.”
Translation for non-locals: Alfred Taubman is a local commercial developer who built our main mall.

Bank of Ann Arbor has over 15,000 Likes on its Facebook page. The bank only had 279 Likes back in Spring 2011, but that number swelled to nearly 17,000 after hosting “The Sweet 15 Local Charity Drive,” its first Facebook contest. The bank invited people to vote for charities to determine who would receive $75,000 in donations. Over 100,000 votes were cast.

You might notice the bank has shed almost 1,500 followers since the charity promotion ended. But it was undoubtedly the success of the “Sweet 15” contest that made the “Build-a-Billboard” concept possible. Without the thousands of Likes generated from the $75,000 charity giveaway, Bank of Ann Arbor would have seen far fewer billboard submissions.

It’s important for Facebook marketers to maximize their fan base in these ways, especially when they spend $1 (or as much as $5, in Bank of Ann Arbor’s case) per Like building a community.

“Our Facebook contest speaks to a broader trend of using social media to engage consumers in a brand,” said Tim Marshall, President/CEO of the bank. “It just goes to show that even smaller, locally-based companies can use social media to gain awareness and engagement with the local community.”

Bank of Ann Arbor has been using clever twists on area landmarks, businesses and public figures in its advertising since Spring 2010. The campaign, featuring ads with slogans such as “Non-local banks think Bo and Woody were in Toy Story,” won two ADDY Awards in 2011.

Bank of Ann Arbor started getting emails and phone calls from people volunteering other suggestions for local landmarks that could be featured. It was this enthusiasm, the bank explains, that inspired them to create a Facebook contest inviting more ideas.

To promote the “Build-a-Billboard” contest, the bank created ads for teller mats and equipped staff with handouts. They also promoted the contest with ads on their own website.

This is Bank of Ann Arbor’s first time experimenting with crowdsourcing, and believes its Facebook-generated billboards are a first in their area.

Analysis: This is such a more positive way to poke fun at bank competitors than all that nasty “look-how-evil-they-are” stuff you see so often these days. Bank of Ann Arbor is stressing its brand differentiation in a way that’s relevant to their audience, while also promising something they can back up and deliver.

A fringe benefit of the campaign is the free advertising given to local business and non-profits who are excited to see their (relatively small) brands featured so prominently. For a local financial institution like Bank of Ann Arbor, it’s smart to align your brand with popular neighborhood hangouts.

This article © 2012 by The Financial Brand and may not be reproduced.

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BofA Fires Back

In October 2011, as the BofA debit fee debacle was reaching its crescendo, the strain on BofA’s leaders became torturous. Under pressure, CEO Brian Moynihan couldn’t help but fire back.

“We have a right to make a profit,” he snapped.

Later that month, speaking to staff at the bank’s Charlotte headquarters, Moynihan indignantly said he gets “a little incensed when you think about how much good all of you [BofA employees] do, whether it’s volunteer hours, charitable giving we do, serving clients and customers well.”

Wagging his finger at critics, Moynihan added, “You ought to think a little about that before you start yelling at us.”

While BofA’s leaders were griping over the public’s reaction to $5 debit card fees, the bank was simultaneously rolling out a coordinated campaign focused on the bank’s charitable contributions, small business loans and mortgage modification efforts. BofA ran the campaign in TV, print and online ads from October through the end of last year.

One ad that ran in Charlotte, the bank’s backyard, carried the tagline, “We’re working to help keep the North Carolina economy moving forward.” The ad touted the bank’s economic significance in the state — $159 million in loans to small businesses in the first half of the year, more than 22,000 loan modifications since 2008, and $10.8 million in charitable commitments in 2011. The message was clear: “See we’re not greedy bankers. We’re nice people.”

“The campaign aimed to deliver the facts about Bank of America’s local impact,” said BofA spokesperson T.J. Crawford. “Sharing the significant work we do at the local level and critical role we play is more important than ever.”

Advertising Is Not What BofA Needs

“If the banking industry is to survive, it needs to change its culture.”
— Reputation Communications

“All those charitable, volunteering employees have nothing to do with what people are yelling about,” observed Bill Varble at the Mail Tribune. “Yes, BofA has employees who are really nice. But the [people] ‘yelling’ at the bank aren’t yelling at its employees, they’re yelling about the bank’s behavior.”

What Varble is saying is that BofA’s ad strategy doesn’t align with its actions. It’s like the bank is saying “we love you soooo much” while punching consumers right in the gut.

Writer David Allen Isben says consumers have become far too wise to be swayed by white-wash campaigns. He believes it is a big mistake for BofA to be “touting their supposed good deeds” when they should be “addressing the behaviors that consumers see as demonstrating corporate greed.”

Key Question: What can an ad agency do if BofA isn’t willing to change its core culture?

BofA seems to think ads can solve its image problem — as if consumers will somehow feel better about the bank with the right message. Not a chance. Ads aren’t the problem. The problem is BofA’s underlying brand — what the bank is doing, not what it’s saying.

This point does not seem entirely lost on BofA’s CEO. “We can’t be the biggest bank in America and have people thinking we’re taking advantage of them,” Moynihan said.

True. But what’s the best way to get people to stop thinking you’re taking advantage of them? It’s not with ads or slight-of-hand. It’s by actually not taking advantage of people.

An expert on crisis communications said that BofA’s image woes will not improve until there is “demonstrable progress on fixing the business issues that are at the root. Until those issues are resolved, advertising and other marketing techniques won’t accomplish much.”

To get a good sense for how screwy things can get at BofA — how badly the company’s ethics can be warped — just look at the litany of litigation they’ve faced in the last decade. The Financial Brand assembled a list of some super expensive settlements BofA has inked in recent years, and what you’ll notice is a habitual pattern of abuses, deceptions and dirty tricks. Talk about profits over people… it’s shameful.

No one, it seems, is immune. BofA has — with alarming consistency — exhibited a willingness to exploit their own customers, their own shareholders, third-party investors, various government bodies and worst of all, their own employees.

At the end of the day, a cynical CFO might wonder which is the cheaper strategy: Giving away millions to charities so you can have a defensive backstop every time the public accuses you of misdeeds… misdeeds that will then also end up costing you a fortune in nasty court cases? Or simply doing everything right and everything possible to avoid such situations in the first place?

Wanted Urgently: One ‘Silver Bullet’ or ‘North Star’

BofA is currently shopping its ad account around, looking for a new agency. The bank invests about $2 billion into marketing annually, with an estimated $300 million slated specifically for advertising production (the current review does not include BofA’s media buy, which is handled separately). As the 17th largest marketer in the U.S., the bank’s agency search has caught the full attention of advertising’s most heavy hitters.

According to Ad Age, a briefing document circulated to BofA’s potential new agencies said the bank was seeking a strategic position that can serve as a “North Star” for all business and marketing decisions, and convey that the bank is in the midst of a transformation.

BofA wants “a campaign that creates buzz,” Ad Age continues. “The bank also desires a deeper sense of purpose, one that can withstand any potential dings to brand reputation.”

Actually, Ad Age admits it isn’t entirely clear about what the bank might be after. “BofA doesn’t seem sure of exactly what it wants. But it’s eager to find a new marketing direction fast.”

Ya think?

Reality Check: What BofA really needs is a brand strategy, not an ad agency.

“It will probably take years and multiple behavioral changes for BoA to prove themselves.”
– Edward Boches, Mullen

All indications at this point suggest BofA intends to stick with its feel-good ad strategy. If that is indeed the case and BofA asks their next agency to slap a halo over the brand by showcasing the bank’s goodness, both parties are going to have a tough road ahead.

“Unless its new agency comes up with a silver-bullet strategy — one that feels humble, honest and wholly unique for the financial-services industry — the exercise could prove fruitless,” noted Ad Age.

Edward Boches, Chief Innovation Officer with Mullen, is skeptical, and expects more of the same. “No doubt we’ll see executions that pat the bank on its back for funding inner city growth, helping send kids to college, providing entrepreneurs with money to launch new businesses and practicing corporate philanthropy with efforts that include free admission to hundreds of museums,” he wrote on his blog.

But it’s going to take more than that.

None of these challenges will stop the world’s largest ad agencies from flagellating themselves as they pursue BofA’s account with naked abandon. After all, it’s much easier to “shut up and do what you’re told” than to point out the cultural flaws that will undoubtedly undermine whatever ad campaign a client winds up running. The winning agency will be thrilled to pocket a billion dollars in billings while throwing some more awards on the shelf before getting the inevitable boot for (now get this…) “failing to reshape consumers’ perception of the brand.” No mea culpa from BofA at all. “Goodbye. Next agency, please.”

But here’s something for BofA’s next agency to think about. Based on past performance, the bank is almost certainly doing something right now — something ugly and potentially illegal — for which they will end up forking over millions if not billions in fines and restitution. How’s that going to look while their ad campaign plays out?

Will BofA ever change its behavior at a fundamental level? Maybe. Or maybe not. Maybe they don’t care. Maybe coughing up huge settlements is just an acceptable cost of doing business at BofA, and their ad agency’s assignment is to counterbalance consumer negativity with as much shiny spin as possible?

What BofA Should Do

“The suits in Charlotte need more than a new ad agency and a $300 million ad campaign. They need a new mindset for how to solve their marketing and image problems.”
— Edward Boches, Mullen

If BofA doesn’t get its act together, there’s nothing that ads are going to do for them.

At least BofA’s CMO Anne Finucane is on the right track when she admits it will take more than a new slogan to turn the bank’s image around. “In order to repair reputation,” she said in the NY Times, “you have to repair the issues that underlie that.”

Reality Check: Ad agencies don’t repair internal and cultural issues.

BofA needs to find out who it really is, determine who it wants to be, define how it wants to be perceived, and build the culture to get there. Then, after that work is complete, BofA can go hire an agency to run ads reflecting that brand — not the other way around.

What else should BofA do?

• Focus on contrition and humility instead of defensiveness. When someone feels you’ve wronged them (as most Americans do in BofA’s case), you don’t try reminding them of all the other wonderful things you did for them in the past. Consumers can’t stomach self-congratulatory hubris when they were expecting an apology.
• Focus on internal culture and ethics. What an organization does is much more important than what it says.
• Focus on branding over advertising. Ads don’t fix image problems, they really only help build awareness. If your brand sucks, ads only remind more people more often about how much the brand sucks, no matter what kind of happy face you try to put on it.
• Focus on PR over advertising. BofA has a long, complicated story to tell and zero credibility. They need the media’s help.
• Focus on real substance over superficial style. An attractive appearance will only conceal character flaws for so long.
• Bury Countrywide in the deepest hole possible. BofA needs to get rid of everything associated with Countrywide and put it as far behind them as fast as they can.
• Retain the Merrill Lynch brand. It still has significant value.

Will BofA be the “Bank of Opportunity” and embrace this chance to reinvent itself with “Higher Standards?” Or will they just run another stylish and clever campaign that glosses over the bigger issues?

If you were in charge of BofA’s brand what would you do?

This article © 2012 by The Financial Brand and may not be reproduced.

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Best Use of a Celebrity Spokesperson

Financial Institution: DnB, Norway
Title: Good Morning Mrs. Clooney

This spot is like a 30-second version of “The Hangover” for women. You wake up in a hotel room. You’ve obviously had a rough night. You look down at this ginormous rock on your ring finger. You’re married? You weren’t yesterday. You pick a wedding dress off the floor. Before you can think “What have I done???” none other than George Clooney steps out of the bathroom — for real, in the flesh. “I like your dress,” says the handsome Hollywood star. “Looks better off than on.” O.M.G. This commercial from DnB, a Norwegian bank, is hilarious. It’s a bit indirect with the link back to financial services: “Some people are lucky in life. For the rest of us, saving up can be smart.” But who cares? It’s super funny. The one-minute spot has been viewed over 2 million times on YouTube.

DNB – MRS. GEORGE CLOONEY

Most Freaky Guerilla Stunt

Financial Institution: NAB, Australia
Title: Guerilla Traps

NAB went fully guerilla with this pair of clever stunts. The Aussie banking giant produced two fascinating spycam videos capturing how people react when forcibly trapped. In one video, job applicants are held captive in an interview by a creepy manager who bolts and bars the doors. In the other video, apartment shoppers get locked inside a unit by the rental agent. The point? No one likes to get trapped, even in a home loan, so consumers should consider NAB’s flexible options. Don’t try this in kind of campaign in America, or you’ll get sued for kidnapping. Seriously.

NAB – TRAPPED IN JOB INTERVIEW

NAB – TRAPPED IN APARTMENT

Best Tear Jerker

Financial Institution: ASB Bank, New Zealand
Title: Mint Sauce

A young boy wants a new Nintendo DS. Alas, he can’t afford it. So the plucky little New Zealander decides to raise a sheep for slaughter (as boys in New Zealand so often do). But after nurturing his baby lamb, he has starts having second thoughts. In the end, he can’t do it, and opts to sell his sheep’s wool instead of its carcass. You know the expression, “You can sheer a sheep many times but only fleece it once?” It’s a touching production with a refreshing and honest perspective on humanity. It’s much more clever than many of the spot’s “Lemonade Stand” counterparts you see so often in the U.S.

ASB BANK – MINT SAUCE

Best Use of Man’s Best Friend

Financial Institution: FNB, Africa
Title: Lost Dog

This moody, 90-second TV commercial shows the lengths people are willing to go to for their pets… but with a clever, unexpected twist at the end. The minimalistic soundtrack (think: Trent Reznor’s soundtrack for “The Social Network”) creates a palpable tension, but the lofty narrated speech isn’t really needed. Dog lovers will totally relate to this spot.

FNB – LOST DOG

Best ‘Glee’ Knockoff

Financial Institution: Innovations FCU, USA
Title: Bad Romance

The credit union’s staff get together for a dance routine ala Glee, set to Lady Gaga’s “Bad Romance.” There are two questions that will probably cross your mind when watching this video: (1) Who is this video for, and (2) how did a credit union with no more than 50 staffers wind up with so many young and attractive employees? The 4:48 long video obviously took a lot of staff time to produce, but with only 2,925 views, you might think it was more work than it was worth. But… Innovations’ employees clearly have a lot of fun making these little dance numbers, so maybe the answer to the first question is: The video is primarily made to benefit staff as an internal team/culture-building activity. You can see another video with the whole Innovations’ staff (including the CEO) in this superb 2009 Christmas video.

INNOVATIONS FCU – BAD ROMANCE

Most Ridiculous Lawsuit

Financial Institution: New Zealand Credit Union
Title: Piggybankers

This spot shows average consumers lugging their banker around everywhere, like monkeys on their backs. When one person toting a piggybanker walks into a New Zealand Credit Union branch, the banker gets tossed out. Bankers in New Zealand didn’t care for the message and filed a complaint, saying that it was an attack that discredited registered banks and thus was a deliberate attempt to undermine the stability of the country’s entire financial system. Psshaw!!! It’s a parody, lighten up.

NZCU – PIGGYBANKERS

Most Bizarre Cartoon

Financial Institution: Numerica Credit Union, USA
Title: Animal Instincts

This animated spot with bears and bunnies is so bizarre, you might have a hard time believing it’s a real commercial that actually aired on TV. You can watch another wacky animated ad — this one with raccoons — at the credit union’s official YouTube channel.

NUMERICA CREDIT UNION – ANIMAL INSTINCTS

Best Drive-Thru Theater Act

Financial Institution: Michigan First Credit Union, USA
Title: Boogie Woogie Banking

Michigan First set up a hidden camera to film members’ reactions as a dance crew puts on a show in the credit union’s drive-thru lanes. “Would you like some entertainment today while you wait,” the drive-thru service rep asks. “Ummm, sure?” A troupe of seven young dancers pops out of nowhere, doing their thang to C+C Music Factory’s “Everybody Dance Now.” The credit union also surprised drive-thru members with a mariachi band.

MICHIGAN FIRST – BOOGIE WOOGIE BANKING

Best Mr. Mayhem Imitation

Financial Institution: RaboDirect, Australia
Title: Stealing Your Dreams

A metaphorical thief working on behalf of big, bad banks steals people’s financial dreams — the same kind of dark humor found in Allstate’s Mayhem anti-spokesman character. Consumers are encouraged to steal their dreams back with a 6.5% term deposit.

RABODIRECT – STEALING YOUR DREAMS

Best Pirate Movie

Financial Institution: Island FCU, USA
Title: Pirates Tale

Aye, this video be a wee bit unusual mates. It starts with a one-minute narrative about big banks swindlin’ yer doubloons, then shifts into a singing/dancing pirate act (if you’re thinking of “Pirates of Penzance,” you’re about right). The lyrics, costumes and props in this video are all worth checking out. The credit union turned the three-and-a-half minute pirate production into a 30-second TV spot. Their website even has a banner ad saying “Tell yer bank to walk the plank!”

ISLAND FCU – ARGH, IT BE A PIRATE TALE

Best Villain

Financial Institution: NAB, Australia
Title: Banks Hate Us

You’ve heard the expression, “The enemy of my enemy is my friend.” Well NAB tries to ingratiate itself with consumers in this TV advert by painting itself as the bank hated most by other bankers. The bank’s reasoning: If other banks hate NAB, they must be doing something right. The spot puts a fresh spin on an all-to-common meme in financial advertising: the reasons why people hate banks.

NAB – UNPOPULAR

Best Customer Testimonial

Financial Institution: Webster Bank, USA
Title: Type W Personality

This ad campaign features real Webster bankers and customers. The spot tells the story of one customer, Pat, who was about to depart for an early international flight. But Pat forgot her passport, which was locked in a Webster safety deposit box. So she calls Cheryl Poryanda, a real VP at Webster, who wakes up some folks to have them open the branch early. “Losing sleep over her customer’s needs? That’s just a part of Cheryl’s ‘Type W’ personality.”

WEBSTER FINANCIAL – TYPE W PERSONALITY

Weirdest Use of a Talking Squirrel

Financial Institution: BankWest, Australia
Title: Click to Chat

A middle aged man woos his lunch date when a gust of wind suddenly blows his toupee off. Yikes! Fortunately, there is a talking squirrel lunching at the table right behind him. The helpful little bugger plops his tail perfectly over the man’s hairless dome. His date doesn’t notice, the man’s dignity saved. It’s cute. It’s creepy. And what does it have to do with the bank’s innovative click-to-chat online customer service program? Who knows? But aren’t talking squirrels cute?

BANKWEST – CLICK TO CHAT

Best Use of Bad Habits

Financial Institution: UBank, Australia
Title: Habits

This spot presents some common habits like nail-biting and toe-tapping in a lighthearted manner, then encourages viewers to start a new habit — one that’s good for you: a savings habit. As with many TV commercials these days, UBank opts for the creative non sequitur — 23 seconds of acerbic humor, followed by a casual segue into the product offer. It’s a good ad — better than most bank commercials — but it could do a bit more to highlight the benefits of frequent saving.

UBANK – HABITS

Best Use of a Goofy Foam Costume

Financial Institution: NAB, Australia
Title: We Killed The Asterisk

NAB ran a whole series of commercials where a couple of secret agents (Blues Brothers look-alikes) defeat a guy wearing a foam asterisk costume. The asterisk always ends up on the run and imperiled… or worse. NAB says consumers will undoubtedly encounter this evil asterisk character whenever other banks claim to have free checking. So NAB “kills” the evil asterisk to emphasize that their checking accounts have no/fewer conditions.

NAB – WE KILLED THE ASTERISK (ROCKET)

This article © 2012 by The Financial Brand and may not be reproduced.

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ALLY BANK – ACCEPT IT
This 30-second TV spot has been viewed 87,993 times on YouTube.

The latest campaign, using the tagline “No Nonsense, Just People Sense,” includes two TV and two radio commercials, as well as print, digital and outdoor. Spots will air on ABC, CBS, NBC, CNN, MSNBC, Fox News, ESPN, HGTV and the Golf Channel. Print will run in Money, Fortune, The New York Times and The Wall Street Journal. Digital advertising covers CNNMoney.com, Yahoo, MSNBC, AOL, Kiplingers.com, Real Simple and Bankrate.

This is the first work from new agency Grey New York, who won the account in April from incumbent Bartle Bogle Hegarty, which handled Ally’s advertising since the brand’s inception in 2009.

Ally Bank has now had three different ad campaigns in three years, produced by two separate ad agencies. With that kind of track record, it’s difficult to deliver any kind of consistent message or build a cohesive brand.

Ally launched with a wildly popular ad campaign starring a dubious corporate shuckster who loved tormenting children. (Remember when he asked the little girls, “Do you want a pony?” Great stuff.) The cruel and unusual twists in Ally’s advertising debut helped frame them as a plain, simple, direct and straightforward banking alternative, all while distancing the new brand from its tainted GMAC past.

If Ally had stuck with Mr. Disclaimer, they might have been able to create a pop culture icon like Allstate has done with Mr. Mayhem, but in 2010,  Ally switched gears completely. The bank abandoned its “straightforward” message and shifted to a narcissistic “love” theme with customers bragging about their affections for Ally. The “love” campaign was awkward and obnoxious — perhaps deliberately so — but it wasn’t very plausible. Come on, does anyone really love their bank?

Which is it? Accept? Or don’t accept?

In Ally’s new 30-second TV spot, a man at an ATM is posed with a familiar question: “The ATM will charge you a fee of $3.00 for this transaction. Accept? Don’t Accept?”

Someone behind him looking over his shoulder says, “It’s what they do. Accept it.”

Then everyone around him piles on with pressure to give in:

• “You can’t change the way banking works. Just accept it man.”
• “You give them all your money and they put you on hold. Just accept it.”
• “What are you going to do? Bury your money in your backyard? Accept it.”
• “Just stay with the herd son. Accept it.”
• “It’s a bank. What do you want? A hug??”

“Accept it! Accept it! Accept it!”

Faced with this moral dilemma, how does the man respond? Does he stand for justice and stick his finger in the eye of greedy bankers everywhere by pressing “Don’t Accept?” Does he transform himself into the hero of the common man by thumbing authority in true counter-culture style? Nope. The lousy bum caves. After all that build up and anticipation he just accepts it!?! You so desperately want the ATM guy to tell the onslaught of mindless drones bullying him to conform where to stick it. You’re rooting for him: “Take a stand! Man up!” When he gives in, you feel empty and disappointed.

The spot does a good job priming the audience with an anti-bank revolutionary message. But instead of delivering a clear takeaway, the audience is left confused. “Wait, you’re telling me I should reject the concept of bank fees, but in reality I should just accept them? What is that all about?” Vague and ambiguous endings may be appropriate for David Lynch movies, but not ads. You just don’t beat around the bush; you don’t send mixed signals.

The ATM guy should have stuck it to “the man,” pressed “Don’t Accept,” hopped on his iPhone and opened an Ally account. Bam! Done. Problem solved.

Unlike Ally’s earlier commercials starring Mr. Disclaimer, this latest spot from Ally only gives a glancing reference to the benefits viewers might enjoy. Ally seems to suggest you won’t pay any ATM fees, but they don’t say so outright. All they offer you is the abstract promise of “no nonsense, just people sense.” At least with Mr. Disclaimer, the benefits were more obvious and concrete: no double-talk, no unnecessary or complex loopholes, no bait-and-switch gambits. And Ally’s old one-word slogan was both brilliant and refreshing: “Straightforward.”

The new commercial shares the jaded sense of humor found in all of Ally’s previous campaigns, only this time it feels a little darker, a little more bleak vs. the humorous and more lighthearted executions we’ve seen in the past.

Ultimately, Ally’s latest TV spot falls under the broad category of bank-bashing ads. Instead of really focusing on Ally’s core points of differentiation, the main message seems to be: “If you don’t like banks, consider switching to Ally.”

Indeed, that’s pretty much what Sanjay Gupta, Ally’s CMO, said. “The fundamental message we hope to convey to customers is that they don’t have to accept ‘nonsense’ from their bank,” Gupta explained in a statement. “They can choose a bank that offers something better.”

Yeah, but what’s better about Ally? The new ad doesn’t really explain.

$100,000 Suitcase

In the new campaign’s second commercial, Ally conducts a rather unusual and daring experiment. A man on the street hands a briefcase stuffed with $100,000 to perfect strangers, asking them to watch it for him. “Thank you so much,” the man says. “I’ll be right back.” He runs off.

The big surprise? No one takes a dime from the briefcase.

“How much in fees does your bank take to watch your money?” the announcer asks.

“If your bank takes more money than a stranger, you need an Ally.”

It’s a much better ad than the first, but it doesn’t tie back to the “nonsense/people sense” message very strongly.

ALLY BANK – $100,000 SUITCASE

This article © 2012 by The Financial Brand and may not be reproduced.

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Stunt #1 – The Honesty Experiments

In its first barrage of guerilla marketing ploys, NAB filmed a series of psychological experiments — dropping “lost wallets” around for people to find, giving people incorrect change and letting money slip from paid actors’ pockets — to see how folks would react. Indeed the vast majority of Aussies did the right thing in each experiment.

NAB frames The Honesty Experiment in the context of its credit card offering: “Australians are an honest lot,” NAB says. “They deserve credit cards to match.”

Incorrect Change
NAB set up an espresso cart on a downtown Melbourne street. The barista always gave every customer $5 too much change. 91% of people returned the excess change.

NAB – INCORRECT CHANGE
This two-minute video starring an obnoxious barista has been viewed over 44,000 times.

Lost Wallets
What would someone do if they found a wallet in the street? NAB lost a number of wallets containing some cash and a business card bearing an address on the same street. All the wallets were returned with the money inside. But then NAB made things harder and upped the amount of cash in the wallet, in which case only 88% of the wallets were returned.

NAB – LOST WALLETS
12% couldn’t resist the temptation of a wallet stuffed with cash. They kept it.
The other 88% gave the fat wallets back.

Leaky Pockets
Would people do the right thing if they saw a stranger drop money in the street? NAB hired an actor to drop $20 dollar notes on a city footpath, then filmed people’s responses. 95% of the time, people went out of their way to give the money back.

NAB – LEAKY POCKETS
An NAB drops money with cameras rolling.

Stunt #2 – Win an ATM Installed in Your Home

“In the spirit of ultimate convenience, and making our ATM network one of the most accessible in the country,” an NAB promotional site says, “We thought, hey why not see if someone wants an ATM in their loungeroom?”

That’s right. NAB has a contest that gives one lucky winner an ATM installed in their home. The winner will also receive an account loaded with $1,000, an iPad 2 and an iPhone 4, “so you can bank from your couch anytime,” as the bank puts it.

There’s one hitch. The winner must be willing to allow their in-home ATM exploits be broadcast over the internet.

Stunt #3 – Doug Gets Tied to a Pole

Australia’s big banks retaliate against the NAB’s growing popularity by kidnapping “Doug G,” one of the NAB’s employees, then wrapping him in duct tape to a light pole in downtown Melbourne. NAB is, of course, behind the prank.

Doug makes the most of his situation, talking to passersby about the advantages of NAB. “We’ve had so many good things happen this past year…Australia’s number one everyday bank, that the other banks — it’s just plain jealousy,” Doug explains.

“We kept lending to business, when other banks didn’t,” adds Doug.

All in all, the “light pole” gag is a lighthearted, playful, creative and fairly inexpensive idea to execute. Stunts like these can generate fantastic PR opportunities.

NAB GETS TIED UP
This short video has been viewed over 20,000 times on YouTube.

This article © 2012 by The Financial Brand and may not be reproduced.

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In this digital world, users can interact, move around and explore the features of the award-winning CommBank Property Guide app.

“The augmented reality press advertisement is an interactive way to communicate the benefits of the CommBank Property Guide app to the customer,” said Mark Murray, GM/Consumer Marketing at Commonwealth Bank.

STEP 1 – Find the ad in a newspaper or print it out.

STEP 2 – Download the CommBank 3D reader app. When you start up the app, the camera view will open with overlaid instructions.

STEP 3 – Point your iPhone at the image on the ad and the streets, houses and locals of Cherryford Hill will come to life.

COMMONWEALTH BANK – INTERACTIVE 3D AUGMENTED REALITY AD DEMO

COMMONWEALTH BANK – PROPERTY GUIDE APP

The app is fully narrated by “Paul,” a virtual host who helps users navigate their way around Cherryford Hill. Within the the 3D augmented suburb, you can click to see recent sale prices for virtual properties and unlock hidden items like the ability to turn the day into night. There is also a conveniently located link to download the CommBank augmented reality property-finder app.

Commonwealth Bank’s campaign represents a bizarre marriage of old and new media channels, where traditional print advertising is used to deliver a digitally-interactive ad. You can’t have one without the other; it takes both a newspaper and smart phone — one communications technology from the 17th century, the other from the 21st.

“We will continue to explore the convergence of traditional and digital marketing channels in the future,” Murray said. “We are constantly looking for ways to better engage with our customers and ensure they have a positive experience with our brand.”

CommBank’s ad is similar to one AXA Insurance ran in September 2010. In AXA’s execution, people could lay their smart phones on the ad to fill in a piece of a disaster photo. A video played, showing how a giant Godzilla-like monster destroyed the street scene.

This article © 2012 by The Financial Brand and may not be reproduced.

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The Situation: Recent economic crisis has turned banks into highly unpopular institutions.

The Goal: Promote a new, flexible home loan targeting younger professionals in need of their own homes, or homes for their new families.

The Solution: Avoid negative perceptions by using fun and unusual communications.

The Singer: A viral online video campaign built on creative, offline guerilla tactics.

One day in late fall 2010, an average-looking man named Božidar Perićić started randomly belting out songs around Zagreb, in Croatia. The source of his joyous outbursts? He was thrilled to be the owner of a new apartment.

Meanwhile, ad agency Bruketa&Žinić OM secretly filmed The Singer in various public situations, uploading short video clips to YouTube — none of which hinted at a connection to Raiffeisen Bank.

The public suddenly became engrossed with the mystery singing man, unaware that one of the largest banks in Central and Eastern Europe was behind the gambit. Thousands of viewers shared the videos with friends, and commented on which was their favorite. A Facebook group “I’m Not a Talent, But I Can Throw a Show!” was also formed to help distribute videos. The local press even ran interviews with The Singer.

For a full month, The Singer did nothing but post his video ballads, 14 in all. In one he sings to a policeman that pulls him over. The policeman isn’t impressed, and subjects the bubbly singer to a sobriety test. In another he sings to a tram operator. Next a tow truck driver. Then he tries to use his penchant for song to crash an upscale party.

[
RAIFFEISEN – BREAKING GLASS

One of Raiffeisen Bank’s viral videos where The Singer shows us how he uses his power of song to break a glass window.

14,000 Facebook fans and 320,000 video views later (that’s 10% of the Coation market), Raiffeisen finally ran a TV spot revealing that they were the ones responsible. In the ensuing weeks, they aired an entire series of commercials starring The Singer, tying it all together with the line, “Flexi-Housing Loans, in tune with your needs.”

According to Raiffeisen, “Singing has been scientifically proven to release stress and anxiety, enhance happiness and general wellbeing, all of which made an excellent metaphor for new, flexible housing loans.”

RAIFFEISEN – THE SINGER DOCUMENTARY CASE STUDY
This video gives an excellent two-minute overview of the campaign and how it went viral.

RAIFFEISEN – THE KEYS

This is the TV ad divulging Raiffeisen as the bank behind The Singer and his video ballads. The song translated from Croation: “This is the story about the day / When everything started moving my way / When I started singing at my new home, hooray! / I have an apartment / (chorus) He has an apartment / I have a home / (chorus) He has his own home / I can walk naked around / My butt bare, totally unbound / I can hang wallpapers / Eat paté and peppers / I can entertain guests / I can swear and protest / I can snore at night / I can do whatever I like.”

This article © 2012 by The Financial Brand and may not be reproduced.

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A sampling of actual tweets about Commonwealth Bank’s
latest ad campaign taken January 2011.

What would you do if it seemed like everyone hated your ads? Would you gut it out? Or would you give into the knee-jerk instinct to pull the campaign immediately?

Unlike most management teams in the financial industry, that’s not what Commonwealth is doing. The bank’s thick-skinned leaders are sticking to their guns. Even when research concludes that 30% of the entire country hates their ads, the bank still won’t back down. That takes balls. There are plenty of banks and credit unions where all it takes is one or two complaints and you can kiss an entire ad campaign goodbye forever.

Commonwealth’s marketing team are no strangers to controversy. Indeed, they seem to enjoy stoking the fire. (After all, the bank’s slogan is “Determined to Be Different.”) Back in 2008, they debuted an ad campaign that was so bad, it actually mocked itself. Even though one out of every three people found the spots annoying, Commonwealth’s brand awareness grew from 70% to 95% while cutting the media budget by a third.

Commonwealth broke its latest campaign in 2010, but it hasn’t fared any better. Complaints have been streaming in for nearly three straight years now, so don’t expect a reversal in direction anytime soon.

Do irritating ads work better than funny ones?

Advertising is a funny business. Literally. Look at enough ad agency portfolios and you’ll see so much comedy that you’ll start to wonder if the only successful approach is humor. “Entertain the audience” seems to be the common theme underpinning the material. But what if funny, entertaining ads aren’t the most effective? Sure everyone talks about that “funny spot I saw last night,” but who was it for again? For instance, do you remember who was behind the “Herding Cats” Superbowl spectacular? And what they were advertising? (Hint: “Managing the complexities of the digital economy.”)

What if what we like to call “good ads” don’t work as well as the ads we don’t like? Maybe irritating is effective? After all, the parent company who permanently etched the expression, “HeadOn, apply directly to the forehead,” into our brains saw its sales shoot up 234% nearly overnight following the debut of its repetitive ad campaign. As much as you may hate Snuggie spots mixing the Macarena with karaoke, the blanket-with-sleeves has sold over 20 million units. And don’t forget “Clap on, clap off. The Clapper!”

HEAD ON – APPLY DIRECTLY TO THE FOREHEAD

Before you rush to judge this spot, remember that these six words repeated three times in just 11 seconds did more for this advertiser than probably all the ads you’ve ever run.

SNUGGIE – “THE SNUGARENA!”

It may be one of the most obnoxious ads in history, but that hasn’t stopped nearly 700,000 people from voluntarily watching it on the official Snuggie YouTube channel. (If you’re up for a laugh, check out this Snuggie parody video.)

COMMONWEALTH BANK – CALL YOU BACK

By comparison, Commonwealth’s current ads seem dull and uncontroversial. There isn’t much to get wound up over.  The latest campaign is hardly as annoying. There certainly isn’t much complain about as far as Commonwealth’s visual aesthetics and soundtrack are concerned.

The downside to annoying ads?

Some ad experts think advertisers need to worry about more than just sales.

“I think that irritating ads could pose a longer-term danger to the brands that use them,” notes Roger Dooley, a marketing consultant and author of Neuromarketing. “At the cognitive level, I find myself repelled by an advertiser bold enough to acknowledge that their ads are annoying me, and then continue to assault me with the objectionable elements in the same ad.”

“The real danger, though, doesn’t really involve conscious processing by the viewers,” Dooley continues. “If viewers begin to associate the brand or packaging with the negative emotion of a loud and annoying interruption of their entertainment, eventually the brand will suffer.”

“Companies like Coca Cola and Anheuser-Busch know something about building long-term brands, and most of their ads are suffused with positive emotions,” Dooley concludes. “Then again, they have the budget and time to think long-term.”

Conclusion and takeaways

Don’t abandon your approach just because you encounter some vocal detractors. Branding is about differentiation, not mass appeal. If your brand strategy is focused around a specific audience segment, obviously your ads won’t jive with everyone. Many years ago, the direct mail industry said you should shoot for a 2% response rate. Not anymore. These days, it’s almost as if you should set out to make 2% of your audience mad. At least that way, you can be certain people are paying attention and taking notice.

In some ways, you could almost consider yourself lucky if people hate your ads. Most ads trigger no reaction at all. Ads that no one finds objectionable don’t work, and ad strategies that don’t spark internal arguments among your management team aren’t usually worth pursuing. When people are annoyed by your “horrible ads,” you may have actually hit an advertising sweet spot.

This article © 2012 by The Financial Brand and may not be reproduced.

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Customers compete to see whose cartoon creation will star in the next TV commercial from Lloyds TSB

“We are always looking for innovative ways to engage with consumers. Our latest initiative is a fun way to bring the brand to life.”
— Catherine Kehoe
Lloyds TSB

Lloyds TSB has launched a microsite enabling people to create avatar characters in the style of the bank’s longstanding TV campaign. Users can customize characters to resemble family members, friends and even celebrities.

At the microsite, users can manipulate their avatar creation by changing facial features, hair, mouth, physical build, clothes, and accessories.

The new platform, called Lloyds TSB Me, runs on a regular internet browser and requires no special skills, software or downloads. In fact, it’s so easy to use, most five- or six-year old children could probably figure it out.

‘LLOYDS TSB ME’ MICROSITE

Character creation tools include height, body type, skin color, hair, facial features, clothes, accessories and the background environment. The process is both fun and intuitive.

‘LLOYDS TSB ME’ CONTEST

To enter the contest, entrants must provide their name and email address.

Once the characters have been created users can share the images with their friends and enter a competition for their character to feature on a future Lloyds TSB television ad.

Lloyds TSB is promoting the microsite and contest on its website, through traditional PR channels and on social media platforms.

The microsite enables users to share their character creations over social media networks. Users can also download high-resolution images. If you provide your email address, your character will be saved so you can modify it in the future.

The Lloyds TSB Me application is also available on a dedicated Facebook group http://www.facebook.com/LloydsTSBMe, where users can create characters, view the gallery and get the latest news on the competition all without leaving the Facebook page.

LLOYDS TSB – FACEBOOK PAGE

The Facebook page for ‘Lloyds TSB Me’ has 35,407 likes. There have been 28,077 characters entered so far. The most-liked character created for the contest has 333 likes.

LLOYDS TSB – YOUTUBE CHANNEL

The YouTube channel for Lloyds TSB has one of the best, most attractive interfaces in the retail banking sector. You can watch an entire series of commercials from Lloyds TSB starring the bank’s animated characters. You can also find the entire lineup of commercials in the Lloyds TSB Cinema within its corporate website.

The ‘Lloyds TSB Me’ was created by Saint@RKCR in partnership with MEC Interaction. The agency introduced its animated advertising style, designed by the award-winning animator Marc Craste, in 2007, and has since rolled out more than 30 different spots using the approach.

Headquartered in London, Lloyds TSB has over $1 trillion in assets. The bank claims to be the first in the UK to respond to customer queries through Twitter.

This article © 2012 by The Financial Brand and may not be reproduced.

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ASB Bank, a large Aussie-owned bank in New Zealand, showcases its new casual personality on an employee's business card. The conversational tone is part of a massive rebranding effort the bank undertook in 2010.

By Ben Fahy via NZ Marketing Magazine

The move of ASB Bank from TBWA\Tequila, its agency of over ten years, to Droga5 was one of the year’s most captivating stories in New Zealand marketing. Not surprisingly, there’s been plenty of interest as to what Droga5′s Andrew Stone, Mike O’Sullivan, Jose Alomajan and the team would come up with. Well now you can now judge for yourself, with a massive refresh of the bank’s brand identity, and a new positioning slogan, “Creating Futures.”

Stone believes this is the biggest brand transformation he’s seen in New Zealand since BellSouth became Vodafone. It’s certainly more than just another bank campaign and the new, personal, cheeky and fairly Kiwi brand voice that has been developed will be implemented across all touchpoints, from fax headers to outdoor ads, from the copy in the terms and conditions to the television commercials, from the redesigned and simplified online banking site to the ATMs, from the business cards to the staff t-shirts. ASB’s signature yellow color has been retained, but it’s changed slightly, as have the fonts.

Stone also said a strategic review of ASB’s business led to 14 separate initiatives being tabled. The brand — and making it relevant for the next decade — became a top priority, along with branches, IT and products/services.

The main brand tenets — and the things ASB wanted to focus on — were truth (always a tough sell for a bank), simplicity and humor. And not just in its communications either, but rather across the whole business. To do this, one of the key themes in the new campaign is based on the phrase ‘unbanklike,’ something the client picked up during initial brainstorming sessions and chose to run with.

Looking at the end result, ASB doesn’t really feel like a large bank. There’s a fairly whimsical tone to the work and it almost has the feel of something a small boutique ad agency would come up with for its own brand, with quirky business cards, jokey first person ads, localized outdoor ads and a big yellow ‘Hello!’ welcoming customers to the new (and as yet unlaunched) website. There is an occasional hint of twee with some of the executions, but overall it seems to hit the mark and achieve its goal of creating a point of difference.

ASB general manager of brand and marketing Deborah Simpson said feedback from customers about the role their bank should play in their lives was pivotal to the development of the new campaign. “Our customers have been telling us they want their bank to look behind their transactions, to deepen the relationship between us by understanding and forming connections with their aspirations and dreams,” she said. “‘Creating Futures’ answers this call.”

She said there has always been “quite a bit of air” between ASB and the other large banks (ASB regularly outperforms its competitors when it comes to customer service, and has 11,000 fans on Facebook, which seems quite impressive). But that gap is closing, something Simpson believes is as a result of competitors replicating ASB. This massive brand relaunch is about finding a way to increase the gap once again.

After a reconnaissance mission to unearth interesting stories from ASB staff, eight narratives were selected for use in TV spots. When the staff were asked what they did, it was often process based, such as “I lend money.” But Droga5′s Stone says this campaign is a new lens through which to look at their roles and give them some context to show they help people. The campaign acknowledges each employee’s potential to be a powerful advocate.

“These are authentic situations we address with our customers every day,” Simpson said. “So using our ASB people rather than professional actors in front of the camera to portray the part they play is not only logical but also the right thing to do. The stories people see are a reflection of ASB itself: human, genuine, strongly service oriented and future-focused.”

ASB BANK – IVF
This is a heart-wrenching spot about a couple’s desire to conceive. ASB saves the day with a fertility loan.

ASB BANK – SHEEP
A boy learns the proverbial lesson in this TV spot: you can sheer a sheep many times, but you can only skin it once. (Apparently you can’t make an ad campaign in New Zealand without including sheep.)

To ramp up employee engagement, 160 ASB staff auditioned to feature in the ads and 70 were given acting roles.

The first commercial deals with the fairly intimate issue of fertility, showing that ASB can help out with funding for an in vitro fertilization treatment. The second is a sheep-based celebration of the entrepreneurial spirit ASB claims to find in its customers. The initial spots were directed by Flying Fish’s Gregor Nicholas, and features original music from the composers at New Zealand’s Franklin Rd.

“Our people have been saying, ‘You’ve really nailed it. You’ve really you’ve shown what makes ASB, “ASB,”’” Simpson said.

She said research conducted earlier this year showed that “customers didn’t want to hear about us, they wanted to hear about what we could do for them.”

“We’re telling real stories but in an entertaining way and speaking to our customers in a way they can identify with,” she continued.

“The research showed that most banks talk about themselves. There’s a lot of chest beating about what they can do,” added Stone.

This doesn’t quite seem to mesh with the rampant use of the word “I” throughout the commercials, however.

All spots will be housed on ‘The Hub,’ an interactive page on the ASB website that Stone labels a first in New Zealand. The first three spots will be available online before they all go live on TV, something intended to be a reward for heading to the new site.

Notice where the login/password section of the site is positioned. It's the hero of the homepage, not tucked off in some corner.

Even memos got a makeover. Notice the casual, personal style.

This article © 2012 by The Financial Brand and may not be reproduced.

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According to the latest data Ally Bank has available, 40% of the financial institution’s target audience is familiar with the brand. 29% say they know something about the brand, while another 27% report having a fair- to significant amount of knowledge about the bank.

How has the bank achieved these impressive awareness numbers? They didn’t do it with PR or flash mobs or social media. They did it with a good old fashioned advertising strategy that includes TV, radio, online and — gasp! — even print.

Ally spent $25.8 million on advertising in the first half of this year, on top of more than $95 million in 2009, according to Nielsen, a media research company.

While there are plenty of marketing analysts who have declared advertising is dead (some have been saying it for more than 10 years), Ally’s success proves the opposite. While advertising’s power to shape people’s perceptions or drive sales might be subject to debate, its ability to create brand awareness is indisputably alive.

There is a classic marketing acronym about how consumers relate to brands: AIDA. It stands for Awareness, Interest, Desire and Action. It’s a simple concept, illustrating the step-by-step lifecycle people take on their “path to purchase.” They won’t buy things they don’t want. They don’t want things that don’t interest them. And they can’t be interested in something they’ve never heard of. It all starts with brand awareness.

Reality Check: Rumors of the death of advertising are widely exaggerated. Yes, advertising is evolving and changing (e.g., the shift from print to online), but no advertising is not going away…ever. If awareness is your brand’s problem, then advertising is still the answer.

Can Consumers Really Love A Bank?

Starting in September, Ally began running a new ad campaign built around the love customers have for the nascent brand. In the campaign’s first TV spot, “Interview,” a young man on an interview tells his prospective employer about his life interests.

Interviewer: “Impressive resume.”

Job Seeker: “Thank you.”

Interviewer: “Now tell me, what makes Peter ‘Peter’?”

Job Seeker: “Well, I’m an avid catamaran sailor. I can my own homemade jam — apricot. And I really love my bank’s ‘Raise-Your-Rate’ CD.”

Interviewer: “I’m sorry, did you say you’d love a pay raise ASAP?”

Job Seeker: “Umm, nah actually I said I love my bank’s ‘Raise-Your-Rate’ CD.”

Interviewer: “You said eight days lost at sea?”

Job Seeker: “No, I never…”

Interviewer: “You love watching your neighbors watch TV?”

Job Seeker: “Nnn…”

Announcer: “At Ally, you’ll love our Raise Your Rate CD that offers a one-time rate increase if our current rates go up. Ally. Do you love your bank?”

ALLY BANK – “INTERVIEW”

There are two other TV spots that play with this quasi-rhyming creative device, where people react with disbelief and incredulity towards the notion that someone can actually love their bank. In one spot, “Studio,” the lead singer of a death metal rock band sings about loving his bank, when his producer cuts in: “It’s not really raging, man.”

In “Rufus,” a woman’s date looks at her as if she was crazy while she asks her dog, “Who do we love? We love our bank.” She slips into goo-goo-ga-ga baby talk, “We lovve our bank, mmmm yes, yes baby.”

“The overall theme of the campaign is that you actually can love your bank, and our customers are proof of that,” said Travis Parman, Director, Community and Public Relations at Ally Financial. “Now that customers understand what Ally Bank stands for, we can reflect on the success we’ve had and the value proposition we offer. We will focus on what existing customers are saying they love about Ally Bank to reach out to those who haven’t tried us yet.”

“The new ads reflect the success of the bank and the sentiment we’re hearing from our enthusiastic customers — that we think its possible to love your bank given the right reasons,” the bank says.

Ally’s customer satisfaction statistics from July 2010 show that 90.8% of existing customers are “satisfied” or “extremely satisfied,” and 89.5% would recommend the bank to a friend or family member. Since the bank rebranded to Ally, it has seen an increase in retail deposits for six straight quarters.

“We hear from happy customers every day in social media and through customer service chat and phone calls,” said Sanjay Gupta, CMO/Ally Bank. “Our approach has clearly resonated.”

“Our positive customer feedback and interaction are proof that customers can love their bank,” Gupta continued.

“That someone can talk positively about their bank is unusual,” Gupta told the NY Times. “Most of the time, you don’t find that.”

The new approach is “perhaps not in the same vein” as the first campaign, he added, but it is “still allowing us to highlight key, salient points that make us different.”

Ally Abandons Funny Approach with Kids and Tricks

Ally’s first campaign starred kids who were tricked and deceived by evil Mr. Disclaimer. Spots like the one with the girl who scowls when she doesn’t get a real pony and the boy who can’t play with the red truck have been viewed hundreds of thousands of times on YouTube.

But a few months ago, Ally decided it was time to bid adieu to the funny campaign.

“We want consumers to think about banking differently — more critically,” Parman said. “The previous ads highlighted what are typically considered pain points in banking and showed that Ally Bank doesn’t follow those practices. The new set of ads asks customers to think about whether they love their bank, and if not, why not.”

Ally, who has built its brand around themes like honesty and transparency, ran into trouble earlier this year when the bank stood accused of robo-signing foreclosure documents. Did the bank dump its former campaign, which portrayed banks as deceptive cheaters, in reaction to its potentially fraudulent foreclosure practices?

“No, there is no correlation. As you know, it takes months to develop a new campaign,” Parman said.

Ally’s previous campaign had received some criticism for its treatment of children, but the bank denies any connection with decision to roll out new ads.

“The positive reception to those ads heavily outweighed any negative comments we received,” Parman said.

Ally also says it is not replacing its “Straightforward” tagline with the current campaign slogan, “Do You Love Your Bank?”

‘”Straightforward’ is a brand pillar of Ally Bank and a philosophy that you’ll see demonstrated in products and service and will remain as a guiding theme,” Parman told The Financial Brand. “’Do You Love Your Bank?’ is the theme of this ad campaign and not the new slogan.”

The new campaign, created by ad agency Bartle Bogle Hegarty, will push the “love” theme out across TV, radio, print and the web. Online ads will include actual customer comments about their positive experience with the bank.The new campaign, is scheduled to run into early 2011, but there is no firm timeframe for its duration.

This article © 2012 by The Financial Brand and may not be reproduced.

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