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Dueling piggy bank messages

To feed the pig or to not feed the pig? That is the question raised in this NPR story that examines the difference in two national PSA campaigns. One comes from Finland, where they are demonizing the financial industry’s iconic piggy bank, equating savings with “feeding the recession.” Meanwhile, back in America… The American Institute of CPAs is saying the exact opposite. They are running a savings-focused campaign called “Feed the Pig.”

Recently, The Financial Brand wondered whether the ubiquitous piggy bank was destined for the grave. With such a limited range of creative symbols available within the financial industry, it doesn’t look like that will happen any time soon.

American Banker: Ad spending down

Some banks are out there running brand ads, but that’s not the trend. American Banker looks at Neilsen’s data that says financial services ad spending dropped 10% last year (previous coverage from The Financial Brand here). Aite’s Ron Shevlin says that’s a good thing because financial institutions don’t need advertising right now. “There’s demand creation and there’s demand capture. Now, it’s more about how do you capture the demand that’s out there.” Exactly right, Ron. Like exploiting mergers and growing deposits. READ ARTICLE

No hats, no hoods, no sunglasses

The Financial Brand has previously expressed its skepticism in the effectiveness of the “no hats, no hoods, no sunglasses” approach to robbery reduction. But if the analysis in this in-depth article is correct, it seems that the method does indeed reduce robberies. READ ARTICLE

Top 500 financial brands

There just aren’t that may in the financial industry. There can’t be. Not any more. Nevertheless, here’s a 46-page PDF detailing the top 500 global brands in financial services. VIEW PDF

Build boldly

An interesting argument outlining the reasons why it’s a good idea to build branches despite an ugly outlook. READ ARTICLE

Piggy banks are an international symbol for “savings.” They have been
used as fun, friendly creative devices by financial marketers for years.

If piggy banks weren’t dead at the outset of the economic meltdown, they were probably on their way. With the relative value of loose change dropping in the eyes of today’s youth, it looked like it might be time to say goodbye to good old Mr. Piggy Bank.

Then the recession hit.

Now you have to wonder if piggy banks won’t come off life support. Deflation combined with a renewed focus on thrift will could give new hope for this venerable but weary financial icon. It could be a “Recession Resurrection,” kind of like layaway, which has also made a comeback recently.

Financial institutions can’t “own” piggy banks as a brand symbol. It’s impossible. Piggy banks are “public domain.” But that hasn’t stopped financial institutions from milking piggy banks to death in their marketing.

It sure seems like you see piggy banks everywhere these days. Take these examples:

• HSBC’s piggy bank represents “fat money”
• Two bankers in suits are real pigs
• BNZ’s herd of 3D-animated piggy banks
• One of Natwest’s many utilizations of piggy banks
• The Italians have their reliably bizarre slant on piggy banks
• Piggy banks are even popular in India
• And then there are all the other industries using piggy banks, like Toyota

Maybe it’s time to stop exploiting the coin bank cliche, regardless of whether or not piggy banks remain relevant through a recession. Perhaps the ubiquity of piggy banks precludes their use? Maybe they’re just harmless creative representations fit for any financial marketer? What do you think? Take the poll and leave a comment below.

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Sydney Credit Union recently relaunched as SCU and rolled out a new brand theme, “More Generous Banking.”

To celebrate the launch, SCU sent out street teams across Sydney conducting “Random Acts Of Generosity” including giving out free coffees, free massages and — no joke — free hugs.

As part of the overhaul, SCU streamlined its product lineup and unveiled what it describes as a more “user-friendly website,” two moves it hopes will appeal to younger consumers.

In addition to being generous with java, rubs and hugs, the credit union outlines a few other ways in which it is “generous” at its website:

• Being more generous with our time
  We’re happy to spend as much time with you as you would like in order to share what we know with you and help you to make the right decisions.
• Being more generous with our money
  You can always expect great rates from us and low (or no) fees and charges. And better than that. We’ll always look at the total deal you are being offered and do everything we can to make it as generous as possible for you.

SCU isn’t the only financial institution using the venerated piggy bank icon. BNZ, a bank in New Zealand, has built their entire campaign around them.

In an interview, Adam Milbank, marketing manager of SCU said, “We’ve got a modern and fresh new look that we believe will appeal more to the younger generations. Although it’s hard to compete with the big banks on advertising budget we have a strong brand and a great proposition that’s a little more fun and little more friendly.”

PR agency One Green Bean was appointed to support the brand refresh and new website, which was developed by design group Blue Marlin.

All in $20s: $75,000-250,000 for a mobile ATM

Pig Out: Bank pulls piggy bank promotion out of sensitivity to Muslims, Jews

Naming Case Study: Bank swaps geographical name in exchange for ‘VIST’

Hee Haw: Credit union has rodeo-themed grand opening

Miss CU: Former Miss America a homeowner thanks to her credit union

WinnING: ING has a $60,000 online savings sweepstakes

EndING: ING pulls out of popular virtual world, Second Life