Banking on simplicity to drive one million new customers

A quirky new campaign from Bankwest aims to help the 130-year-old brand to attract one million new customers and become Australia’s favourite digital bank.

Bankwest's new Just Enough Bank campaign

Bankwest has ambitious plans to snare another million customers this year with a new brand platform that aims to establish it as Australia’s favourite digital bank.

The WA-based bank, which closed the last of its physical branches last year, has kicked off a major campaign targeting savvy people in their 30s and 40s, who are looking for a no frills approach to banking.

The Just Enough Bank campaign is part of the 130-year-old brand’s commitment to providing a simple, uncomplicated banking service that includes Bankwest’s new app which launched last month. The bank’s strategy is to boost the brand’s customer base on the east coast and grow from 1.1 million to 2 million customers over the next few years.

“For a little brand like ours, that’s a big goal,” said Bankwest general manager customer, marketing and communications Jodene Murphy. “We want to do that by appealing to an audience who we think are really under-served by digital banks at the moment and that’s busy, savvy, smart Australians in their 30s and 40s, who are juggling busy households managing family finances, and we know that they want simple and useful experiences from their bank.”

The campaign, which rolls out this week, showcases the activities people have more time to engage in when they are not dealing with overcomplicated banking apps.

“The concept is about acknowledging and respecting that customers would probably rather be doing other things,” Ms Murphy said. “We think our customers are really smart and we want to speak to them in a smart way that we know will resonate. That was really crucial to us and it was really important to connect with a very specific group of smart and savvy people in a smart and savvy way to tell our story.

Bankwest general manager customer, marketing and communications Jodene Murphy

“We’re proudly a bank, but we want to enable banking in a way that comes from a customer perspective and suits the customer, rather than the bank. We’re setting a high bar for ourselves to try and deliver the most uncomplicated experience.”

The distinct Just Enough Bank ads aim to ensure Bankwest is clearly differentiated in the financial services market. The strategy was created from insights revealing Australians were looking for simplified banking and financial services.

“We definitely want to be different,” Ms Murphy said. “ We think we have a real opportunity to connect with customers in a different way to other digital banks and other banks in general. So being different is important to us, and the humour and creativity is intended to be slightly unorthodox in that way.”

The new brand platform is the result of 12 months work to reposition and reintroduce the bank as a fully digital financial services business, that operates a customer centric model. Ms Murphy said the business wanted to demonstrate its commitment to putting its customers first to showcase its difference to consumers’ perceptions of other banks.

“It’s important to us, to have trusted relationships with our customers, and so I think engaging with them in a way that is self aware and not grandiose will help us establish that relationship. (The campaign is) a really good opportunity to approach our audience in a human way that acknowledges and respects their time and their energy.”

The integrated campaign will incorporate out-of-home, TV and digital channels with a high-impact focus to maximise reach.

Bankwest’s Just Enough Bank campaign incorporates out-of-home advertising.

“You won’t be able to miss it,” Ms Murphy said. “As a fully digital bank it’s important for us to occupy some physical space to really get in front of our audience, so outdoor is going to be a crucial part of our program, particularly on the East Coast.”

The campaign comes at a significant time for Australians as the ongoing cost-of-living pressures continue to impact peoples decision making, particularly when it comes to financial services. Bankwest’s strategy to position as a bank that is “self aware” and aligned to its customers’ needs aims to tap into this mindset and appeal to its target audience.

“The cost of living issue has permeated every part of customers’ lives, and in the current environment, when we’re speaking with customers, good financial outcomes is something that they think about all the time. So what can we deliver to customers that make getting good financial outcomes easier, and that’s about creating really clear experiences, enabling them be able to spend and save their money in a really simple way.”

Bankwest’s new positioning will see the CBA-owned bank directly challenge neobanks such as Up and UBank for young digital savvy customers. Last year Up, the Bendigo Bank and Adelaide Bank-owned digital bank passed the one million customer mark, suggesting it might be a direct competitor to Bankwest.

The Just Enough Bank campaign was created by creative agency Bear Meets Eagle on Fire and media agency EssenceMediacom.