Transcript of "Restoring Trust in Banking. The Phygital Way"
Category: CORPORATE COMMUNICATIONSwedbank LatviaRestoring Trust in Banking. The Phygital WaySummaryCrisis hit Latvia the hardest in EU. GDP dropped by 25%, people emigrated and owed banks high mortgages. Bankswere seen as equally bad. Impersonal online communication prevailed, which brought the challenge of personalizedengagement, so important in banking - the business of trust.Swedbank saw its 20th anniversary campaign as great opportunity to address increasing trust and personalization issuein banking sector. As a market leader with half of 2 million population as its clients, Swedbank decided to focus onboosting loyalty of existing customers.Smart usage of digital tools was combined with a large-scale event – exclusive concert of Latvian super-band PrātaVētra. Instead of tailor-made website or social media network, Swedbanks internet bank was used in innovative wayas the main communication platform: people registered there for concert and co-created the concert program. Bankcards turned into entrance tickets and not only saved paper for ticket printing, but also gave opportunity forpersonalized greetings of the clients at the event. Client response rate exceeded 10% and 30 000 attended the liveevent. A great campaign lead to Swedbank becoming the 3rd most loved brand in Latvia.SituationIn 2 years of crisis Latvias GDP dropped by 25%. Unemployment and high mortgage forced emigration. Dramaticsalary decrease resulted in average household loans exceeding net income 3 times. People ended up being dependenton banks and angry about it. Banks were among the first to be blamed. They were all seen as equally bad. In customerrelations impersonal online communication prevailed, which brought the challenge of personalized engagement, soimportant in banking - the business of trust. Swedbank saw the need to boost clients loyalty and address the challengeof building trustworthy relationships in a digital era.ObjectivesGoals:- Swedbank standing out among competition by clients’ emotional linkage with the brand- Average response rate for customer loyalty campaigns (5%) is exceeded- Supportive background for sales in retail provided- Natural positive social media buzz about the brand facilitatedTarget audience: existing Swedbank clients Three kinds of research. Firstly, assessment of the market situation aftercrisis and customer communication trends. Secondly, benchmarking research such as TRIM, independent reputationsurveys, social media content analysis. Thirdly, an assessment of efficiency of communication channels (as a resultSwedbank internet bank and Twitter were selected as communication platforms).StrategyTo engage with clients it was decided to organize an exclusive personalized large-scale event, extended by an onlinebroadcast. As a reputation leader and one of most loved brands, Swedbank chose to collaborate with anotherreputation leader – most loved music band Prāta Vētra that is equally popular among both Latvian and Russian (26%of population) communities. To overcome the divide between digital and live communication, Swedbank wentphygital: banks existing digital systems (internet bank and bank cards) were used in smart and innovative ways toengage with clients in personalized way and co-create a live event.Following criteria were set for evaluation of results: client activity: response rate, content input, attendance at the event social media content, keywords Independent research results – most loved brand survey campaign effect on retail clients TRIM above 67, i.e. higher than in 2011ExecutionCelebrating its 20th anniversary Swedbank became the supporter of Latvian super-band Prāta Vētra tour andannounced exclusive client concert on 18 August. Baltic PR Awards 2012
Category: CORPORATE COMMUNICATIONSwedbanks internet bank was used as the main communication platform. First clients were invited to register for thelottery of concert tickets (10% of clients registered). Due to limited venue capacity, 30 000 attendees were selected vialottery. Then clients were engaged in co-creating the program of the concert by voting for their favourite Prāta Vētrasongs. Entrance to the concert was not only truly phygital, but also ecological: no paper was wasted to print tickets,instead clients bank card served as entrance pass and after swiping it client received a personalized welcome messageon the screens. To manage disappointment of those who did not have the chance to attend the concert, it was alsobroadcasted online.Documented ResultsSwedbank became 3rd most loved brand in Latvia according to independent annual research conducted shortly afterthe campaign. Campaign response rate exceeded 10%43 000 clients participated in co-creation of the concert program online; 14 000 clients including expats in GreatBritain and elsewhere watched the online broadcast of the concert 9000 new retail clients joined Swedbank duringcampaign and in the following month social media reach was 120 000, 70% of it highly positive brand mentions. Keyphrases from the content: “superbank”, “most loved bank”, “proud to be Swedbank client”, “million positiveemotions”, “happy”, “Xmas have come early, thank you Swedbank” (TRIM results not available on the day of BPRAsubmission) Baltic PR Awards 2012