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Restoring Trust in Banking. The Phygital Way

Baltic PR Awards 2012
Organization: SWEDBANK
Country: Latvia
Project name: Restoring Trust in Banking. The Phygital Way

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Restoring Trust in Banking. The Phygital Way

  1. 1. Category: SPONSORSHIPSwedbank (Latvia)Title of CampaignRestoring 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 greatopportunity to address increasing trust and personalization issue in banking sector. As a market leader with half of 2million population as its clients, Swedbank decided to focus on boosting 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 clientsThree kinds of research. Firstly, assessment of the market situation after crisis and customer communication trends.Secondly, benchmarking research such as TRIM, independent reputation surveys, social media content analysis.Thirdly, an assessment of efficiency of communication channels (as a result Swedbank internet bank and Twitter wereselected 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 2011 Baltic PR Awards 2012
  2. 2. Category: SPONSORSHIPExecutionCelebrating its 20th anniversary Swedbank became the supporter of Latvian super-band Prāta Vētra tour andannounced exclusive client concert on 18 August. Swedbanks internet bank was used as the main communicationplatform. First clients were invited to register for the lottery of concert tickets (10% of clients registered). Due tolimited venue capacity, 30 000 attendees were selected via lottery. Then clients were engaged in co-creating theprogram of the concert by voting for their favourite Prāta Vētra songs. Entrance to the concert was not only trulyphygital, but also ecological: no paper was wasted to print tickets, instead clients bank card served as entrance passand after swiping it client received a personalized welcome message on the screens. To manage disappointment ofthose who did not have the chance to attend the concert, it was also broadcasted 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 programonline; 14 000 clients including expats in Great Britain and elsewhere watched the online broadcast of the concert9000 new retail clients joined Swedbank during campaign and in the following month Social media reach was 120000, 70% of it highly positive brand mentions. Key phrases from the content: “superbank”, “most loved bank”, “proudto be Swedbank client”, “million positive emotions”, “happy”, “Xmas have come early, thank you Swedbank” (TRIMresults not available on the day of BPRA submission). Baltic PR Awards 2012