As the popularity of the mobile “branchless” banking experience increases, differentiation through marketing will drive the perception of which bank offers the best mobile experience. Stackpole guided Norwood down the path towards brand differentiation. Norwood enjoyed a steady presence in their trading area for over 100 years, and just recently invested in the latest digital banking technology. To rise above the fray and attract attention, they needed to combine their heritage of high-level customer service with the convenience and freedom of branchless banking.
With strategic objectives centered around shaping market perceptions, influencing customer behavior and ultimately acquiring core accounts, Stackpole recommended a marketing strategy that would position the bank’s offerings as best-in-class and begin to change perceptions about user-benefits of mobile banking.
Most banks market mobile services as stand-alone apps as they became available; the net result of this is pure commoditization of the mobile banking experience. Stackpole wanted to move beyond parity product features and benefits to brand the untethered banking experience that Norwood could offer.
Boundless Banking is easy to learn and use. And the benefit of convenience so great that we wanted to demonstrate the Boundless story in a simple and engaging way— in the Norwood Bank brand voice. From a media standpoint, local cable was a great option in this local trading area, so we wanted to leverage the great CPM reach, while engaging with our customers in a different way. With an eye towards extending the value of Norwood Bank’s investment, we produced a motion-graphics video which allows us to repurpose the video through amplification in Social Media channels and on the Web.
The campaign exceeds expectations. After the initial launch phase, Norwood acquired over 289 new accounts and also saw an increase of over 28% new mobile banking users during a 2-month time-frame.