The opportunity Increased access to broadband Internet service in Romania will likely lead to significant growth in online access to bank accounts. (we are 2nd country in Europe by online penetration growth over the past 5 years as per Eurostat 2014) Banks have been looking toward online banking more as the pressure of the global downturn has forced financial institutions to consider alternative payments methods with a lower cost structure. In light of the recession, consumers also began to pay more attention to the cost for such services. Easy-to-use systems and low-cost internet operations are a priority for younger generations when selecting a bank account. Therefore, the expansion of internet capabilities and availability is becoming a way to further integrate consumers into the new financial mainstream. (Euromonitor.com) As a result of these economical and consumer trends, banks have been competing for new consumers and for increasing the use of electronic banking by offering innovative services and ever-expanding websites. The challenge Romanian finance market is very fragmented and Piraeus Bank is ranked 11th by market share. The mobile banking service was launched later than competitors, in 2014, and top 3 banks are overspending us big time. We had no regular TV presence and our main competitor was perceived as much more modern, with bigger online banking traffic. Although Piraeus Bank has a lower customer base, they are loyal, happy with the service and recommend it to others in a much higher proportion than bigger banks customers. Hence, Piraeus Bank needed to further enhance modernity attribute to get new customers to the bank, while rewarding existing customers with a best in class online banking service. Showing current and potential customers Piraeus was a modern bank, which kept pace with their online needs was our main communication objective.
General Information:
Strategy: What we did to achieve the business objectives? 1. Recruit 50% new consumers for the on-line banking service, with 50% more than in 2013. 2. Increase with 10% the overall on-line banking transaction in 2014 vs. 2013. Our source of business was both existing loyal Piraeus bank customers and new ones that are on-line & tech savvy, busy, always on the go. Even if they are digitally educated, they look for easy fixes and simplicity since time for them is very important, so they appreciate brands that come with solutions to make their active lives easier. So simplicity in communication message and surprising the audience were key in achieving campaign objectives. The strategy was to prove that Piraeus is an up-to-date bank, in line with the times. We launched a brand new mobile app to complete the existing online banking service and the communication strategy was to show that: YOU HAVE PIRAEUS BANK WHEREVER YOU GO
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