Ikano Bank UK

Ikano Bank UK

The brief

In 2014 we were asked by Ikano Bank UK to develop a core customer value proposition. One of the IKEA family of companies, Ikano UK had traded successfully for 10 years as a b2b credit and loyalty provider; they now sought to extend their interests to online retail banking.

Our approach 

We set out to understand the culture, heritage values and beliefs and those of competitive offers. We identified potential gaps in the market and  developed a range of befitting proposition territories. We then tested the options through traditional and ethnographic research. We executed the winning proposition through copy and creative visuals for communications channels and also considered new product and service development. We provided toolkits for all internal and external launch communications and marketing materials, negotiated and delivered partnerships. When the going got tough, we supported the Bank with resource and undertook identification and  selection of their future marketing team, PR, design and media agencies.

Everything we learned pointed us towards people power. Ikea had established itself as a cross generational brand empowering  people to create their own homes affordably. Sweden’s reputation had been untouched by the banking crisis and core Swedish values of no fuss, simplicity and  fairness pointed to an opportunity for a democratic positioning. The Bank’s determination for fairness and to be in the top three providers for savings and loans rates built products to support the promise. The core thought of democracy ultimately translated to the benefit led proposition “Unleashing financial power to the many.”

The results 

Three months in to launch: “we are picking up tens of millions of savings with relatively little effort and Loans are taking off as we speak. ” Dan Joy CEO Ikano Bank UK

Everything built from here. From the creation of customer guidance groups to tone of voice, product development and partnerships with Just Giving to empower communities to determine for themselves the projects that would form the basis of Ikano Bank community giving.

 

 

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