As a Lloyds TSB customer, I was concerned about how the de-merger of the bank would affect me.
Lloyds TSB had been on the high streets since 1995, and earlier in 2013 the news pages filled with information and speculation about the forthcoming split, including messages to consumers such as ‘Check your terms and conditions’ and ‘Who will you end up with- and do you have a choice?’.
However, Lloyds had their £30 million campaign ready to go, and before I really started to wonder what was happening a fancy welcome pack came in the post, assuring me that they had it all under control, and that I would soon be a customer of the shiny new Lloyds Banking Group.
The pack was the first example I saw of their new brand style, which was a soothing green with family-orientated messages, such as ‘Because your family matters’. The bank also outlined my terms and conditions, and reassured me that I didn’t need to do anything- just sit back and watch Lloyds rebuild their relationship with consumers.
Aligned with the new written communications were other channels, such as a refreshed website and internet banking portals. On logging in to Internet Banking, key messages about the demerger would be displayed before viewing the account summary, ensuring that customers were kept in the loop about changes.
As well as digital comms, advertising in the form of billboards and window displays started to appear, both for Lloyds Bank and TSB branches. There was a clear difference between brands, with Lloyds Bank keeping the forest green theme with black horse and TSB adopting a similar circular logo to their pre-merger brand.
Compared to the previous ‘for the journey’ brand complete with cartoon characters and annoying theme tune, the new Lloyds Bank and TSB better reflect the changing financial needs of customers- trust and security.
Their TV advert, featuring a young male voiceover as he talks us through ‘Moving out’, engages the viewer by both relating to real life family situations, and promoting the benefits of buying your own home.
Managing director of Lloyds Bank Catherine Kehoe told Marketing Week that the campaign aims to tell customers ‘what matters to you matters to us’:
“There has been a quiet revolution in the bank in the last two years in terms of improving service, digital channels and training of staff. We have been doing all of these things and our customers know that but we are now going to talk about it. We are restating to customers that we value them.”
When it came to the actual migration, there were operational stumbling blocks. Some customers couldn’t access internet banking- perhaps due to an inconvenient switch over time. Other complaints included customers seeing their accounts split between Lloyds and the TSB- removing the ability to manage one’s accounts in one place and get help with one phone number.
However, despite the subject matter being contentious, the demerger does well to act as a brand refresh opportunity for Lloyds Bank, offering multi-channel communications (video, web, print) to re-connect reflect the changing values of their customers.