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Bradford & Bingley's switch to online banking has boosted customer numbers, says Melanie May
Bradford & Bingley cannot be accused of sitting still. Last year it sold its IFA business, closed down its The Marketplace brand, and announced that it was to undergo a major overhaul in 2005, backed by a significant advertising campaign. This July, further changes were afoot when the bank stated that it was looking to hand its £3.5m creative account to a new ad agency, after eight years with M&G Saatchi at the helm.
Its last big image change came in 2002 when it replaced its animated bowler-hatted characters with black-suited characters in sunglasses, via a TV campaign starring Hugh Laurie.
Last year, the bank's marketing activity took another direction. With the challenge of raising £0.5bn of new savings balances by the year-end, Bradford & Bingley decided the time was ripe to enter the online banking arena with the launch of an e-savings account.
With a competitive interest rate (currently 5.10 per cent), it was to be aimed at a specific audience-ABs aged 45-64: a group with good investment potential. And to ensure it got serious savers, the minimum deposit was set at £1,000.
Marketing approach rethink
But it was clear that such a product demanded a...