OCBC markets to youth with ‘Frank' campaign
Singapore - OCBC Bank has launched a marketing campaign on print, in-store media, digital and social media sites to brand its new youth banking programme, Frank.
The brand campaign for Frank targets students and young adults, aiming to connect with them on their values, the way they see money, and their hopes and aspirations. It also aims to provide a banking experience that is simple and relevant to these youths.
Ching Wei Hong, head of global consumer financial services at OCBC Bank, said: "We want to support this segment of customers through their life stages and milestones, as they transit from a young adult to entering the workforce as a young professional."
The bank hopes the deviation from its usual "serious" corporate image will reach the youth, who it recognises as being "most disengaged with the banking sector in terms of how banks provide their products and services". It hopes the name and marketing efforts will convey progressiveness, trust and honesty.
For the programme, special Frank retail stores apart from its OCBC Bank branches have been set up. These are designed differently from its traditional branches, allowing customers to take time to browse, touch and ask questions about the products as well as their banking needs. Also, to further connect with youth, OCBC has transformed its branches at local universities Singapore Management University and Nanyang Technological University (NTU) into Frank retail stores. The NTU store is slated to open in June 2011.
More such retail stores will progressively be opened in high traffic malls frequented by youths and young working adults.
Apart from its retail strategy, the bank reaches out through the internet, setting up a microsite for its customers to access accounts and set up financial goals online. Frank will also reach consumers through its Facebook page with regular updates on financial tips, promotions and topics.
Its youth customers can choose from over a hundred designs to customise their Frank debit or credit card faces with. The debit card has already rolled out, with the credit card to be launched in the next few months. OCBC has also tied up with popular online retailers and fashion blog shops to offer its customers privileges and discounts with their cards.
The campaign was done by Wild Advertising & Marketing agency.
Features of a Frank account include higher interest rates than normal savings accounts, a savings enabler feature and no account fees and minimum monthly balance requirements for customers below 26 years of age.
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