Break­ing THE ICE

New Zealan­ders’ re­luc­tance to talk about their fi­nances is a chal­lenge for banks look­ing to have mean­ing­ful con­ver­sa­tions with would- be new cus­tomers, so Ki­wibank de­cided to push the bound­aries of mar­ket­ing to get Ki­wis to speak up.

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The chal­lenge

Open­ing up about money is not some­thing that comes com­fort­ably to New Zealan­ders. In fact, ac­cord­ing to Ki­wibank, many would rather talk about their sex-lives than their fi­nances, which could ex­plain why the bank’s re­search found that 85 per­cent of Ki­wis didn’t have enough fi­nan­cial ed­u­ca­tion.

Fur­ther­more, 48 per­cent were wor­ried about their debt lev­els, 54 per­cent were strug­gling to get on the prop­erty lad­der and 56 per­cent were wor­ried about the size of their mort­gage.

It sounds like a prob­lem that could be at­trib­uted to a lack of fi­nan­cial tools or ad­vice, but Ki­wibank be­lieves it truly comes down to pro­cras­ti­na­tion and a lack of con­fi­dence. And with a pur­pose to make all Ki­wis bet­ter off, it wanted to im­prove both that con­fi­dence and those statis­tics.

But how could it approach a topic that’s com­monly avoided and con­sid­ered dry and tech­ni­cal? A tra­di­tional TVC cam­paign wasn’t go­ing to cut it, so it de­cided to go one step fur­ther and cre­ate its own TV show with TVNZ and Ruckus to break the ice and spark a na­tion­wide con­ver­sa­tion about money.

The re­sponse

Called Mind Over Money, the six-part TV se­ries found a home in a prime­time spot on TVNZ 1 to en­sure it had max­i­mum reach.

It delved into per­sonal fi­nances us­ing be­havioural eco­nom­ics to show Ki­wis why na­ture leads them to act the way they do. And not want­ing to nag or lec­ture the au­di­ence, host Nigel Latta

kept things en­ter­tain­ing with so­cial ex­per­i­ments and clever analo­gies.

Off-air and on­line, the in­for­ma­tion was sup­ported by a ded­i­cated con­tent hub, min­dover­money.kiwi, that housed all the episodes and delved deeper into the top­ics dis­cussed. In­no­va­tive in­ter­ac­tive tools and games drove fur­ther en­gage­ment and al­lowed visi­tors to im­me­di­ately ask a Ki­wibank ex­pert ques­tions.

At the same time, weekly episode­spe­cific videos were dis­trib­uted around Ki­wibank in­ter­nally to give staff fur­ther in­sight into the show’s topic and how they could help cus­tomers.

The re­sults

Break­ing not only the ice, but also the mould of tra­di­tional ad­ver­tis­ing, paid off for the bank as it in­spired and em­pow­ered view­ers. The Na­tional

Busi­ness Re­view called it “the gold stan­dard for how eth­i­cal com­pa­nies can make a main­stream TV se­ries that has real pub­lic good” and it’s a sen­ti­ment that’s re­flected in the num­bers.

The se­ries won its peak on-air time slot among Kiwi adults and 68 per­cent of those sur­veyed by the bank said they en­joyed watch­ing it.

That find­ing was sup­ported by 67 per­cent of peo­ple who con­sid­ered the in­for­ma­tion rel­e­vant to their sit­u­a­tion and 60 per­cent who said the se­ries pro­vided them with new in­for­ma­tion.

More im­por­tantly, 44 per­cent of sur­veyed view­ers who watched one or more episodes claimed the show changed how they man­aged their money.

But it wasn’t just the au­di­ence who saw a ben­e­fit from Mind Over Money as Ki­wibank en­joyed a rise in cust omer sat­is­fac­tion to reach a three year high. Its Net Pro­moter Score from those who watched the se­ries sits at 69 per­cent com­pared to 32 per­cent for those who didn’t watch it.

Re­flect­ing on the se­ries soon af­ter it went to air, Ki­wibank’s gen­eral man­ager of mar­comms Re­gan Sav­age told Stoppress the sen­ti­ment around the se­ries shows Ki­wibank’s cus­tomers saw Mind Over Money as Ki­wibank de­liv­er­ing on its brand prom­ise to make Ki­wis bet­ter off.

“They re­ally drew the con­nec­tion be­tween what we stand for and why we were in­vest­ing in a prime­time TV show like this... it just felt in­cred­i­bly ob­vi­ous to con­sumers that Ki­wibank would be the kind of brand to cre­ate a show like this and take it to mar­ket.”

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