BankWest gets back to its roots
BankWest has invested in the most significant cross-platform media campaign since being acquired by Commonwealth Bank at the end of 2008. Pitched to the Western Australian market, the "WA4EVER" campaign launched over the weekend with two television commercials across the free-to-air channels and pay TV. It will be backed by a series of advertisements appearing in West Australian newspapers, radio, digital media, outdoor advertising and in BankWest branches. The campaign was created by BankWest's incumbent advertising agency, Sydney-based Host, and was shot in Western Australia to reinforce the bank's commitment to the state. The campaign continues with the long running "Happy Banking" theme, and plays up BankWest's Western Australian heritage and its ongoing commitment to the community - including its sponsorship of Super 15 rugby team the Western Force. The second TVC focuses on the rejuvenation of the bank's 88 branches, plus agencies, across Western Australia. The swing back to its home state roots comes almost three years after the bank began an aggressive expansion project on the east coast using the Host advertising agency. Host was selected by BankWest after a rigorous pitch process in the second half of 2007. The "Happy Banking - an initiative from BankWest" campaign was BankWest's biggest national marketing campaign to date at that time and launched the BankWest Rate Tracker, a new category of home loan in the Australian mortgage market. "Happy Banking" was also used to flag the expansion of BankWest's physical presence. It had ambitious plans to open more than 160 BankWest branches on the east coast from 2008 to 2010. BankWest's market share of household deposits, bought at a high price, peaked at more than four per cent in early 2007. That market share was already falling when the bank's owner, HBOS of Britain, became an early casualty of the credit shock. That in turn provided CBA with the opportunity for a low-cost takeover of BankWest in late 2008. In the end BankWest opened only 50 branches on the east coast, according to APRA data - around the level already open at the time of the Commonwealth Bank takeover. Under CBA's stewardship BankWest's share of household deposits has dropped from 3.5 per cent to 3.0 per cent as of November 2010. In absolute terms BankWest's level of household deposits, at $14.4 billion, is only $500 million less than at its peak. But the banking system has seen huge growth in deposits over the past two years. While Commonwealth Bank put the brakes on the deposit strategy and the branch rollout, the bank has exploited the dual bank branding to differentiate its product set on the asset side. Under HBOS ownership BankWest's market share in home loans reached around 3.5 per cent. This market share has continued to increase as CBA has used the brand to offer discounted home loans without undermining the yield from home loans marketed under its main bank brand.