NAB and ANZ ad blitz raises the stakes

National Australia Bank is vowing "more give and less take" in  its latest advertising blitz following on from the sentiment established  by the ANZ which is taking customers away from the evils of "banking world" in its recent campaign.

The consumer message is clear: not only have banks been listening to the backlash but also they are now willing to atone and make a commitment to change. While the marketing pledge is refreshing, it does have the whiff of the perennial cheating husband.

Confronted by his indiscretions (patchy customer satisfaction, customer attrition), the rogue seeks help (ad agency) buys some bling (drops fees) and promises to change.

While Commonwealth Bank is still dining out on self-deprecation to get through the storm, NAB and ANZ have listened to their therapists and are taking their medicine.

Rising interest rates and the GFC have done little to bolster the banking sector's, particularly the Big Four's, reputations with consumers but the effectiveness of this  new warm and fuzzy approach will be in the day-to-day delivery and the longevity of the commitment.

"Those advertising campaigns are making a promise and when you do that you raise the stakes," says Forrester Research senior analyst Steven Noble.

Noble adds that this is not just a matter of changing public perception but backing it up with staff commitment and resources and authentic customer engagement.

With banks enjoying a low benchmark of customer satisfaction, this new pledge means that consumers will start looking for signs of satisfaction rather than just being happy with not being unsatisfied.  As a result a lot of customers are going to start analysing their banks, Noble says, and not based simply on customer service quality but experience.

"There is an increasing focus on the customer experience, not just in the banking sector but also in hospitality, travel and telecommunications. The main driver in 2010 will be on significant customer experience," he predicts.

The ANZ's $ 15 million re-branding campaign launched in October last year put   customer-centricity back in vogue.

The global brand-building exercise that was developed with M&C Saatchi introduced the tag line "We live in your world".

ANZ has been recognised for its campaign, which positioned most banks as outdated, inflexible and regimented as represented by "Barbara from Banking World", and posits the new look ANZ as completely tuned in to consumer needs.

Brand Behaviour MD Karl Treacher notes that while these claims and brand promises are easily constructed, delivering on them consistently at a time when financial pressures are about to rise significantly, may prove problematic.

He applauds the banks' attempts to differentiate themselves, particularly the ANZ campaign which he views as "quite a smart move, the execution was quite intelligent and it acknowledges that customer frustrations are real."

Treacher adds that the NAB campaign and its tag line reflects a bank that has already been delivering on its pledge, despite being the lowest scoring among the Big Four on customer service.

"They have been somewhat of a quiet achiever in terms of customer centric activity in areas such as not passing on interest rate hikes and dropping fees."

Both Treacher and Noble agree that this new customer enriched marketing ethos is not a fad and signals a genuine revived approach to customer experience.

Treacher warns however that it may take two to three years to see which bank actually yields the results.

"The consumer is entrenched in the idea that banks let us down. The public will be cynical that banks will actually be accountable for their promise and deliver on it."