In 2006, Scotiabank launched a new campaign based on the notion that you’re richer than you think. The idea was simple: You have financial potential and Scotiabank can help you tap into it. Fast-forward three years. The global financial crisis is raging, and you’re richer than you think is drawing satire and ridicule. But instead of scrapping the tagline, the bank refined the idea to reflect the value shift the recession had triggered. With portfolios plummeting, people had begun to wonder if richness should be a reflection of well-being and a life well lived rather than money and wealth.
The Richness Is extension of the campaign met this value shift head on. It evolved the proposition from functional to values-based and portrayed richness as being able to live an emotionally enriching life. Scotiabank’s commitment to the original idea yielded excellent returns – as of 2012, its tagline was the most recognized among banks in Canada, with an 85% recall among consumers. This commitment extends to a consistent voice that demonstrates Scotiabank’s vibrant personality through sponsorship of the arts, music, movies, hockey, as well as soccer and cricket in Latin America and the Caribbean.
Still, Scotiabank has yet to crack the code on customer satisfaction. But there’s been progress – the bank has been ranked highest in satisfaction among small business owners for two years running.
Now Scotiabank needs to step out of line and apply those winning practices across the board to prove richness includes a consistently happy bank experience for every customer.