The latest campaign for challenger bank TSB, ‘Five Cats’, aims to make consumers aware that they may be being taken for granted by the big five 'Fat Cat' banks and encourages them to break free and find somewhere better.
The campaign broke on Monday January 22nd and was amplified with a PR stunt whereby five huge inflatable fat cats were driven around London for the day.
2018 marks the ten year anniversary of the worst financial crisis since the Great Depression.
Yet astonishingly, very little has changed when it comes to how many of us bank: 85% of the UK retail banking market still being dominated by the big five banks.
Research proves that over 70% of UK adults, feel like they’re being taken for granted by their bank. Worse still, 79% feel their bank profits at their expense.
And yet current account switching is at an all-time low. In 2017, just 931,956 people – around only 2% of UK consumers – used the Current Account Switch Service.
Many consumers are stuck with their current bank, not realising their core banking relationship should, and could, be better. Until they’re prompted. TSB is hopes to challenge this gloomy status quo.
Peter Markey, Marketing Director at TSB, stated: "With current account switching at an all-time low, TSB is taking its challenge to the big five banks. There’s never been a better time for us to ask people to take a look at their existing banking relationship and see if it’s working for them, if not, break free and find somewhere better."
Paul Pester, Chief Executive Officer at TSB, said: “The Current Account Switch Service launched within a week of TSB’s return to high streets across Britain in September 2013. I’m delighted that TSB has grown year-after-year ever since, but the same can’t be said for the number of people switching their bank account which is falling year-after-year. With just 2% of consumers switching banks, it’s clear something else needs to be done to ensure customers are getting the best deal.
“For too long now the banking industry has been dominated by the ‘big five’ banks who have a stranglehold on the UK market. They are taking customers for granted, safe in the knowledge that people are unlikely to move – rather than delivering the kind of banking people in the UK want and deserve. It’s time for change and the banking industry is in need of a major shake-up.
“As Britain’s challenger bank, we’re on a mission to bring more competition to UK banking and ultimately make banking better for all UK consumers. We want all banking customers to know what they’re paying for their banking, to be able to switch easily, and to be aware of their right to switch banks. Only then will competition really start to work and the culture of banks finally shift to serve customers on their terms – rather than putting the banks’ interests first.”
This is part of a fully integrated multi-media campaign by Joint, Studio AKA and the Dentsu Aegis Network.