ING Direct has taken the UK savings market by storm by finding a gap in a seemingly over-crowded market and creating an iconic, integrated launch campaign with VCCP. In less than 3 years, ING Direct has become the UK’s fastest growing bank with over 1 million customers and £25bn funds under management.
• Rapidly build a direct banking brand that was a true alternative to the mainstream saver
• Clearly position ING Direct as straightforward, fair ‘no catches’ financial player
• Drive high levels of response and consistently achieve ambitious customer account targets
To achieve this VCCP helped ING Direct:
1. Identify a viable gap in a very over-crowded market
2. Create an iconic campaign for the mainstream saver, which cleverly integrates the simple ‘for everyone’ nature of the product with an established, trusted and fair image of ING Direct itself.
3. And create a multi-channel communications strategy which is continually refined in order to maximise “the bang for every buck”.
The success of ING Direct has been spectacular.
By the end of 2005, ING Direct was the ‘fastest growing bank in UK history’ with over 1 million customers, £25bn of funds under management; the highest savings market share growth of any bank and the highest spontaneous brand awareness of any Direct Bank.
In terms of brand consideration, ING Direct is the highest of all Direct Banks, beating the likes of egg and First Direct with figures more in line with established High Street banks like Halifax, Abbey and Alliance & Leicester.
Many of these High Street Banks have reacted to ING Direct’s success with a raft of ‘me-too’ products with increasingly competitive rates but the strength of the ING Direct brand has ensured that it has continued to grow and is now in a position to launch mortgages and Home Insurance this summer.
In the last 2 months, the success of the ING Direct launch has also been recognised with 2 Marketing awards: A bronze at the IPA Effectiveness Awards 2006 and the Winner in the Marketing Week Effectiveness Awards 2006 in the Financial Services Category.
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