Rabobank's online bank is launching its largest ever media and education campaign on Sunday to promote its name change from RaboPlus to RaboDirect and to educate customers about how to make the most of their money.
Headed up by Whybin\TBWA\Tequila, the creative execution of the campaign will include TV, radio, print, out-of-home (OOH), online, broadcast sponsorships and experiential activity throughout the rest of the year, as well as below-the-line PR strategies driven by BlueChip Communication. With the campaign theme 'Don't accept laziness from your savings', RaboDirect aims to educate consumers to be discerning with savings products and interest rates; and, in the process, to activate their money.
To tie-in with its rebrand, RaboDirect will also be offering customers a special 'wake-up' rate of 6.40% p.a. variable on all new deposits into a RaboDirect's HISA (High Interest Savings Account). This represents a 1.40% p.a. bonus on top of our standard variable rate currently 5% p.a.. As the highest on call rate in the market, it is the best product available for people looking to activate and grow their money.
According to Greg McAweeney, RaboDirect's General Manager, the name change (effective from today), increased marketing and market-leading interest rates, are just the first steps towards a more aggressive approach to customer acquisition this year. It also supports the business' brand promise of being direct and straight-talking, while bringing the Australian brand in line with the global operation.
"We pride ourselves on being honest and delivering straight facts, and we know it is important to our customers that we deal with them in this direct manner, he said.
"It's time to reflect this in our name and marketing efforts. RaboDirect says what we do - you bank direct with us online; and how we do it - we're straight talking."
Mr McAweeney said that while the online bank's name and website address will change, the service customers expect and appreciate will not alter and they will not have to make any changes to their account details or log-ins.
To tie-in with its rebrand, RaboDirect is also launching a new product – a High Interest Savings Account (HISA) with a special 'wake-up' rate of 6.40% p.a. variable on all new deposits. With a 1.40% p.a bonus on top of the current 5% p.a. standard variable rate, this is the highest on call rate in the market and highlights RaboDirect's unique offering, differentiating it from many of the other banks who only offer their highest rates to new customers.
"We want to show people just how easy it is to get their money growing more quickly rather than sitting idle in a transaction accounts, or a low interest paying savings account that incredibly still have fees and charges. In the past, RaboDirect has decided against offering promotional rates because we do not agree with a system that favours new customers and leaves existing customers unrewarded," Mr McAweeney said.
"A shocking lack of transparency regarding important conditions such as short honeymoon periods, exclusion of existing customers and the base savings rate has been all too typical of many of the savings products we see in the market. RaboDirect's wake-up rate will run until the end of the year. This is a decent period of time and we will ensure there is clear communication so customers know exactly when the rate will start and finish".
Nitsa Lotus, Head of Account Management at Whybin\TBWA\Tequila, said: "We're very excited about the new brand campaign. It is a true demonstration of RaboDirect's ethos; they are transparent and straight-talking in all of their business dealings. It's refreshing to work with a financial services organisation that closes the gap between the business of banking and the marketing of banking," she said.
RaboDirect is part of Rabobank, the world's safest privately-owned bank. By assets size, the global Rabobank is larger than any of the 'big four' major Australian banks.
