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Sparkbankerna: Stolt ver min bank

Solution brought to you by Steven Curtis and Joshua Kirkman

January 19, 2014

Sustainergies
c / o Impact Hub Stockholm
Riddargatan 17D, 3tr.
114 57 Stockholm

MEMO: Stolt ver min bank


The Sustainergies 2013 Jury:
Sparbankerna is the local savings bank that has been down the block in your local
community, celebrating the values of traditional savings banks, since the early 1800s. Each
local Sparbankerna contributes to the social and environmental good throughout the
community and enhances the lives of investors, suppliers, customers and employees
within the community. The bank realises its role for contributing to strong personal
finances through stimulating savings. Moreover, the bank understands that they have a
social responsibility to the community and looks to use bank profits to support local
development and community initiatives. Annually, the bank contributes 259 million SEK to
non-profit organisations and social programs.
Despite the great work that Sparbankerna achieves in their communities, customers need
to be better informed about the social and environmental impacts that the bank is
facilitating. Also, community stakeholders need to take advantage of the generosity of the
bank foundation in applying for local grants that benefit the community. Our solution is
honest, simple, engaging and empowers local communities; it is The Pride Window. The
Pride Window communicates the commitment of Sparbankerna to local communities,
gathers useful data to be used by the local banks in further developing funding
opportunities and products, and engages the community through the Local Legend
Program. As a result, Sparbankerna will aim to encourage community support and pride in
the work being done, whilst increasing its customers, and continuing to contribute to local
development.
PRINCIPLES OF A SAVINGS BANK

Sparbankernas community goals include helping people materialise their dreams through
strong personal finances; to stimulate savings; and insure that the money of the bank is
put into good use in the community, thereby supporting local development. Sparbankerna

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is a savings bank that has no anonymous shareholders and reinvests all profits into either
daily operations or within the community they serve.
Sparbankerna epitomizes the stakeholder model of business, whereby the banks seek to
increase value on a local and multi-stakeholder level whilst continuing to grow and be of
service to its local stakeholders. This type of model sees the creation of shared value being
held above internal profits, emphasizing social responsibility, environmental stewardship
and financial sustainability as the three pillars of the business. With these three pillars in
mind, the context of the challenge can now be discussed and our response begin to be
elaborated.
CONTEXTUALISATION OF THE CHALLENGE

The challenge offered by Sparbankerna is - in our view - a communication challenge above


all else. Essentially, the bank wishes to source new and inspiring ways to communicate
their social commitment to their current (and potential) customers. Understanding that
Sparbankerna (or the savings bank model) has been established in some communities for
nearly 200 years, the primary task is ensuring that social investments are effectively
communicated to the localities the bank serves is of the utmost importance. With the vast
and often complicated media landscape which is presently the norm, the task of engaging
with the public can unfortunately be difficult, requiring innovative solutions to be
formulated.
The strong position that Sparbankerna already has in many communities throughout
Sweden is testament to the positive work of the banks within the communities they serve.
The goals of improving the financial independence of customers and acting as a
community builder are noble and offer a positive example for other organisations to
follow. In having no anonymous shareholders, there is an inherent level of transparency
that fosters trust within the local communities, a characteristic that is becoming even more
important in a business landscape that is increasingly riddled with secrets. Being open and
transparent is good for everyone involved.
The overarching goal of Sparbankerna is to bring value and returns to the whole
community of stakeholders which surrounds them means that Sparbankerna ought to be
held in high esteem wherever they may be located. While noble, the goals and activities of
Sparbankerna in community building need to be communicated effectively. In order to be
held in high esteem, the public needs to know what the Sparbankerna is doing for them.
With the sheer volume of media, opinions, ideas and distractions available throughout the

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internet, the task of connecting with and communicating to the general public can be
complicated.
SOCIAL MEDIA AND SPARBANKERNA

In contextualising the challenge for Sparbankerna, we highlighted the difficulties that the
internet poses for savings banks in seeking to engage with the public about their social
commitments. The phenomenon of social media is still relatively new in relation to public
relations and marketing, but the opportunities and risks that it embodies has irrevocably
changed the way we communicate.
From our research (which was difficult at times due to our lack of Swedish language
abilities) and referring to Frs & Frosta Sparbanken in Lund as our primary example, we
noticed that Sparbankerna currently has a social media engagement that is localised (e.g.,
local branches having their own pages on Facebook), and focused primarily on
communicating the understanding that Sparbankerna has of its clients (Vr bank vet vad vi
menar med nrhet. Vet din?), as well as seeking engagement with local stakeholders
through the Skne Idrottsledarstipendier.
Our investigations also show that advertising was done physically (primarily on local buses
and bus shelters); in the local cinema (an advertisement asking people to nominate a local
hero to be acknowledged by the bank); and in the local newspapers (a black and white
print advertisement showing a customer of the bank, coupled with the statement that the
local bank understands what they need). Whilst these more traditional forms of
communication do serve Sparbankerna well presently, we believe that a more integrated
approach to marketing and advertising which provides a synergy between physical/
traditional media and social media will enable Sparbankerna to better communicate its
social commitments and subsequently provide valuable consumer data in the process.
R DU STOLT VER OSS? - A NEW MEDIA CAMPAIGN FOR SOCIAL AND ENVIRONMENTAL GOOD

In order to encourage pride and inspiration in Sparbankernas social commitments, we


have devised an interactive marketing campaign which can be applied in all regions where
Sparbankerna are present. Moreover, the model still enables community banks
independence and specialisation according to their local/cultural needs. The campaign
has been designed to be straightforward, engaging and positive, with a clear goal to
communicate and develop the banks social commitments effectively as well as to be fluid
in its function. We have chosen an interactive campaign for the bank because social
commitments and their communication ought to be social too! The following is a more

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detailed description of the campaign, the methods and channels used in its deployment,
and a discussion of the benefits and risks of such a campaign.
A CAMPAIGN TO BE PROUD OF!

The Pride campaign is a new and simple advertising campaign that communicates the
social good that Sparbankerna is achieving within the community. The campaign would
use real people and real community initiatives. Advertisements of local social
commitments actually in progress would be placed in traditional and social media
channels. In communicating projects in progress, advertisements will ask r du stolt ver
oss? with the goal of linking the banks community involvement to an individual's pride in
their community. Traditional advertisements will contain a QR code which would link a
viewer to a brief online questionnaire, community bank website, or social media page. The
example below shows an initiative undertaken by Frs & Frosta Sparbanken Lund which
communicates clearly the nature of the community investment made by the bank and a
question asking the viewer if it makes them proud of the bank.

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THE PRIDE WINDOW

In the example above, the QR code directs the observer to the Frs & Frosta Sparbanken
Lund webpage. Once arriving at the webpage, at a determined and intermittent
frequency, an in-site popup, known as a modal window, will appear over the bank
webpage. In this solution, we call this modal window The Pride Window. This special
window will offer the viewer the chance to provide feedback on current initiatives
sponsored or undertaken by the bank that are currently in progress in their local area. The
Pride Window asks the viewer to choose the initiative they are most interested in or that
makes them most proud of their bank and community. In doing this, the bank effectively
communicates recent or ongoing projects, gathers data on which current initiatives are
viewed most favorably by the community, and engages customers and develops customer
and community pride.

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Once selecting the initiative that makes them most proud, the viewer will be directed to
another page giving more information about the choice they have made. Also, the viewer
is prompted to enroll in the Local Legend competition, enabling them to become a Local
Legend in their community. On top of this, they will also be prompted to share their
choice through social media channels, thereby increasing the reach of the campaign and
encouraging others to make their own preferences known also.

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THE LOCAL LEGEND COMPETITION

Our goal is to not only highlight projects that Sparbankerna is undertaking in their
communities, but empower and engage local stakeholders. For those that provide
feedback using the Pride Window, the participant will have the opportunity to become a
Local Legend. At intervals selected by the community banks, a drawing will commence
allowing for a Local Legend to be selected. They will be given the opportunity to award
grant money (denomination determined by the community bank) to a social or
environmental project within the community that meets certain criteria. This engages the
community members in being active and aware of social and environmental projects in
their communities, allows the legend to feel proud of the opportunity they provided and
further enhances the pride that customers and the community feel in regards to
Sparbankerna.
The main message of the campaign is the question: r du stolt ver oss? This simple
question penetrates to the essence of the challenge in that it prompts the viewer into
reflecting upon the initiative of the bank. We feel that, through the combined forces of the
traditional/social media campaign, the Pride Window, and the Local Legend
competition, we have enhanced the pride felt by Sparbankerna customers and
communities, and facilitated the process of communicating and improving the good work
of Sparbankerna.
**Further marketing examples can be found in Appendix I.**

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WHY IS THIS CAMPAIGN IDEAL FOR SPARBANKERNA?

The Pride Window and Local Legend campaign is ideal for Sparbankerna branches
throughout Sweden because it is interactive, synergistic, and virtuous. Rather than the
advertisement communicating an aspiration or slogan, it communicates honestly and
truthfully the initiative taken by the bank, and engages the viewers to ask themselves if this
makes them proud. By receiving feedback on the community investments, Sparbankerna
can be better informed as to what the community values, as well as giving the bank
powerful data which enables them to better understand their customers.

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HOW WILL THE CAMPAIGN BENEFIT SPARBANKERNA?

Honesty
Because the bank will be communicating initiatives which are in progress within
communities, people will be able to see these events unfold around them. Being able to
link real world initiatives with current advertising will give Sparbankerna unprecedented
social capital in their communities.
Local Knowledge
By gaining feedback from local community members on initiatives undertaken,
Sparbankerna will have tapped valuable local knowledge which will enable the banks to
create tailored initiatives for their communities. A community which sees its aspirations and
desires realised is a happy community which feels valued.
Local Empowerment
Rather than rewarding feedback with consumer products such as iPads, by rewarding
participants with the chance to invest money on behalf of the bank, local communities will
feel empowered and will know that the bank trusts them. Trust in the banking sector is
obviously crucial to banking operations. By empowering individuals this trust will be
increased dramatically. Moreover, empowered customers will develop greater roots of
pride with their bank and community.
Valuable Consumer Data
The collection of data relating to individual preferences in community initiatives will enable
Sparbankerna to create financial products which might be better aligned with these tastes.
As an example, a customer who shows a preference for environmental initiatives may be
also interested in paperless statements or even investing money in mutual funds which are
comprised of environmental businesses from their local region.
THIS IDEA SEEMS GREAT, RIGHT?! BUT ARE THERE ANY RISKS WITH THIS CAMPAIGN?

We believe that the rewards of this campaign greatly outweigh the risks, but it is very
important that we highlight the big risk in undertaking such an interactive and live
campaign. There is a reputational risk inherent in this campaign: If people perceive that
Sparbankernas current social and environmental initiatives (which are advertised in the
campaign) do not meet their expectations, or are not in synch with reality, then the positive

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virtuous cycle will quickly turn into a negative one. What is of fundamental importance in
this campaign is that Sparbankerna maintains a high standard in its initiatives, because if it
does not, the community will know, and quickly. But, reputational risk can also be viewed
as an opportunity for Sparbankerna to establish their credentials as sustainable banks in
local communities. The increased focus on the banks through this interactive campaign
should be seen as an opportunity for them to deliver the highest quality social and
environmental initiatives. By being transparent and delivering on their promises, people in
the community will trust that Sparbankerna are serious about them and their communities.
We recognise the simplicity of the solution in words yet the difficulty in implementing the
solution in a somewhat decentralized community bank model. Once the technical
components are addressed (coding for modal window, data collection, etc.), the campaign
can be applied to and specialized for each community. This ensures that each community
bank remains autonomous while still meeting the needs of the communities they serve.
We truly feel that this simple campaign - aimed at developing pride in Sparbankerna and
the community and gathering data to better serve the community - can have lasting
impacts. The initiatives undertaken and the data collected can direct Sparbankerna as they
continue to address their future and sustainable banking.
THE FUTURE OF SUSTAINABLE BANKING

The proud campaign which we have recommended for Sparbankerna comprises the
ingredients of sustainable banking: It is honest/transparent, engaging, empowering and
focused on the future. These attributes are crucial operating procedures in a future which
is made more uncertain by potential climate disruption and economic crises. The crucial
element of sustainable banking in the future in our view rests upon the transparent and
empowering use of customer data.
We recommended in our campaign that the data drawn from our interactive campaign
could be used by the bank to better facilitate the creation of local initiatives and products
for established and potential customers. Further discussion of how this type of virtuous
data collection is a crucial pillar of sustainable banking is necessary in order to elucidate
our vision of a sustainable local bank.
A SUSTAINABLE BANK LISTENS AS WELL AS LEADS

The internet and social media has made for a complex media landscape and platform of
engagement which punishes as effectively as it praises. A sustainable bank is no exception,
and as we pointed out earlier, the risks of being disingenuous or deceptive in this complex

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landscape far outweigh the perceived advantages. But, a virtuous sustainable enterprise
need not be concerned with such negativities, as a sustainable bank is only interested in
engaging with people in this complex environment in a manner which is positive for the
enterprise and the individual. In this complex environment a sustainable bank is able to
listen to what people want, and in turn, craft responses and develop product offerings and
initiatives which are mutually beneficial individually, socially and environmentally. By being
a good listener through social media engagement and interactive decision making
(adjusting products and initiatives through positive feedback) a bank can become
sustainable now and into the future.
BUT HOW EXACTLY WOULD THIS WORK? CAN YOU PROVIDE A SPECIFIC EXAMPLE?

Through interactive campaigning and the virtuous and transparent use of consumer data a
bank is able to develop a number of products and services which are environmentally,
socially and financially sustainable. One such example is a fixed-interest deposit.
If a customer has provided feedback that they are interested in carbon reduction practices,
endangered species and air quality, when creating a fixed-interest deposit a sustainable
bank can select investments and community initiatives which will have a social and
environmental impact whilst providing the necessary returns for interest accumulation. The
bank may invest a portion of a clients deposit into companies such as H&M (who has
recently begun a garment recycling initiative), Solar Cities (which is deploying solar power
systems aggressively) or Tesla (which is a leader in electric vehicle production), as a way to
ensure that their money is appreciating whilst supporting companies that are seeking to
reduce carbon emissions and improve air quality. The bank could also seek to invest
money on behalf of the client in companies which are actively seeking to protect
endangered species. At the end of the day the customer can be assured that they have
earned interest on their investment whilst contributing to a better and richer world, not a
poorer one.
Another simple example of how a sustainable bank could engage with its customers could
be in the process of financing home purchases. When assessing loan applications the
bank could include environmental parameters into the process which, if satisfied reduce
the interest rate attached to the loan. Simple criteria such as energy efficiency measures
(energy rating of appliances to be installed, quality of lighting, sources of energy use), as
well as building quality (existing efficiency of a building), and private vehicle usage
(number of cars to be kept in premises as well as fuel types), could all be considered in a
loan application process with the sole aim of improving the quality of the investment made

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by both the bank and the customer. Through a process such as this the sustainable bank
would be leading the customer towards a more environmentally investment which would
be cost saving as well.
BANKING & SUSTAINING

Sparbankerna can make a difference by engaging with customers in an informative,


virtuous and empowering fashion. Sparbankerna need not only be a safe place to deposit
ones money or a good community leader, they can also be a guiding force towards a
future that we can all be proud of. By directing money towards investments that have a
social, environmental and financial impact, Sparbankerna can help a customer be the
change that they wish to see in the world and do so in a transparent and interactive way.
The future needs leaders with a positive vision which is inclusive and engaging.
Sparbankerna can become such a visionary by simply improving on its already impressive
engagement in its local communities.
CONTACT US:

Steven Curtis

Josh Kirkman

stevenkanecurtis@gmail.com

joshuakirkman@gmail.com

070-3089931

070-9416126

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APPENDIX I. MARKETING EXAMPLES

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