Revolut challenges financial stereotypes in its first major campaign

https://www.youtube.com/watch?v=hm4ZU6H44fU

Revolut is rolling out its first major brand campaign, as it pursues its ambition to become the ‘number one’ digital banking service in the world.

The fintech brand teased the launch of the campaign earlier this year, as part of plans to increase its marketing investments. These plans also included recruiting 45 more marketers, investing in local marketing teams, developing in-house creative expertise, and investing “heavy” in performance marketing, analytics and insight. .

The new campaign is Revolut’s biggest to date. Led by a TV advert, ‘Your Way In’ aims to reach ‘millions’ of UK consumers at home, away and online.

According to global head of integrated media Quentin Luce, Revolut wants to challenge stereotypes of finance and show consumers how they can enter “previously closed monetary worlds”, such as trading and investing in stocks, cryptocurrencies and payments in foreign currencies.

“It’s a campaign that truly portrays the most rewarding opportunities in terms of money. And those opportunities haven’t necessarily been available to most of us all the time,” he told Marketing Week.

“Traditionally, they were too expensive, or too complicated, or too difficult to access. What we want to show is that Revolut is crumbling through all these somewhat dated traditions, to unlock a world of money that most of us never really thought we could be a part of.

“Crashing” is a key theme of the film central to the campaign. The ad takes viewers on a journey around the world, in which ordinary people use the Revolut app to navigate their way through financial arenas and through financial situations that would traditionally have posed a challenge.

A woman on the toilet crashes into a trading room in a financial district as she trades stocks on her phone, for example. A man rides a jet ski on an armchair to help his partner buy a Singapore dollar cup.

The message is meant to be “empowering,” says Luce. “We invite everyone to join Revolut, to join a product that is truly open to everyone.”

Source: Revolution

The message is timely, with financial challenges high on the consumer agenda amid a cost of living crisis that will have people looking for new ways to manage their finances. Last week, the GfK Consumer Confidence Index revealed that consumer confidence hit an all-time low in August with a score of -44, down three points from July.

Consumers’ perception of their own financial situation over the past 12 months fell two points to a score of -25, down 25 points from August last year. Expectations for the next 12 months are even worse, down five points since July to -31 and 42 points since last year.

Luce agrees that the timing is right. “We know that people all over the UK are looking for new ways to manage their money, new ways to invest their money, they are increasingly looking for financial freedom, more and more confidence in their money, and the cost of living crisis is definitely something that has increased over the past few months,” he says.

“Consumers generally have to settle for suboptimal monetary services. They were led to think that was good enough. But we really think that’s not good enough at Revolut. So we really want to democratize money and show that we can help money underdogs.

Created in partnership with advertising agency Wieden+Kennedy, the ad will premiere on TV today (August 26) and will be shared on Revolut’s social media channels. Supporting activity will take place on outdoor billboards, video on demand (VoD), digital marketing channels and podcasts.

“You’ll see us all over the place and we hope you can’t miss us,” says Luce.

Explaining his decision to run the campaign with TV despite its rising cost, he says TV is “actually an underrated medium” and a “very successful channel”.

“I have quite a bit of TV marketing experience and yes, the costs are going up,” he says. “But it’s a channel that almost everyone watches every day, even the youngest, and it brings very different performances. It also brings performance on other channels and brings a ton of brand awareness. So we are very confident with television. “Reaching the Edge”: What Does Media Inflation Mean for Brands?

Growth projects

So far, much of Revolut’s customer growth has been through word of mouth. The digital bank now claims more than 5 million customers in the UK, as well as 20 million worldwide and more than 500,000 business customers.

According to Global Managing Director and Head of Marketing, Ankit Khemka, the plan is for the new campaign to further drive customer growth by building brand awareness and driving it through higher consideration and conversions.

Success will be measured against these three metrics, as well as the campaign’s impact on customer acquisition. On top of that, Khemka hopes the campaign will impact existing Revolut users, leading to more frequent usage.

“My goal for the team was to make sure we reach almost everyone who is relevant or likely to be a Revolut customer. Let’s make sure we reach out to them and talk to them about what we’re trying to build,” says- he.

However, it keeps the campaign budget flexible, so the brand can react and adapt its strategy as it sees the impact being felt.

We are only a small piece of the pie and I think the pie is still very big for us.

Ankit Khemka, Revolut

Khemka joined Revolut in August last year from Hello Fresh in New York, hired alongside VP of Growth Antoine Le Nel.

Speaking to Marketing Week in February, Le Nel said: “We want to disrupt marketing like we disrupt banking. That’s really our goal. Personally, I like this idea of ​​defining the playbook for an entire industry.

Khemka was tasked with scaling a regional marketing leadership team around the world, as well as building Revolut’s global brand through advertising and media partnerships.

Since joining the company, Revolut’s marketing team has “laid the groundwork” it needs to drive continued growth, he says, by investing in performance marketing and channel optimization. ” basic “. It is therefore the perfect time for the company to invest behind its brand.

“We haven’t seen a phase in the last 12 to 18 months at least where growth has slowed down,” Khemka says.

“Once the groundwork is laid, the core marketing channels are all working very well and in a very optimized way, which is when you come in as a marketing team and bring in other channels of higher funnel to further drive your business growth.”

As the company looks to future growth, Khemka says its marketing strategy will “always go back to basics” and start with a customer-centric approach, especially as it continues to innovate its product. Revolut on its mission to ‘disrupt marketing like we disrupt banking’

“We still want to focus on delivering 10x better value, 10x better service, 10x better security, creating products that consumers want and enabling them to use the product. This direction will not change for us. We will do so in our core markets and also in all the other markets that we develop,” he says.

The UK fintech and digital banking market is increasingly crowded, with rivals such as Monzo, Starling, Tandem and new entrant Chase. Monzo claimed 5 million active users as of March 2021, while Starling claims to have over 3 million. Meanwhile, long-established banks are becoming increasingly digital themselves, with Lloyds investing £4bn over the next five years in a new strategy to become a “customer-focused UK digital leader”.

However, Khemka says it’s “too early” to suggest the market is becoming saturated. When each service is broken down by the products it offers and the target segment, it starts to look quite different, he explains.

“We are only a small piece of the pie and I think the pie is still very big for us… There is a very large percentage of the population that could use Revolut,” he explains.

“We are just getting started. In the US and UK, the change brought about by digital-first, digital-native financial institutions is still in its infancy. There is still a lot of work to do. »