Yes, banks can be fun too
All banks' T&Cs will put you to sleep. So Medibank only did the logical thing.
If you were discussing marketing with me and had a shot every time I took potshots at the BFSI sector’s laughable efforts at using digital, you’d need a liver transplant rather quickly. Okay, I exaggerate, but really - what was the last time a bank, insurance player or mutual fund did anything interesting? Perhaps I am being uncharitable - it’s likely marketing has good ideas that legal, compliance and regulators take a dump on
Which is not to say banks haven’t had their share of nice campaigns. A reader, Karunya, sent me something cool an Australian bank did.
Medibank’s soothing T&Cs
T&Cs are long and boring. Their soporific nature lent itself nicely to ASMR. So on World Meditation Day a couple of weeks ago, the bank turned its various policies’ terms into… well, soothing meditation tracks.
It’s a hilarious idea and they have versions for four kinds of insurance. You can check it out here.
The videos don’t have that many views and that’s a pity - they haven’t promoted the campaign much (or even called it a campaign). This is surprising as they actually have a whole page on wellness and meditation and this could have been plugged quite seamlessly there. They also didn’t seem to do too much PR around this, and save for a few social media posts, didn’t amplify it much (distribution is as important as the idea, kids).
Anyway, clever stuff to show that yes, even in the stuffy space of banking, some cool ideas are possible. I actually know a bunch of mid-2010s campaigns from the sector - I had the misfortune of having several BFSI brands as clients in my agency days, so here are a few I loved.
Nordnet’s astonishingly candid ads
From Scandinavia comes the script every frustrated banking brand manager wishes they could write.
Sabadell Bank’s Ode to Joy
One of the best examples of the “orchestrated stunt” videos that were popular a decade ago, and a magnificent representation of how one small investment can go a long way.
AmEx took content marketing to its extreme
American Express is quite savvy with its marketing - from social posts to concert sponsorships to clever podcast integrations… But this 40 minute documentary directed by the same person who did An Inconvenient Truth on how ordinary Americans face financial challenges is right up there.
Small Business Saturdays
Speaking of AmEx, their Small Business Saturdays remains one of my favourite marketing ideas ever. In a bid to champion small, local businesses, AmEx would create an entire campaign and microsite around them. To me it was a fabulous example of a B2B + B2C campaign rolled into one.
The idea was founded by AmEx in 2010, and today has the support of government agencies, and has been extended to the UK as well.
MasterCard’s sponsorship of Masters of Scale
Masters of Scale is one of the most poopular business podcasts in the world, often hosted by star investor Reid Hoffmann (LinkedIn, PayPal). Apart from the insights on the show, I was always intrigued by how the Mastercard Center for Inclusive Growth sponsored the show - not as a bland ad read nobody wanted to hear, but as a little story by itself. Each episode would feature one ‘story’ of an entrepreneur, and how the Center supported their journey. It’s the best example of customising ads to the podcast medium that I know of and I was unsurprised that it was nominated for a Shorty Award.
I do have a few more examples (who thought that BFSI actually had so many cool examples, eh!). Maybe I’ll share more another time. And no, I refuse to count banks who have opened up an outlet in the metaverse as a legit example.
Updates
Worried about Apple stealing Meta’s VR lunch? Not the Zuck, who feels that the Quest encourages activity, while Vision Pro shows people sitting on the couch.
Smartphones are now among India’s top five exports… And Apple has a large part to play in that.
Reddit needed to make money. It planned to charge for API access to what the CEO believes was a great repository of human-generated content. Which meant many developers with noble intentions (and no money) could be shut out. As a result, many subreddits chose to go private - or go “dark”. Now, Reddit has outsized influence and cultural relevance relative to its revenues. So while this might not have a financial ripple effect, it certainly has a lot of folks talking. A lot.
Meanwhile, Twitter might allow verified users to make money from ad placements next to their tweets. The new CEO, tasked with bringing in revenue, sure has her work cut out for her as her mercurial boss goes on tweeting nonsense.
Opting to move steadily without breaking things, the EU passes a landmark AI regulation bill. Personally, I’m happy to see this happen. Not because I think ChatGPT is evil and Midjourney will steal jobs, but because we’ve seen what happens when other technologies (social media primarily) go on unregulated. It’s good that lawmakers are concerned about AI, even if they don’t “get” what it can do.
LVMH partners with Epic Games to provide premium in-game wearables in Fortnite.
A new Beatles song is coming!
Using technology, anyway. This is going to be decisive. Paul McCartney and Ringo Starr - the two surviving members of the legendary band - are releasing a new song and John Lennon’s vocals will be recreated using AI. This is quite stunning, and I’m looking forward to it.
Paul’s quite tech-friendly. A year ago, he released a music video featuring a younger version of himself. See it below.
Presciently, the first comment on that video was:
Reads
An interesting example of a tool that uses AI to help designers make (physical) clothes quicker.
Another fabulous example of how GenAI will assist the businesses of tomorrow: An IKEA supplier found a way to make a foldable couch that fits into an envelope.
Patagonia and Samsung are making a washing machine filter to reduce microfibers. Not exactly an internet thing (unless you count the software update) but a good showcase of meaningful brand collabs.
Finland is raising a generation of fact-checkers.
Silicon Valley confronts the “singularity” which seems closer than ever (or is it just hoo-ha in the quest for market cap?).
Interesting idea: Netflix’s restaurant
I like how the company constantly finds ways to monetise various fandoms - from video games, to merch to now, dining experiences from its various shows.
Reports
McKinsey’s new report on the potential for generative AI: The consultancy says GenAI could add trillions of dollars in value to the global economy, saying it could have a profound impact on the nature of work and increased productivity.
Google + Bain + Temasek’s India e-conomy Report: A look at India’s digital economy today and where it might go. Loads of stats, graphs and examples. Might appear a tad optimistic, but some undeniable trends in there.
GoaFest 2023 winners: While not a report per se, a good reference for those who want to check out new campaigns.
Binge-read
This lovely series of “positive about the future” articles from WIRED, to celebrate its 30th year.
Weekly recommendation
Extreme’s new album is a masterclass. Nuno Bettencourt is one of the best guitarists around - not about speed, not entirely about feel - it’s most about the audacity and fun. Gary Cherone’s pipes are in great shape. Really fun, enjoyable rock album.
The opener itself is a fantastic track and should be the one you listen to if you could only pick a track.
https://songwhip.com/extreme/six2023
See you next week with more things from the internet.
Chuck