Blue Foundry Bank
Catch helps an 80 year old bank get millennial ready
Blue Foundry Bank, formerly known as Boiling Springs Savings Bank operated in Northern New Jersey for over 80 years. To say it needed to be reinvented to survive in the competitive retail bank market is an understatement. It was the model of a traditional community savings bank and their customers were aging (65% were over 65).
The issues were threefold:
- Financial – get more assets under management
- Perceptual – differentiate within a crowded marketplace – move from a "dated savings bank" to a "progressive/modern banking solutions provider"
- Customer – attract a younger consumer with a greater LTV
Through syndicated research we identified a core group we called "Established Millennials" (EMs). EMs were on the older edge of the Millennial spectrum (28 to 38). They were opening more profitable accounts, making bigger life purchases and decisions but at the same time were less price sensitive and less brand loyal so they were ripe for the picking.
Our consumer research helped to tease out the good and bad of community banking. By focusing on the high touch and personalized approach that local banks can provide while reassuring the delivery/access to "big bank" products and services, Blue Foundry Bank had a story to tell. But we also needed to connect with the "doer" mentality of our target. They were in a critical life stage where they were literally building their futures. Tapping into this emotion helped to shape our key message.
Blue Foundry Bank is the bank for movers, shakers and makers.
The creative expression of our strategy needed to be bold in order to differentiate the brand and to connect with our target. Being perceived as a bank that acts like no other, was our measuring stick across all channels. Bold, unexpected visuals depicting both "Foundry" imagery as well as the "Doers" that comprised our core business and consumer customers were framed by elements of our new brand identity. This approach was applied to both brand work and tactical efforts.
At Catch we take data analytics very seriously. We understand the importance of being able to measure our efforts and track back to ROI. Nowhere is that more important than when dealing with financial institutions. Communications spending had to deliver upon specific basis point goals across both personal and business initiatives that correlated to new account openings