Most people (95% of households) have a bank account. So, if an institution wants to grow, it must compete for “Switchers.” We know that the majority of people switch either due to a life event or because of a “break up moment” with their existing FI.
Simple had a major “break up moment” when they announced their accounts would roll into standard BBVA accounts. This was after several rate drops, which was one of their attractive features.
One Financial made a landing page showing how their account compared to the Simple account, allowing easy comparison and for them to frame their own account as an improvement on what consumers loved about their old Simple account.
They even included pain points that Simple customers were feeling; information that could easily be sourced from the app reviews and press that resulted from Simple shuttering. Things like:
- Customer service
- Reduced interest rates
- Overdraft Protection resulting in purchase declines
The clearly defined audience allowed the PPC campaign to basically make itself.
Shopping around and comparing features sucks. It’s so overwhelming most people only do it when they have to, despite there being a world of better options. One Financial identified what those churning customers would be looking for and made it, well, simple.