Nationwide takes aim at ‘sneaky’ rivals

Nationwide is to launch a campaign to push a new savings service that aims to provide an antidote to banks that keep customers “in the dark” over interest rate changes, the latest stage of a long-term strategy to convince customers it is “on your side”.

Nationwide

SavingsWatch is an alert service that sends a text to existing customers when their rates change. Emails will be to detail new products.

Andy McQueen, Nationwide’s marketing director, claims the service was launched after research found not being informed of changes to products was a major concern of consumers.

He adds: “People don’t think banks tell the truth about savings rates and they are being kept in the kept in the dark. Financial services firms are good at advertising rates when trying to acquire new customers but not when they change existing customer rates.

“It will increase confidence in the proposition and not that they are sneakily putting rates down”.

Nationwide introduced its “on your side” strategy last year to position itself as a service-led mutual that helps customers navigate their way through financial life.

McQueen says the latest activity brings the positioning “to the fore”. He claims it is “working brilliantly” with customers and staff but declined to offer any metrics.

The SavingsWatch TV ad, created by 18ft and Rising, depicts “an uncomfortable and disorientated” couple in a fantasy world saved by Nationwide, which “guides them through the confusing maze which is the world of financial services”.

Further services aimed at helping people better understand and take of advantage of services are currently being planned, McQueen added. He declined to offer further information.

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