ANZ ads sell new fee structure
The ANZ Bank has launched an advertising campaign – “Don't Get Stung” – designed to lure well-off inner-city dwellers away from its opposition banks. The ad was launched on television last night in Melbourne and Sydney and represents a big push to sell its new Access Advantage account, with its $5-a-month “all you can eat” fee. ANZ's chief executive officer, John McFarlane, said that the ad is part of a bigger campaign to attract retail customers by offering a new fee structure. The ANZ has traditionally been more of a business bank, he said, and we are “underweight” in the consumer sector. We're trying to lure retail customers with our “Restoring the Faith” program and the new fees are part of that. The bank claims that it has already experienced an increase in new account enquiries.
The new Access Advantage account allows the holder unlimited transactions, whether in branches, via ATMs, phone banking or EFTPOS, all for a $5-a-month fee. The ANZ's major competitors generally charge about $6 a month in fees and also limit the number of free transactions. One such example is the Commonwealth Bank's $5-a-month account, with limited transactions.
ANZ's ad campaign is specifically targeting inner-urban 18 to 35-year-olds who, research shows, are the most likely people to change banks. The campaign will soon be taken into national and capital city newspapers, and on outdoor billboards. In Melbourne, street theatre will be used featuring bees and be-keepers to emphasise the “don't get stung” theme.