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BACS to the future The rebranding of a national institution

BACS to the future The rebranding of a national institution. David Sear 16 th February 2006. Begin at the beginning. What is your business and what are your capabilities?. The Banker’s Automated Clearing Service. 36 years of operation as the ‘back office’ processor of the UK economy

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BACS to the future The rebranding of a national institution

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  1. BACS to the future The rebranding of a national institution David Sear 16th February 2006

  2. Begin at the beginning What is your business and what are your capabilities?

  3. The Banker’s Automated Clearing Service • 36 years of operation as the ‘back office’ processor of the UK economy • Mutual governance structure • Owned by 12 major banking institutions • Old banking culture • Run by ex-bankers • ‘Not for profit’

  4. A critical function in the payments processAll Direct Debits and over 90% of UK salaries The UK’s Automated Clearing House By the end of 2005, over 90% of state benefits and pensions will be paid via our technology platform - now a key part of the critical national infrastructure.

  5. Building on a long history of volume growth and service developments Item price (p) Volume (m)

  6. Understanding your environment Creating the strategic context

  7. Strategic drivers • Drive to faster clearing cycles • OFT ‘task force’ • Internet banking growth • International standards • Rapidly increasing volumes • £100m investment to replace legacy systems • Leading edge secure internet input • Hugely scalable payments engine • Changing needs in the market • New markets, new uses of electronic payments • Electronic billing, mobile payments • Competition - domestic and international • Regulation ends 36 years of sole supply - the processing company no longer owns the BACS brand • Move towards ‘Single European Payments Area’

  8. The final frontier27 domestic clearing houses in Europe The EU has mandated that by 2010 there will be a ‘Single Euro(pean) Payments Area’ (SEPA) Page 8

  9. Strategic framework Key strategic objectives: Be commercial ‘for profit’ Diversify: double revenue by 2009 Geographically expand: 2 additional markets by 2009

  10. Integrated marketing to communicate vision and support business development • All of Voca’s marketing has a key objective and target audience considered within the branding whole CORPORATE IDENTITY Joint Ventures Relationships – UK & International banks, Ventures Additional Services Internal communications • Research strategy • Web strategy • New products and propositions • CRM project Corporate Social Responsibility Cross functional working

  11. Deal with perceptions The good, the bad and the downright ugly

  12. 93% would recommend BACS & 92% had confidence in the company In touch with customer needs 77% Confidence in staff 75% Easy to deal with staff 67% Always striving to improve 63% Staff that pay attention to what I say 64% Staff take responsibility for problems 59% Makes me feel valued as a customer 52% Brand attributes Trusted 97% Efficient 96% Secure 96% Proven / Capable 94% Experienced 93% A branding journey - 2004Identify our starting point – good and bad news • Brand Awareness for BACS was almost a universal awareness when prompted – 99%

  13. Building a B2B corporate profile through PR It was important to educate our target audiences that BACS Limited was more than just a product.

  14. SERVICE FOCUSED BUSINESS ? PRODUCT FOCUSED BUSINESS PROVEN APPROACH Finding a new name for the company Research survey on prospect names Test 4 Test 3 Test 2 LEADING EDGE

  15. Finding a new name for the companyBrand Values Trusted: Respected,proven, reliable, certainty, transparent, experienced Robust: Secure, safe, resilient, global capability, unparalleled scalability Knowledgeable: Expertise, experience, insight, understanding, informed, smart _______________________________________________________________ Agile: Dynamic, attuned to market,customer-responsive,fast moving Progressive: Enterprising, leading innovators,commercial, visionary, best technology, learning and developing Passionate: A people business, fierce pride in every job, commitment, friendly, energetic, passion to achieve our goals

  16. Why did Voca win? Latin - ‘call’ call down funds Simple, clear and explainable Is international in feel, European and implies speed Clear links to communication There is very little ‘noise’ from similar sounding names in our sector ‘.CO.UK./ .NET/ .COM’ domain names available Available, registrable and explainable asset with a positive response from internal and external audiences

  17. Take the people with you ‘Tell me and I forget, show me and I remember, involve me and I understand’

  18. Marketing tools determined by target audience International payments industry Customers - 12 Larger Domestic/ Retail Banks Domestic payments industry 450 Staff Over 100,000 Corporate Customers using BACS payments Shareholders- 12 Larger Domestic/ Retail Banks Media and influencers European banking influencers International Banks

  19. Target audiences have key concerns and areas of interest

  20. OneVuVoca’s first joint venture • An easily integrated system for online bill presentment and payment available to consumers through their secure online banking facility. • Partnering with US online billing behemoth CheckFree • Leveraging bank relationships to sign up HSBC and LTSB • Market research indicates 24% of banking customers would use the service

  21. Digital Payments • A joint venture with fraud specialists Retail Decisions (ReD) and mobile technology experts Mi-Pay the company promotes new media payments. • First customer Carphone Warehouse will leverage the Direct Debit model for mobile payments

  22. Brand involvement question I understand how living the brand values will help us achieve our business plan. I feel involved. I know what actions I need to take personally. Score prior to event and following 7.1  9.4 6.8  9.7 5.7  9.1 I understand what we are changing and when and what we're building on. 7.8  9.6 Implementation - Internal involvementManager’s conference – creating advocates

  23. Top 10 words used to describe ‘Voca’ – June 2005 Top 10 words used to describe ‘BACS’ – Nov 2004 1. 1. Reliable Ambitious 2. 2. Professional Reliable 3. 3. Professional Ambitious 4. 4. Progressive Changing 5. 5. Secure Changing 6. 6. Robust Committed 7. 7. Trusted Trusted 8. 8. Innovative Innovative 9 9 Optimistic Knowledgeable 10. 10. Agile Trustworthy Implementation - Internal involvementStaff survey and changes in language • 5 of the 6 values (passionate missing) feature in the top 10 for ‘Voca’

  24. Email campaign & ‘All about brand’ website Page 25

  25. Target audiences – one year on

  26. Voca take home pay indexLaunched November 2005

  27. Using your assets Integrated across all media Page 28

  28. ….and evolving your assets Page 29

  29. Key learningsRe-branding a national institution • Proceed with caution • People have emotional commitments to the past • Your people will be your strongest advocates and (potentially) your greatest critics • Understand your capabilities • Brand values must reflect • Respond to the strategic context • Understand your audiences • Listen to your people & involve them • Be patient • Take the past with you

  30. Sell it how it is

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