Neobank Zopa has launched its first major advertising campaign since gaining its banking licence in the summer of 2020. Zopa is on a mission to show UK customers how it has challenged norms within the banking industry and turned money on its head to deliver more customer-centric banking products to the market.
This stance builds on Zopa’s long history of customer advocacy. In 2005, Zopa started as the world’s first Peer to Peer finance company, focused on offering people fair and simple loans and investments. Now as a neobank, Zopa has extended its product offering into Auto loans, credit cards and savings, in each case listening to customer feedback to identify pain points and deliver fairer, better value products. The campaign focuses on Zopa’s drive to remove unnecessary fees, deliver certainty and transparency to customers on APR and approvals at speed, with everything being underpinned by ease of experience. The brand has already helped over 800,000 customers and enjoys strong loyalty and advocacy – proudly gaining an Excellent Trustpilot rating from more than 15,000 reviews. However, Zopa hopes that this campaign will increase awareness and consideration of its now wider product set.
A year on from gaining its bank licence, Zopa’s campaign is its first major marketing activity and launches at a time when consumer attitudes, behaviours and contexts are changing significantly as a result of the pandemic. In order to ensure that the campaign felt relevant and engaging to customers, Zopa took a test and learn approach. Having collaborated with Chaz Hutton since 2019 across its social channels, Zopa learnt that the cartoon characterisations of money created from the collaboration were the ideal way not only to debunk finance terminology as originally intended, but also to communicate the spirit of the brand. The illustrations saw more than double the advocacy amongst consumers on Zopa’s social channels vs. other content strands and provided a proven way into communicating Zopa’s campaign messages. The campaign was planned by and in partnership with Medialab Group will run on TV, Print and Digital media, allowing a layered approach to the brand’s message.
Clare Gambardella, Chief Customer Officer at Zopa said: “At Zopa, we’ve always believed that banking can be done differently. Too often in the industry, consumers are not put at the heart of decision making. Zopa tries to really understand customer needs and challenge the accepted wisdom to provide transparent and fair products that work better for people. We have removed unnecessary fees, given customers’ more transparency on rate and acceptance, sped up and simplified application, and provided award-winning customer service. This is why we believe that we have every right to say we’ve been ‘turning money on its head since 2005’.
“With minimal marketing spend we’ve already experienced exceptional growth for our newest products, and continue to see volumes for our established loans products increase. We hope that this campaign will spread the word about Zopa products to more of the people that can benefit from them.
“As a Brand team, we know that it has never been more important to be agile and responsive to the market and to customers. This test and learn approach to campaign developments has enabled us to create a connection with customers before launch and to develop what we believe is a distinctive approach to communicating the brand.”