Abbey Photocard - Developing a compelling core offering to drive current account acquisition

Abbey Photocard

Challenge

Current accounts are at the heart of Abbey’s business and yet 4 out of 8 million accounts held by Abbey customers were inactive. Following a major brand relaunch, the company wanted to create a compelling current account offering to help them stand out from the crowd, drive loyalty and reactivate dormant customers.

Edengene's Approach

Edengene looked into the growing trend in personalisation. Their research revealed that adults would be more inclined to use the bank card if it carried a photo of their family or friends.

• Developed a suite of offerings for ‘personalised financial services’.
• Built a strong, sustainable revenue model based on two elements:
  - a £5 per card charge
  - £110 per customer account reactivated because of the customers’ emotional attachment
• Sourced technology to enable customers to have any picture on their bank card.
• Created a prototype card for testing with customers in 2 weeks.
• Assisted in the implementation of both the personalised card and personalised statement propositions.

Outcome

• The first personalised bank card available in the UK.
• 4,000 cards issued in the first 4 weeks
• Quickly established process For generating ideas developing propositions and taking them to market
• Delivered the new business plans both approved for implementing within 12 weeks of commencing project
• Generated relevant, differentiated ideas for innovation worked with marketing sales questions, IT staff, advertising, PR and research agencies, and other consultancies
• Trained internal staff
• Overcame internal obstacles to progressing innovations