In challenging economic times, ANZ’s position as home loan market leader was under threat. How to maintain the status quo? By shaking up its approach to mortgage customer service.
In 2023, many Kiwis were faced with soaring bills that left them anxious about how they would be able to afford their mortgage repayments.
This caused a dramatic increase in switching and threatened ANZ’s position as Aotearoa’s market leader in home loans.
In an industry worth $348 billion, a share loss of one basis point is worth $34.8 million in lending value.
ANZ was now faced with a decreasing pool of customers and an increasingly competitive market.
The solution ANZ came up with was two pronged: not just a good rate, but also offering good service – giving Kiwis a reason to talk to them first.
‘Home Loan Check In’ was a campaign that balanced the service void plaguing the market, but also acknowledged the price sensitivity Kiwis were feeling.
“Rather than follow the category and join the rate race, we needed an answer to the growing trend of homeowners looking for bespoke service, not functional offers,” says the ANZ marketing team.
Using the large network ANZ has as the largest mortgage lender, the bank was uniquely placed to offer personalised services no other bank could: mobilising 1,000 home loan coaches.
Targeting sentiment that all banks are the same, ANZ was able to differentiate itself from the crowd, grab attention and maintain its share as market leader for home loans.
The campaign featured The Clash song Should I Stay Or Should I Go? and a good dose of punk attitude – breaking marketing conventions by using distinctive colours associated with competitors.
The creative was confident, bold, loud and cut through the rate race. It wasn’t what you’d usually see from ANZ, but it paid off.
The bank increased its home loan market share by 34 basis points, which might seem subtle, but it’s seismic in the sector. It also increased its share of customers and reduced the proportion of customers switching.
ANZ approached its declining position by creating a new genre in mortgage customer service – and it was a hit.
“Given the state of home loan performance, we knew to have impact we’d need to do something different, and marketing couldn’t deliver this on our own,” the team adds.
This ultimately became ANZ’s most effective home loans campaign ever.
Judges’ comments
“Very clearly defined strategic priorities that were linked to the overall business objectives. The marketing team articulated the challenge well, they understood the market gap and galvanised the wider business to deliver outstanding results.”
This was first published in the 2024 September-October NZ Marketing Magazine issue. Subscribe here.
