The new television commercial from Stanbic IBTC is a study in visual artistry; how visuals can be creatively deployed for brand positioning and image re-calibration. The TVC, in a series of scenes, shows different life situations where dreams become reality and challenges turn to triumphs. It opens with a dreamy-looking boy riding happily his Raleigh bicycle and the shot transitions to when he becomes a cycling champion as an adult.
The next scene reveals a fashion apprentice who damages a fabric as she cuts but ingeniously creates a wonderful style out of that mistake. This is followed by a group of commuters helping a commercial bus driver push-start his bus and the driver later becoming a big transporter, boasting a fleet of luxury buses. The brilliance of the TVC is enhanced by the frozen time, suspension of action in time, concept employed. While everything else around them remains static, the heroes of the commercial continue to transition.
Among the most enduring elements of the TVC is the scene where commuters try to get the engine of a Volkswagen commercial bus painted in the yellow and black stripes of Lagos commercial buses, popularly called Danfo, to start by pushing the bus. The Danfo is the commercial vehicle of choice for the masses in Lagos State and indeed in many other parts of Nigeria. If the public transportation had been one of the new shuttle taxis in Lagos, the Red Cabs/Metro Taxi, it would have perhaps been aligned with the perceived image that many people hitherto had of Stanbic IBTC; as a highbrow financial institution that caters only to the upper class demographic segments. A Danfo, however, is symbolic of the mainstream, associated with most people, and recognised by all.
Another very significant element that captures the imagination is the girl hawking her wares close to the Danfo, impervious to associated risks. Hawking in motor parks and on the streets is a common sight in many parts of the country. The Danfo and the hawker are brilliant shots that speak to the mainstream and signify the growing accessibility of the brand by many more people, even in socio-economic demographics that are several steps below the top-end of the market.
The new TVC employs the use of the wheel to symbolise perpetual motion, which ties in with the Stanbic IBTC pay off line of ‘Moving Forward’. From the opening shot with the bicycle to the Danfo bus and then the luxury buses, there is a preponderance of wheels moving individuals forward from cradle (the boy riding the bicycle) to adulthood (people in the Danfo and the buses). The wheel metaphor was deliberate and helps to reinforce the Stanbic IBTC message as a one-stop, all-inclusive financial services partner that helps individuals and businesses to grow from dream to success and to further success. The freeze versus mobility juxtaposition in the TVC again highlights the imperative of growth and how Stanbic IBTC never stops at helping you grow.
The new TVC, therefore, is Stanbic IBTC’s latest pitch to Nigerians: You have different needs at different life stages. As an end-to-end financial institution for everybody, we have different services to match those needs, and we never stop at helping you achieve success. You can be rest assured knowing that from your first day in school till you want to pass on your wealth to your loved ones, Stanbic IBTC will always have your back.
To address the question of an upper class image being a mitigating factor against customers coming into the bank, Stanbic IBTC continues to show through its product lines and branch network that it is a people’s bank with a strong play in retail banking. Many of its branches are situated within or around markets, close to the masses. Some of its products are targeted at the retail end of the market. For instance, the SME Quick Loan, which is an unsecured facility, has made it possible for people who normally would not access financing to get credit facilities. Its payment cards and mobile banking offerings are available for all classes of customers. The financial institution says it continues to strengthen its brand image and let people know and understand that there is more to Stanbic IBTC than just pensions and investment banking, and that it is a full financial services institution.
With solutions that cover the entire spectrum of financial intermediation, the new TVC addresses its target audience. Stanbic IBTC’s pension arm is the leading pension fund administrator in the country, with over a million customers, a major milestone under the contributory pension scheme; its corporate and investment banking unit is regarded as the leading investment bank in the country, and its growing personal and business banking unit, with a wide product range that caters for diverse needs, shows a lot of promise. Added to this is the phenomenal growth in the number of branches, from just a handful about four years ago to close to 200 currently, making its services and products available to Nigerians, even beyond the commercial city centres.
Perhaps, the most significant element in the TVC is the demonstration of the assurance that Stanbic IBTC is a partner in progress. One that can turn the few steps of a little beginning into greatness and brings your dream to life by giving you a chance to showcase your creativity where others are hesitant. Like the fashion trainee, where others see challenges, Stanbic IBTC sees opportunities for success. The TVC could be regarded as a metaphor of how dreams and aspirations could remain frozen if the right financial partner is not available to nurture them to life.
The frozen time represents the financial immobility that many people experience. The new TVC showcases Stanbic IBTC as having the solutions, services, wealth of experience, and panache to help people solve their finance-related problems and ensure they do not remain frozen and unable to act. And then there is the cerebration scene, indicative of Stanbic IBTC’s pride in your success.
Without a suite of solutions to meet the needs of people in different socio-economic brackets, the messaging inherent in the TVC would have been far-fetched. Artisans, food sellers, and other people in that economic bracket will likely not go anywhere near a banking hall. Stanbic IBTC says its mobile money service is the first step towards bringing people in the informal sector into the formal financial services system. The service, with its low entry requirements and minimal documentation, unlike the documentation required for opening a regular bank account, will readily appeal to these sets of people. They, in any case, already own mobile phones, which is the fundamental requirement for opening a mobile money account and running the service. Stanbic IBTC’s well-regarded pension, investment and advisory services, positioned to meet the needs of a highly aspirational group of people (Nigerians are known to be quite ambitious) in the different socio-economic brackets, will appeal to the people represented in the TVC. According to Stanbic IBTC, the model is based on a financial inclusive strategy. The bank said it is keen to target clients across the societal spectrum and that it would like to bank the best of each target group. So, for instance, only the best students, the best artisans, and the best market women would be targeted.
In all, it is a well-produced commercial, encompassing some of the local nuances that make Nigerian city life what it is; that in spite of the daily struggle, there is a potential for great reward if the right solutions are applied. And it is all the better if the solutions come from institutions that have the experience and expertise to move people forward.
Solape Akele
Akele is a consultant with XLR8
