We showed New Zealanders how much money they were wasting by shredding $6 million.
New Zealand's super-heated property market had led to an increasingly competitive home loan environment.
Kiwi banks had responded with retail tactics – lots of rate advertising and signing incentives. It was coming down to who could shout the loudest and offer the best "gift" to new customers. Bank of New Zealand (BNZ) couldn't keep up.
BNZ needed a way to compete without increasing spend. The answer? They went back to their brand promise and created Tailored Home Loans (THL) a mortgage product which helped Kiwis pay off their home loan faster by offsetting the family's transactional accounts against their home loan, resulting in reduced interest.
In order to show Kiwis how much money they were wasting on home loan interest, we decided to “Show them the Money” by shredding $6 million.
An installation was created to demonstrate the amount of money being wasted – the $6 million dollar glass house. Inside was a massive pile of genuine shredded cash representing the amount of interest kiwis pay every four hours. The glass house stood in Auckland's CBD and supported organic foot-traffic with geo-targeted mobile advertising.
A cash van travelled to key locations across New Zealand and gave Kiwis the chance to hold $156,000 in shredded cash bricks – how much the average person could save.
We also sent these cash bricks to 250 BNZ customers who could most benefit from THL, encouraging them to come in for a conversation.
Our activations were supported with a national advertising campaign across TV, print and digital.
The launch video reached 1.1 million people on Facebook, with 55,000 people watching the video in 17 hours.
30% more people associated BNZ with 'being good with money‘, and preference for BNZ increased by 11%.
31 editorial news articles and more than 3.4 million readers and listeners were reached.