Coast Capital finds new value in financial partnerships

The credit union's new campaign refreshes an old tactic with new data to give Canadians the nudge they need to leave their bank.
Coast

A new campaign from Coast Capital is bringing a fresh twist to time-honoured credit union positioning.

The campaign, titled “Don’t Settle,” is built around a simple insight gleaned by Coast through a study it commissioned in partnership with Angus Reid. The study revealed that 59% of Canadians don’t turn to their banks first when seeking financial advice and, further, that 40% of Canadians feel as though they have been misled by their financial institution.

Coast’s campaign draws upon that data to communicate a message that is familiar among credit unions but gets added relevance in the context of those stats: if you’re not happy with one of the banks that are beholden to shareholders, you should switch to a member-owned credit union that has more incentive to act as a partner.

“It isn’t surprising that Canadians don’t feel supported by their banks – that is a reality that has driven the cooperative movement for decades,” says Andrew Rusk, VP of marketing for Coast Capital. “But when the majority of Canadians are no longer looking to their financial institution for advice, that’s a serious issue.”

The campaign, which will be in market until June, is built around a 30-second spot that is running across TV and social, supported by OOH and mobile advertising. It builds upon the platform established last summer with Coast’s “We’re For Real” campaign.

The spot shows a variety of people – primarily small business owners and parents, but also younger adults – who are working hard to make ends meet, but may be struggling with debt or saving enough to achieve one of life’s key milestones. In voiceover, a narrator speaks about the importance of a financial institution acting as your partner in life.

This is especially true given the current economic and social climate, Rusk adds.

“We live in a time of incredible volatility and change… This includes the cost of living, ever-increasing house prices, disinformation and climate change. Canadians need advice now more than ever,” he says.”If a person is losing sleep wondering how they’re going to retire, afford a home, or set their kids up for the life they deserve – and I think that’s a reality for most of us – that person needs a better financial partner in their life.”

Cossette handled creative for the campaign, with its media arm handling the buy.