Leading Retail Bank Creates Social Impact and Business Value
How a leading retail bank created social impact and business value through a world-class financial education community program.
Retail financial services are going through unprecedented levels of disruption in product, service and channel. Increasing levels of competition and growing question marks over brand relevance for the next generation of customers – driven especially by financial technology and digital disruption – means that competing for future customers is more important than ever.
A leading Australian bank felt positioned to meet this challenge head-on. As a market leader in retail, commercial and institutional financial services with a long-standing commitment to the community, substantial philanthropic and community investment, their 50+ year legacy of deep involvement in education gave them license to consider how community investment might help contribute to these major business challenges.
For them, the challenge is continuing their legacy of community investment in a way that helps differentiate the brand, drives customer acquisition and loyalty, and ensures authentic and impactful involvement in the community.
Karrikins built on the Bank's proud history of educational engagement by designing a large-scale, branded, signature in-school community program that both drives world-class educational outcomes, and positions the brand with the next generation of customers.
The program changes the way young people learn about money. Through inspiring and impactful face-to-face workshops delivered by professional facilitators, coupled with innovative online learning resources for both teachers and students, the community program creates both confidence and competence in this important life skill area.
Each year, the Bank reaches over 500,000 students in primary, secondary and vocational education settings, making their program the largest face-to-face financial education program in the world. It has won multiple national awards for Innovation, Community Contribution and Best New Product.
This signature program has redefined the way organisations think about strategic community investment. As a high-impact social program, it has had massive positive impact on the Australian community. As a strategic brand initiative, it has created immersive, relevant and meaningful brand experiences for hundreds of thousands of potential future customers, at a time when they are making key decisions about brand preferences.
The social impact of the program has been independently evaluated by a leading national research organisation, and across key domains of changes in knowledge, attitude, self-efficacy and behaviour it was to have measurable, educationally significant impact on students of all ages.
In addition, the successful program has been used by the Bank as a foundation for thought leadership and stakeholder influence; the results of their evaluation and parallel research into financial education has allowed them to both facilitate and engage in conversations with senior bureaucrats, policy makers, academics and community leaders; and approach those conversations from a position of expertise and contribution.