ABA Banking Journal

Editorial content organized by topic

Sponsored content from industry partners

PRODUCT/CONTRACT ANNOUNCEMENTS
Latest offerings by category

JOB BOARD

Articles submitted by industry partners

DIGITAL EDITION ARCHIVE

Online Edition

Getting edgy, FNBO Direct launches YouTube contest to plug savings to reality tv generation (June 08

The IT that runs Wachovia Bank’s credit card division, and FNBO Direct’s savings contest are featured

A campaign to popularize savings has gone from quiet pilot to big time ballyhoo beginning May 6, courtesy of YouTube. Asking participants to submit a one-minute self-produced video describing the person’s savings agenda, Pay Yourself First, (www.pyfchallenge.com), will chose five semi-finalists who hope to share “a savings journeys with viewers” over several months.

The campaign was the idea of FNBODirect, the online bank, which has been in business since 2006 as a part of $21 billion asset First National Bank of Omaha. The contest fits for a bank built for bending marketing rules, according to Robin Nakamura, senior vice-president of eBusiness.

Given the notoriety of YouTube, FNBODirect hopes to propel its next phase of growth by promoting the basics of fiscal responsibility in a way in keeping with our reality-tv times, Nakamura relates. “Our president, Rajive Johri, first came up with in the idea of a savings challenge last year,” she says.

Overall, the savings campaign asks that existing—and new—customers of the bank flip the usual approach to savings, spending first and then putting anything left into savings. The campaign suggests putting all money into a savings account at payday and subtracting necessary expenses—emphasis on the word necessary. (Your fifth pair of cute shoes or eighteenth mocha latte this month probably doesn’t count.)

As for the contest, Nakamura acknowledges that YouTube is an edgy venue—although it is also rapidly becoming mainstreamed. “Lots of corporations are looking at it as another viable media channel,” she acknowledges.

The contest asks that contestants be compelling and original, though too much snotty humor probably won’t cut it.

“What we’re looking for can be fun, but of course, it’s got to be appropriate,” she says. “Inspirational stories would be nice, but I think it’s the kind of thing that we’ll know when we see it.”

Once the top finalists are chosen the Challenge will begin to focus on their savings program, which will be documented real-time at the www.pyfchallenge.com site. As part of this, each contestant will have a “Goal Tracker” displayed on their blog that will show anyone logging in how they are doing.

Winners will be selected based on percentage increase in net savings and will need to have adhered to other requirements, including blogging three or four times weekly about the process. The grand-prize winner and one guest will enjoy a spa getaway and all semifinalists will enjoy a savings match up to $5,000.

The electronic version of this article available at: http://lb.ec2.nxtbook.com/nxtbooks/sb/ababj0608/index.php?startid=48