Content & Messaging — Consistent Messaging & User Focus: For the past four years, EQ Bank has stuck to the consistent message of “high interest rates” and “zero fees” in their ads. This messaging aligns with the top three reasons that people switch banks: high fees, earn higher interest rates, and better online services and apps. To expand their messaging reach, EQ increased their advertising budget by 55% YoY in 2020, allocating 75% of the budget towards Desktop Video ads. By consistently focusing on the top three user pain points, EQ can reduce the amount of effort for users to comprehend their ads and sign up for their services. When deciding on what Unique Selling Points to focus on, remember: keep it simple, keep it short, and three’s a charm.
User Experience Tactic — Customer Acquisition: In Q2 2020, EQ saw 3x growth in new account openings compared to their 12-month historical average. With the influx of new users, EQ changed some of their ad messaging to focus on how easy their sign up process was, and designed the corresponding landing pages to highlight the CTAs “Get started” and “Join now.” By optimizing for new users (rather than existing clients who are already familiar with the sign-in process) EQ is able to reduce the amount of friction in their sign up process.
EQ Bank saw a +68% customer base increase in Q3 2020.
Traffic to EQ’s website grew by +81% in 2020, with the majority of visits on desktop.
EQ’s offering is well-designed to attract those looking to switch banks.
EQ Bank has been consistent in clearly communicating its value proposition of “everyday high interest rates” and “zero fees” for the past four years.
In 2020, EQ Bank increased its advertising budget by 55% YoY to further the reach of their “everyday high interest rates” and “zero fees” messaging.
75% of the 2020 budget was spent on desktop video ads, with 80% spent between June & July. Ads focused on “earn 2% interest” and cheaper international money transfers.
EQ Bank reinforces the same two messages in their search ads:“high interest rates” & “no fees.”
In 2020, EQ Bank made a slight messaging pivot and double downed on “signing up is easy” with every fifth search ad communicating this point.
On its website, EQ Bank prioritizes acquisition of new clients over usability for existing clients, which is exampled by the highlighting of the “Get started” and “Join now” CTAs.
EQ Bank makes financial operations convenient with their “state-of-the-art” mobile app, that enables customers to sign in with fingerprint or facial recognition.
The app also includes: bill payments, money transfers, cheque deposits, alerts, savings goals, etc.
In 2020, EQ Bank mobile app downloads increased by 48% and 1.5K people use the app daily.
“Mobile banking apps must be as good as the best-designed apps overall”
EQ targets young value-oriented consumers and has the highest share of their web audience between the ages of 24-34, compared to Canada’s top 5 banks.
“Consumers can now choose a bank that offers them a meaningful interest rate, the ability to bank with no monthly fees, all with the flexibility to move money easily and headache-free.”