In 2017 Victoria Teachers Mutual Bank was facing limited opportunities to expand given the vocational and geographic constraints in its name, increasing competition from traditional banks and new entrants, brand confusion with a rival and limited cut through given no clearly differentiated value roposition. This resulted in declining growth in an industry where scale is important.
To reposition VTMB while remaining relevant to its current audience, the decision was made to target ‘like-minded vocations’ that share the same values as educators. This theory was then validated through research enabling the bank to rebrand and reposition for growth.
67% increase in net customer growth and 47% growth in the number of funded home loans, compared to same period year before.