2011 was a significant year for Bank of Melbourne, marking a major milestone in its history. The bank was established in 1992, but 2011 was the year it was acquired by Westpac, one of Australia's largest banking groups.
This acquisition brought a range of benefits to Bank of Melbourne's customers and employees. One of the key advantages was the increased financial stability and security that came with being part of a larger banking group.
In 2011, Bank of Melbourne's customer base continued to grow, with a focus on providing personal and business banking services to the local community.
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Bank of Melbourne
Bank of Melbourne has over 100 branches across Victoria, providing a wide range of personal, business, and corporate banking products and services.
With more than 1,000 employees, Bank of Melbourne offers a variety of services, including transaction and savings accounts, fixed and flexi term deposits, home and car loans, and debit cards.
Bank of Melbourne is a member of global ATM Alliance, providing customers with access to over 3,000 ATMs across Victoria and beyond.
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History of Bank of Melbourne
Bank of Melbourne has a rich history, and it all began with a rebranding effort led by Ogilvy Group Melbourne. Westpac-owned Bank of Melbourne teamed up with Ogilvy to create an entirely new brand, complete with a new logo, uniforms, and branch design.
The rebranding process involved a large cross-disciplinary team of about 25 people from Ogilvy Group and STW Designworks working on the brand for about a year. This team aimed to create a brand that's by Victorians, for Victorians.
The new logo, crafted by Designworks, features a prismatic shield that reflects the iconic architecture of Melbourne, including the Arts Centre and Federation Square. This design element is a nod to the city's unique character.
To better understand the local market, a consumer sentiment study was conducted, which found that Victorians still retained strong and positive feelings towards the old Bank of Melbourne brand. The study also revealed that 50% of Victorians prefer a "local" bank.
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The relaunch of Bank of Melbourne is a bid to gain market share, with Westpac's market share in Victoria currently standing at only 15%. To cater to local requirements, some branches will maintain Saturday morning trading hours.
Here are some key facts about the Bank of Melbourne's relaunch:
- Westpac-owned Bank of Melbourne relaunched with a new brand and logo.
- Ogilvy Group Melbourne led the rebranding effort.
- The new logo features a prismatic shield reflecting Melbourne's iconic architecture.
- 50% of Victorians prefer a "local" bank.
- Some branches will maintain Saturday morning trading hours.
Key Facts
Bank of Melbourne was founded in 1859 and is a subsidiary of Westpac Banking Corp.
The bank's name is derived from its Melbourne roots and the city is still the bank's major hub today.
Bank of Melbourne has over 70 branches across Victoria.
The bank offers a range of personal and business banking products including home loans, credit cards, and savings accounts.
Bank of Melbourne is known for its community programs and supports various local charities and events.
The bank's mobile banking app allows customers to manage their accounts on the go.
Bank of Melbourne offers a range of online banking services including bill payments and transfers.
The bank's customer service team is available 24/7 to assist with any banking queries.
Marketing Campaign
The marketing campaign for the relaunch of Bank of Melbourne was a collaborative effort between Ogilvy Group Melbourne and Westpac-owned Bank of Melbourne.
A large cross-disciplinary team of about 25 people from Ogilvy Group and STW Designworks worked on the brand for about a year. The team crafted an entirely new brand for the BoM, complete with a new logo, uniforms, and branch design.
The new logo, designed by Designworks, is a prismatic shield that reflects the iconic architecture of Melbourne, including the Arts Centre and Federation Square. This design element is meant to give the bank a strong connection to the local community.
The campaign's main objective was to build a sense of affinity with the bank's customers. This was achieved through a focus on customer service, with trading hours catering to local requirements. Some branches even maintained Saturday morning trading hours.
The campaign also emphasized the bank's commitment to the people of Victoria, with a strong message of humility and a focus on helping customers prosper. The Bank of Melbourne's head of brand and marketing, John O'Shea, stated that the bank will only ever exist in Victoria and was purely for the region.
Here are some key statistics from a consumer sentiment study that informed the campaign:
- 50% of Victorians wanted a "local" bank.
- Regional banks only retained 13% of the market in Victoria, compared to 22% in other states.
- Westpac's market share in Victoria stood at only 15%.
Frequently Asked Questions
What happened to the Bank of Melbourne?
Bank of Melbourne was rebranded as Westpac in 2004, but the brand was later revived in 2011 after Westpac acquired Bank of St George. The brand has since been re-established in Melbourne.
Are St. George and Bank of Melbourne the same?
No, Bank of Melbourne and St. George are not the same, but they are part of the same network of regional bank brands.
What is the swift code for Bank of Melbourne?
The Bank of Melbourne's SWIFT code is SGBLAU2S. This unique code is required for international payments into your account.
Sources
- https://en.wikipedia.org/wiki/Bank_of_Melbourne_(2011)
- https://www.moneymanagement.com.au/news/funds-management/westpac-launches-new-bank-melbourne
- https://theaufinance.com/banks/bank-of-melbourne
- https://www.campaignasia.com/video/westpac-relaunches-bank-of-melbourne-with-ogilvy-campaign/264800
- https://www.linkedin.com/posts/markgmelvin1_this-week-marks-10-years-since-we-launched-activity-6828926479037014016-gJvd
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