Jyske Bank opens up: web-tv creates merit-based relationships

  • Jon Lund 

A year ago the 3rd-largest Danish bank opened up it’s own tv-station on jyskebank.tv. I’ve digged the numbers, and I’m able to tell the story of how they kick-started the audience leading their own customers directly over, managed to keep the customers using the site, but failed in attracting new customers and competing established media.

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An few intriguing things about the case are:
– apparently up to 90-95 percent of the web-tv audience are also using Jyske Banks online banking
– …and they spend some 4-5 minuttes on the web-tv site a month. (That’s actually quite a bit! They could have just clicked right away, but once or twice a month they actually stop and watch.)

What’s more, in September 09 more than a quarter of all Jyske Bank online banking customers also visited the websites of competing banks. That’s a huge number!

What have the Jyske Bank customers thought when confronted with the not-so-media-savvy websites of the other banks? They might only have been interested in interest rates and fee-policies. But I bet they have also noticed the lack of straight-forward communication addressing the audience not so much from a salesman-customer relationship as from a “this is our world; we know something that might be valuable to you – and we’re willing to give it away”-position.

(The merit-based relationship Jyske Bank has deployed might actually have been what set the customers free in the first place, having taught them new standards of bank communications, urging them to find and evaluate information at other sources as well as Jyske Bank. If this is true, Jyske Bank has actually “pushed” their own customers visiting competitors, trusting them to return and thereby – through the active act of decision-making – confirming and commmiting their Jyske Bank-relationship.)

Oh – what does Jyske Bank TV look like? Here it is: