Tide joins Monzo by launching its own national TV ad campaign

By Oliver Smith on 22nd August 2019

Challenger Banks

The financial revolution will be televised.

Tide joins Monzo by launching its own national TV ad campaign
Image source: Tide's TV ad.

SME banking provider Tide has debuted its first TV ad this week on Sky AdSmart, ahead of a national rollout across several channels from the end of this month.

Tide, which recently reported that it had reached 100,000 small business accounts, this year pledged to capture 8% of the UK’s business banking market by 2024 as part of the £60m grant it secured in February with ClearBank.

The ad itself is centred around Will, a freelancer dealing with the unexpected situations of business life and improvisation.

Like Monzo, Tide turned to an external agency to help produce the ad, in Tide’s case this was Sidekick Studios and media buyers Guerillascope.

As well as TV, the ad is also being rolled out across social media and the company’s website.

Analysis

Both Monzo and Tide find themselves in the same bucket—having nearly exhausted the low-hanging fruit in both consumer and SME digital banking markets respectively.

For Tide, it’s now time to reach beyond the Shoreditch startups and Farringdon freelancers, and entice the more conservative and geographically diverse cohorts of Britain’s 5.7m SMEs.

Neither company can claim to have the best ‘deal’ financially for their respective markets, traditional banks will always be able to craft better up-front cash incentives and product rates.

Instead, TV advertising—as well as both company’s powerful word of mouth approval—is a tried and tested way of spreading Tide’s message of simplified company banking across the spectrum.

It’s also devastatingly expensive, especially if the advert in question is a dud.

The ‘one to watch’ isn’t which digital banking players are advertising on TV this season, but whether Tide, Monzo and the like follow up with ads next season.

Companies in this Article:

ClearBank
Monzo
Tide