UK Volume 20 TSB Superbrands UK Annual Vol.20 TSB doesn’t think customers ought to choose between digital services and branches. It therefore offers business banking customers the kind of service they would expect whether it is on mobile or in person; from a TSB Partner in branch who actively helps, rather than just selling things; or an expert Relationship Manager who will get to know customsers and their businesses over the long term. Furthermore, TSB has used some of its marketing budget to actively encourage people to support their local businesses during their key trading periods, such as Christmas. Promotion As a purpose-driven business, TSB seeks to use its promotions to make banking better for everyone and its latest campaign focuses on the core banking product, the current account. It’s notoriously difficult to get customers to switch current accounts – fewer than 2% did in 2018. But by not switching, millions of people across Britain are missing out on having a banking relationship, which could make them better off. In this case, millions of people are missing out by having a current account that doesn’t pay them any interest; whereas TSB’s Plus account pays interest to all its customers with no monthly fee. To jolt people out of this costly inertia and help them make the most of their hard-earned money, the campaign built on creating FOMO, the fear of missing out. This culturally familiar behavioural economics tactic has been proven time and time again to get even the most reluctant people to spring into action. Brand Values The bank is driven by a set of values – pioneering, straightforward, transparent, collaborative and responsible – that are very different from those which banking has come to be associated with. They continue to inform everything TSB does, just as they have done from the very start. But, even though the brand has achieved a great deal, TSB’s work is far from done. Millions of people across Britain are still missing out on banking which can truly make them better off. That is why TSB is going to continue to champion customers to fulfil its mission of making banking better for everybody. -n 181þ tLe Reverend Henry Duncan did something revolutionary . He built the Trustees Savings Bank wLose sole purpose was to help hard-working local people thrive Si\ years ago 8SB Britain¸s GLallenger Fank was re Forn Fased on Lis values to make banking better for all UK consumers Market In 2013 the big five banks controlled more than 85% of all UK bank accounts. Following the banking crisis, TSB was created to bring more competition to UK banking and actively make banking better for all consumers. TSB delivers a different kind of retail banking that it calls ‘Local Banking’. The bank only champions local people and local businesses, helping them and the communities they live in to thrive. It refuses to engage in any risky practises like overseas speculation and investment banking. In short it’s High Street, not Wall Street. Product Fundamentally, TSB believes that when people help people we all thrive together. It’s this belief which means it actively helps people make the most of their hard-earned money, stopping them missing out on things that could make them better off. That is why TSB designs its products and services the way it does. Its Classic Plus account pays interest whilst not charging a fee. Likewise, its Fix and Flex personal loans and mortgages enable people to borrow well by allowing them to take repayment holidays should life change. This is also why the TSB Business current account offers free business banking for over a year and comes with a suite of services which can help its customers start, run or grow their businesses better. Achievements TSB believes purpose-driven brands build strong businesses. Therefore it has continued to celebrate people who help other people in their communities through its #TSBLocalPride programme. At its heart is a long-term partnership with Pride of Britain and Pride of Sport. Pride of Britain is the nation’s biggest annual awards ceremony of its kind, celebrating ordinary people across the UK who have gone to extraordinary lengths to help others. But celebrating isn’t enough. Through the TSB Local Charity Partnership programme, every branch and site supports a local, independently registered community group with fundraising and volunteering. TSB Partners and customers raise more than £500,000 for 450 causes every year. Furthermore, on Local Charities Day 2018 TSB celebrated the great work of these organisations and announced the first Local Community Fund winners – most of whom operate in a sector that often struggles to raise funds. This commitment to its purpose has helped TSB build a strong brand. Those aware of the partnership with Local Pride were not only more likely to consider TSB as a brand, but also more likely to consider TSB products, such as its current account, too. At the same time, TSB prides itself on creating a culture that encourages and builds diversity and inclusion. For example, TSB was one of the first companies to proactively publish and explain its gender pay gap and had a strong presence at LGBT Pride events across the country. Recent Developments TSB has helped personal banking customers be better off since launch. In 2018 it also turned its attention to the backbone of the economy – small businesses. This group often feels undervalued, underserved and overcharged. TSB Business Banking launched to change this. It only focuses on the smaller, independent businesses of Britain. As well as developing products to help them be better off, TSB has also partnered with expert service providers to ensure these smaller businesses receive the support they need to start, run and grow their business. Unlike many of the tech start-ups and the big banks, TSB is right where people most need it, at the heart of local communities right across Britain. We’re here to help the smaller, independent businesses of Britain start, run and grow. Local banking for businesses TSBBank plc.RegisteredOffice:HenryDuncanHouse, 120GeorgeStreet,EdinburghEH2 4LH.Registered inScotlandNo.SC95237. 8Le Classic Plus Gurrent aGGount appeared in independently produGed Best Buy taFles every week during 2018 DIDYOU KNOW? Brand History 1810 The Trustee Savings Bank is established by Reverend Henry Duncan of Ruthwell. 1986 TSB Group plc is founded. 1995 TSB is bought by Lloyds Bank. TSB disappears as a separate brand, living only as part of the name LloydsTSB. 2013 TSB separates from Lloyds Banking Group and becomes an independent entity, tasked by the EU with increasing competition in the British banking sector after the banking crisis. 2014 TSB Bank plc goes public with successful IPO. 2015 TSB is bought by Sabadell, Spain’s fifth largest banking group. 2016 TSB is recognised as Britain’s most recommended high street bank.