Lloyds TSB seeks shop for net bank

By FRANCESCA NEWLAND, campaignlive.co.uk, Friday, 26 May 2000 12:00AM

Lloyds TSB, the UK’s largest high-street bank, is talking to agencies about the pan-European launch account for its online venture Evolvebank.com.

Lloyds TSB, the UK’s largest high-street bank, is talking to

agencies about the pan-European launch account for its online venture

Evolvebank.com.



Saatchi & Saatchi, which handles Lloyds TSB’s main UK advertising

account, is pitching for the business, but other agencies are understood

to have been contacted about the account.



A spokeswoman for Lloyds TSB said: ’No-one has been appointed yet.

Clearly we look to our incumbent, which is Saatchi & Saatchi, but no

decision has been made yet.’



Lloyds TSB will launch Evolvebank.com in Spain this summer and in the UK

by the end of the year. There are also plans to expand in France,

Germany and Italy next year.



It is backing the project with between pounds 200 million and pounds 300

million over the next four years and aims to have 1.5 million

subscribers by 2003.



It is unclear how much the bank will put aside for advertising the

service.



Jayne Almond, the head of the new bank, has promised that the service

will be ’the lowest-cost bank in the world’. The proposition to

customers will be low-cost banking with a high level of

personalisation.



Evolvebank.com will offer current accounts, deposit accounts, credit

cards and, eventually, share dealing services.



Lloyds TSB hopes that by making the service internet-only (phone calls

will be accepted only for technical help) it will not take customers

away from the retail outlets.



Lloyds TSB, which outlined its future internet plans earlier this month,

is the latest in a stream of British banks attempting to establish

themselves on the internet. The bank had come in for criticism from

investors earlier this year for being slow to join the online banking

market.



Prudential’s Egg has about 800,000 customers, while Barclays has about

700,000 online customers. Barclays is backing its online service from

today with a campaign starring Robbie Coltrane.



New entrants to the market include Dublin-based first-e, which is backed

by an advertising campaign through J. Walter Thompson, Cahoot (from

Abbey National) and Intelligent Finance (from Halifax).



This article was first published on campaignlive.co.uk

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