Neo-lender Wisr sees increase in banking defectors amid Banking Royal Commission

Neo-lender Wisr sees increase in banking defectors amid Banking Royal Commission

Neo-lender Wisr (ASX:WZR) has launched a bold new campaign targeting disillusioned customers of big banks, following the Hayne Royal Commission handing down its findings into consumer lending practices.

The ‘Australia’s Getting Wisr’ campaign taps into the prevailing sense of unfairness that Australians feel towards the big banks and how customers can make smarter choices when seeking personal loans. The campaign in the coming months will showcase the company’s personal loan, financial wellness programs and new smartphone application.

It is the first brand campaign undertaken by Wisr since launching the brand in March 2018 and will appear nationally on television and online from this week. Earlier this week the Hayne Royal Commission slammed the Big 4 banks and presented 76 recommendations to improve the behaviour of incumbents.

James Goodwin, Chief Marketing Officer, Wisr said the new campaign would tap into increasing dissatisfaction with large financial service providers.

“Never have so many Australians been so fed-up with traditional banks and their lack of transparency and fairness. At Wisr we believe there is a smarter, fairer way to do things,” Goodwin said.

“Through our commitment to responsible lending and financial wellness programs we have seen thousands of Australians already come across from big banks. This campaign takes our message to a much wider audience.”

The Wisr brand launched in March 2018 as an alternative to traditional lending providers. The company has originated more than $70 million in personal loans for vehicles, holidays, home renovations and other worthwhile purposes.

Alternative lenders such as Wisr have already seen customers of Big 4 banks come across to the platform in the wake of the Hayne Royal Commission, which announced its findings into consumer lending practices on Monday, 4 February.

More than 34% of new Wisr loan customers have come across from similar banking products offered by the Big 4 since the Royal Commission issued its interim findings in September, up from 20% when the inquiry hearings began in March 2018.

Customer acquisition through direct channels saw settled loan application value increase by 62% last quarter. The addition of new digital services such as WisrCredit also saw more than 16,000 users added to the Wisr platform.

The neo-lender has similarly seen spikes in online visitors at key moments in the Royal Commission proceedings. On the week following interim findings web traffic increased by 30% and average monthly traffic has since tripled.

The campaign was developed in partnership by Lunamik, which was appointed in November 2018.

Michael Pirone, Lunamik, said “we know there are many Australians out there that have become disillusioned with big banks and this was our opportunity to show them a real alternative, albeit in a light-hearted way. Banking shouldn’t be just about making money, it should be about helping improve people’s lives – and we’re pleased to partner with Wisr in sharing this message.”