The Campaign

In 2011, financial literacy was a contentious topic in New Zealand, with concerns about the availability of financial education. Concurrently, legislative reform was being undertaken to protect vulnerable consumers from exploitation by unscrupulous lenders. In this environment Visa wanted to introduce initiatives to support its global commitment to financial literacy, but crucially differentiate it from credit providers. Stepping forward as an advocate for financial literacy would inevitably invite scepticism. A partnership was formed with an autonomous crown entity, the Commission for Financial Literacy and Retirement Income (the Commission). The first phase was a review of formal financial education programmes to identify gaps and propose measures to address these. Findings of the research were developed into a report to inform future initiatives. The report revealed tutors and trainers often lack the formal training to deliver financial education. This insight informed the creation of a pilot programme, which has the potential to impact thousands of Kiwi students. The partnership between Visa and the Commission provided authority and credibility to Visa’s work and a platform to connect with government and key influencers. It also created a halo of awareness with media, customers, consumers and industry bodies and positioned Visa as a brand that cares about the financial health of Kiwis.

The Brief

• Position Visa as a champion of financial literacy with key opinion leaders (government, industry associations), media, financial institutions, consumers aged 18+) • Build and develop trust with the public by demonstrating Visa is a brand that cares about the financial health of New Zealanders • For key stakeholders and influencers to uphold Visa as a positive corporate example • Create a platform for collaborative discussion around the topic of financial literacy with key audiences, ensuring Visa is part of this discussion • Successfully launch a programme that directly meets a community need.

Results

This project highlighted the tangible need for further financial education for New Zealand tutors and trainers. It created a platform for collaborative discussion addressing the issue with government stakeholders, key influencers, media and consumers. The campaign positioned Visa as a genuine champion of financial literacy and provided a unique voice for the organisation in meaningful way in the financial literacy area. Harnessing the report findings and working with key partners enabled the creation of a pilot programme, which has the potential to positively impact thousands of Kiwi students, and create a best practise model for training educators in financial literacy. In doing this Visa garnered the support of the New Zealand government, key influencers, and industry bodies. Awareness of the campaign was widespread with TV, radio, online, national and regional print coverage.

Execution

The Commission, an autonomous crown entity the helps New Zealanders to be financially sorted throughout their lives, was identified as the perfect entity to partner with. A partnership was negotiated and the need for research identified, to inform future initiatives. The research project was funded by Visa and conducted by the Commission, ensuring the work was independent, would meet an identified need and complement existing activity. A report to inform future initiatives was developed from the findings. Subsequently, an alliance with an education provider was formed, establishing a pilot and evaluation programme with the potential to develop a best practice education model that could be rolled out across New Zealand tertiary institutions. In June 2012, the report and the pilot education programme were launched at an event in Wellington, New Zealand, attended by government officials, other key influencers, and media. It highlighted Visa’s commitment to financial literacy and opened up important channels of communication with a variety of key stakeholders.

The Situation

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. In the midst of controversy around the financial literacy of New Zealanders it was imperative Visa differentiated itself from any disreputable credit providers. Stepping forward as a financial literacy advocate would inevitably invite scepticism from some parties, it was important Visa counteract this by ensuring that any corporate contribution to financial literacy efforts was credible, tangible and filled an identified need.

The Strategy

There is a range of organisations currently working to improve financial literacy in New Zealand together with many adhoc activities. Our strategy was to partner with the recognised authority in financial literacy and base all activity on solid research, to ensure the initiatives developed met an identified need and would make a tangible difference for New Zealanders. Taking this approach would mitigate the risk of scepticism toward a payment card company working in this area and provide credibility to the programme.