2018 BAI Global Innovation Award Finalist

BAI Global Innovation Awards 2018 Finalist CaixiaBank

Innovation in Marketing

CaixaBank S.A. – Spain

imaginCafé is the new proposition from imaginBank, created as a way to interact with the young audience targeted by the bank and attract them to the brand. The idea is concreted on a physical center placed in the center of Barcelona and modeled with a multicultural offer based on youngsters’ interests: music, art and design, technology, gaming and entrepreneurship. imaginCafé is also a content platform with its own social media (Facebook, Instagram, Twitter, YouTube) where each content is placed to reach and engage young people from all around the country.

The Problem

The problem that needs to be solved is regaining the trust of young customers on the market and their perception of banking institutions, by getting closer to their current habits in a different and adapted way.

The Solution

The idea of imaginCafé is based around the creation of a physical center (modeled on a cultural center) with events that interest young people: music, art, culture, education, etc.

This will allow us to establish a platform with content for young people, an online channel that can reach young people without them having to visit the center.

It will generate content of interest for young people, offering them an innovative value proposition.

No other financial institution has taken steps to create a physical space or a platform for communicating with young people.

It is a completely original approach that fits within the business model as a tool for promoting the brand and attracting new clients in a non-intrusive way. At the same time, it bolsters CaixaBank’s position as the leading institution among young people in Spain, innovating for them once more and offering them a ground-breaking proposition that has been really well received.

We had been working on the project for a year and a half before opening the center and the online platform. The initial phase involved conceptualizing the model that would provide a solution for a new way of interacting and communicating with young people today.

During the design phase we focused on the contents, a multicultural agenda and the design of the spaces at the center: conference rooms, concerts, gaming, conferences, exhibitions, cinema, etc. This phase included several market researches with youngsters to make sure they were the ones defining the model and types of activities. Also, we made some benchmark to see similar approaches all over the world. For the center design we made a contest among several interior design companies, and another contest with several content and publicity agencies to define who would manage the content and digital platform on a daily basis.

Once this was established, the center opened its doors and the activities were started to gauge young people’s perception. It has been very well received, up to the point where all of the activities are fully booked. The center is currently a success. The challenge now is to turn the digital content platform, containing everything that goes on at the center, into another success story in terms of reception among young people so that they want to form part of the imaginCafé online community.

The Outcome

One of the indicators of the success of the space is that all the activities are a success in terms of attendance, placing all the tickets available in each activity (more than 150 activities such as concerts, workshops, gaming tournaments, talks, etc.)

The comments on social media are important and the reviews on on line media are all around 4.5-4.6 out of 5.

In quantitative terms, after six months the center has between 800 and 1,000 daily visitors (more than 160,000 since opening), 43,000 followers on social media and over 120,000 visits to the website. This generates a large base of potential customers that the institution did not have 6 months ago, which was the aim of the project.

In addition, we have recently activated register for those youngsters that want to receive the newsletter, book rooms in imaginCafé, use the WiFi or assist to some of the activities, starting a database of more than 2,500 loyal users in just a few weeks.

The economic return in terms of publicity, social media return, user experience and brand positioning is confidential, but estimated approximately in more than €1.5 million after six months.