New Zealand bank throws the agency cat among the advertising pigeons

The agencies that have been let go are Saatchi & Saatchi NZ, Spark Foundry NZ and Digitas NZ.

According to a report in the New Zealand Herald newspaper, Westpac has restructured its marketing approach by moving away from traditional agency models to a bespoke, embedded model that integrates data, creative and media teams directly with the bank.

Various local media reports published in New Zealand and Australia say the goal is to better align strategy, brand and execution for the long-term, rather than relying on traditional, separate advertising agency structures.

This move is part of a broader trend where brands look to embed agency talent internally to improve speed and integration.

Purpose-built agency model

The bank’s new agency partnership is with Goldilocks, a bespoke agency model that’s been purpose built to support the bank’s next phase of brand transformation.

“Goldilocks was created especially to help Westpac accelerate a refreshed brand strategy and deliver more distinctive, connected experiences for customers across New Zealand,” reports the marketing industry news outlet B&T.

The report quotes Westpac NZ CMO Sarah Williams as saying: “The way New Zealanders think about their money is changing rapidly. Expectations are higher, competition is more intense, and brands are judged not just on what they say, but how consistently they show up.

“With that in mind, we needed more than a traditional agency partner. We wanted a team that integrates across our business – helping turn our brand into a genuine competitive advantage.

“Goldilocks is something we designed together, which means it was never going to be conventional. At the same time, the model gives us the vital ability to draw on specialist talent across insights and data, earned and owned media, technology and production without the weight of a traditional structure.”