Scottish Widows revamps logo, invests £100 million in digital engagement

Alex Sword

Editor

The Financial Services Forum

Scottish Widows is debuting a new logo and investing heavily in digital as it seeks to engage people more with their pensions.

The Lloyds Banking Group subsidiary has updated its brand, with the famous “Widow”, currently played by Amber Martinez, to be phased out by the end of next year and replaced with a new digital motif.

The pension provider will also invest £100 million in digital technology, including revamping its app for its workplace customers. Changes made already include a new gamification feature, for which the brand is recruiting a full gamification team, as well as digital tools and open finance functionality.

Other features are in the pipeline, including showing home, care, life and critical illness insurance as well as allowing people to take cover and investments out via the app.

Scottish Widows has also launched a TikTok channel to coincide with Pension Engagement Season.

In the announcement Scottish Widows referenced figures showing that 38% of people are not on track for a minimum lifestyle in retirement and one in four people in their 20s are not saving anything in retirement.

Chira Barua, CEO of Scottish Widows said: “One in four people in their 20s don’t have a pension and 38% of adults are not on track for a minimum lifestyle in retirement, so we need to revolutionise the way people interact with longer-term savings to close that gap.

“Since we started building the app and digital tools, we’ve had phenomenal uplift in engagement and see this as a gamechanger in helping people take the right steps now to get the retirement they want.

“We’re also updating the Scottish Widows brand so it feels more intuitive in digital channels, like our app, but with a new look and ‘digital widow motif’ to bring it into a new era.”

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