Marketing has learned that the high-street bank has approached a number of direct marketing agencies in the past few weeks as it looks to overhaul its direct strategy.
The rethink is part of an ongoing internal review at Lloyds TSB, which is examining the effectiveness of all its marketing activity. This has already led to the bank seeking to establish itself as the consumer-banking champion (Marketing, 23 June).
The bank, which has the biggest share of the UK current account market, lost 5% of that share from 2000 to 2003, according to Mintel - the biggest decline of any high-street bank.
Lloyds TSB spent 拢6.9m on direct marketing in the second quarter of this year, according to Thomson Intermedia.
A Lloyds TSB spokesman denied that a review was imminent, adding that he had 'no information to give'. However, Marketing understands below-the-line budgets have been scaled back until the review is completed.
WWAV currently shares Lloyds TSB's direct account with Partners Andrews Aldridge. The bank's creative advertising agency, Rainey Kelly Campbell/Roalfe Y&R, is unaffected by the review.
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