Iconic Ads: Citibank – Live Richly
The “Live Richly” campaign wasn’t just about selling products and understanding people’s lives and aspirations.
A bold decision is at the heart of every great transformation, and Citibank’s moment arrived in 1999. Fallon, a celebrated ad agency, had seen its fair share of bank clients. Banks were notorious for playing it safe—conservative to their core. Their marketing often boiled down to practical, transactional benefits: competitive interest rates, convenient locations, or low ATM fees. Rarely did banks express a distinctive personality, let alone embark on a sustained branding effort. But Citibank had a different vision.
A Changing Industry
The banking industry was shifting. The 1990s had been a decade of massive consolidation. Between 1990 and 1998, over 4,000 U.S. banks merged, reducing the number of institutions by 30%. Legislation passed during this period allowed banks to diversify their services, but it also exposed them to stiff competition from unexpected players. Companies like General Electric, Microsoft, and automakers began offering credit cards and consumer lending products. Banking, once a highly localized business, was now a national battlefield.
The commoditization of banking services added to the challenge. Banks had become utilities—functionally interchangeable. Customers were indifferent to their choice of financial institutions, and Citibank’s credit card business, once a star performer, was losing momentum. To thrive, Citi needed a fresh, compelling reason for customers to choose it over its rivals.
The Plan: Reinventing Citi
Anne MacDonald, Citi’s chief marketing officer for its global consumer group, and Brad Jakeman, managing director of international marketing, recognized the moment’s urgency. They envisioned Citi not merely as a financial institution but as a global power brand—on par with Nike, Disney, and Coca-Cola. MacDonald noted that these brands had stability and momentum, which increased their prospects for long-term global growth.
Before Citi could reimagine its image, the company needed to make internal changes. Customer-centricity became the guiding principle. Citi improved its customer service across all touchpoints and introduced consumer-friendly products like identity theft protection for its credit cards. However, MacDonald and Jakeman’s most daring idea was brand positioning: Citi would become the world’s first “unbanklike” bank.
Understanding “Unbanklike”
Creating an “unbanklike” bank was no small feat. There was a pitch, and Fallon was invited.
Fallon’s first task was to understand Citi’s existing brand image—or lack thereof. Citi was a blank slate, unlike many legacy brands burdened by years of mixed messaging. This offered Fallon an opportunity to craft something entirely new.
Citi’s potential customer base was vast: individuals aged 25 to 59 with household incomes of $35,000 or more. This broad demographic made it difficult to draw insights from existing data. Fallon started from scratch, organizing a series of exploratory focus groups.
The Barber’s Insight
Initially, the focus groups yielded little inspiration. Participants offered uninspired feedback about practical banking concerns: peace of mind, security, interest rates, and convenient locations. There was no spark, no passion. Fallon’s planners, trained to watch for emotional spikes in conversation, grew frustrated. It seemed no one cared about banks.
One day, a Fallon planner visited a barber for a haircut. As he lamented the lack of excitement in the focus groups, the barber made an observation that changed everything: “People don’t care about banks, but they care a whole lot about money and its role in their lives.”
The simplicity of this statement was profound. Fallon’s team pivoted. They returned to the focus groups, this time steering the conversation away from banking mechanics and toward the role of money in people’s lives. The change was electric.
This shift in focus transformed the conversation. The atmosphere in the room became lively as participants shared what money meant to them—what brought them joy and what they truly needed to live a fulfilling life. Suddenly, Fallon heard from real people, not just “bank customers.”
What stood out even more was the unexpected nature of their insights. These focus groups happened during the dot-com boom when headlines buzzed with dreams of early retirement, IPOs, and luxury lifestyles. Yet, the participants weren’t fantasizing about yachts, IPO windfalls, or extravagant vacations. For them, money was simply a tool, a means to an end. The idea of becoming a millionaire wasn’t part of their vision.
Their words resonated, even with some of Fallon’s workaholic team members who found it hard to relate to “just getting by” as a financial goal. Still, Fallon leaned in, listened carefully, and began to see things in a new light.
Participants enthusiastically spoke about their aspirations, happiness, and how money could help them live well. It wasn’t about wealth for wealth’s sake but about balance and living a fulfilling life.
The Rise of the Balance Seekers
Fallon had uncovered a new class of consumers: “balance seekers.” These individuals saw money not as an end but a means—a tool to create a life filled with meaning, joy, and connection. The Fallon team distilled their findings into a powerful idea: cultivate the balance seekers.
This insight formed the foundation of Citi’s new brand campaign. The message would emphasize the importance of living richly—not by chasing millions but by achieving a fulfilling and balanced life.
The Birth of “Live Richly”
Fallon had a simple but profound mantra: “Citi understands there’s more to life than money.” This philosophy was rooted in an insight that resonated deeply with their audience. An account planner at Fallon encapsulated this sentiment briefly, writing, “These people want to live a rich life, not be rich.” Steven Driggs, a key creative team member, distilled this idea into the tagline defining Citi’s new direction: “Live Richly.”
With the tagline in place, Fallon began crafting sample advertisements to bring the concept to life. Their goal was to depict real people finding joy in moments that money could never buy. The first ad was filmed in the backyard of Fallon’s assistant producer. It featured him spinning his young son around like an aeroplane, the boy’s laughter lighting up the screen. The scene was unscripted and raw, emphasizing the simple joys of life. As the image played, a message appeared on the screen:
A sure way to get rich quick:
Count your blessings.
There’s more to life than money.
There’s a bank that understands that.
Citi. Live Richly.
When the time came to pitch this bold new direction to Citi, Fallon was nervous. The approach they advocated wasn’t just a marketing campaign—it was a transformative shift that would demand changes in Citi’s training, leadership, and customer service. The message couldn’t simply exist in advertisements; it must reflect the company’s behaviour and values. Fallon understood that if the customer experience didn’t align with the brand promise, the entire construct could unravel, leading to consumer backlash.
The team anticipated scepticism. After all, they were asking Citi to bet on a radically different approach that didn’t focus on rates or fees but on a humanistic perspective of money’s role in people’s lives. But as Fallon made their case, something remarkable happened. The Citi executives “got it.” On a deeply human level, they empathized with the balance seekers who prioritized living well over simply amassing wealth.
This wasn’t just a campaign for Citi; it was an organizing principle for how the company could better serve its customers. By adopting this unbanklike approach, Citi saw an opportunity to differentiate itself in a commoditized industry and connect with its customers in a way no other bank had. The partnership was sealed, and the “Live Richly” campaign became a cornerstone of Citi’s brand transformation, paving the way for a new banking experience.
The campaign featured hundreds of headlines and simple, humanistic commercials centred on this ethos. Each ad ended with a poignant reminder: “There’s more to life than money. There’s a bank that understands that.”
Impact and Expansion
The “Live Richly” campaign resonated deeply with audiences, transforming how people perceived Citi. The results were striking:
- Credit card acquisitions increased by 30%.
- Home equity loan applications rose by 14%.
- Small business card accounts grew by 20%.
The campaign didn’t just boost Citi’s numbers; it created a strong emotional connection with its customers. Citi was no longer just a bank but a brand that understood people’s lives and priorities.
The Live Richly Book
One of the campaign’s most cherished legacies was the “Live Richly” book, a 217-page compilation of the campaign’s work over four years. It showcased not only the advertisements but also the philosophy behind them. Citi executives like Marge Magner and Anne MacDonald embraced the campaign’s principles, creating products aligned with its values and further solidified Citi’s “unbanklike” bank position.
A Collaborative Effort
The “Live Richly” campaign’s success resulted from a collaborative effort. From Citi’s visionary leaders, Anne MacDonald and Brad Jakeman, to the creative minds at Fallon, including Pat Fallon, Greg Hahn, and Steve Driggs, the project was a labour of love. Writers, designers, and producers—like Lisa Hashbarger, Chris Lange, and Troy Swope—poured their talents into every aspect of the campaign. Even the television commercials, directed by the legendary Errol Morris, reflected the campaign’s humanistic spirit.
A Lasting Legacy
The story of Citi’s transformation is a testament to the power of creativity and insight. By stepping outside the traditional confines of banking, Citi redefined its brand and its relationship with customers. The “Live Richly” campaign wasn’t just about selling products and understanding people’s lives and aspirations.
In the end, Citi didn’t just become an “unbanklike” bank—it became a global power brand, inspiring others in the financial industry to think differently. Through their willingness to take risks and listen to their customers, Citi and Fallon created something remarkable: a brand that understood life’s most fabulous riches aren’t found in bank accounts, but money helps create at the moment.
A special thanks go to Steve Driggs, who gave significant input to this post
References
https://stevedriggs.com/Citi-Live-richly
https://archive.ph/BPxRS#selection-3335.0-3411.122
https://symposion.acadiasi.ro/wp-content/uploads/2016/11/2016.3.4.grancea-2.pdf
