A new journalism venture shows just how far UBS is willing to use unconventional methods in the hunt for elusive millennial clientele. The Swiss bank's latest effort to paint itself in a warm glow following its near-collapse almost ten years ago.

Zurich-based UBS needed an image makeover after it was bailed out by the Swiss government in 2008 following billions in write-downs on illiquid mortgage securities.

The Scandinavian marketing magician at the center of its campaign to restore its luster, Johan Jervøe, launched a warm and fuzzy campaign two years ago to, in effect, make UBS more lovable.

Set to «Hero» by Family of the Year, banner ads posed a series of distinctly non-financial questions like, «Am I losing out?,» and «Am I missing my children growing up?» on prime media real estate such as «The New York Times».

«Vice» for Content

The Swiss bank is now taking that image revamp a step further, targeting millennials directly: last year, it partnered with «Vice», an upstart media outlet for millennials who shun traditional newspapers or television broadcasters.

Millennials are not a hugely lucrative segment to banks – yet – but the departure in their spending habits and consumer behavior from previous generations has stymied marketing experts across industries. Now, the executive tasked with marketing UBS’ private bank reveals the logic behind the «Vice» deal, which is dubbed «Unlimited».

Millennials and Purpose

«When we looked at the changing attitudes to wealth, it is all about purpose. The millennial generation simply aren’t interested in acquiring things,» Nicholas Wright, UBS’ marketing chief for private banking, told «Campaign», a magazine for marketing, advertising and media.

Millennials read content on their smartphones, tablets, or other mobile gadgets instead of a screen or – perish the thought – a print product. But that doesn’t mean they want brief sound bites. 

«Unlimited» stories average eight to ten minutes – a lifetime in online terms, where media outlets are pushing more «snackable content», or smaller bite-sized portions.

Warm, Fuzzy UBS

In fact, millennials increasingly want longer, more satisfying stories, one expert argues – authentic, trustworthy, and an escape from a Twitter-dominated world.

According to Wright, UBS as the market leader «have a job to ask the uncomfortable questions, and that is the spirit of Unlimited.» The editorial push is part of a broader attempt by UBS and Jervøe to humanize itself following the financial crisis of 2008/09.

Leibovitz, a Chatbot and a Money Game

This includes a traveling show of portraits shot by renowned photographer Annie Leibovitz. UBS has also put renewed emphasis on women and on sustainable investing.

The Swiss bank inked a television content deal with «Bloomberg recently», and has also pushed more unconventional approaches like quirky chatbot «Rose», and a be-dictator-of-your-own-country money game.