OakNorth Bank Case Study
“Midton designed beautiful employee recognitions for us using a combination of different materials - wood, acrylic and metal.” - Arun Kumar, Oak North Bank.
OakNorth Bank, launched in September 2015 by two entrepreneurs, is a boutique bank for small to medium sized companies that provides business and property loans. While trying to scale their rapidly growing business, founders Khosla and Perlman found that despite healthy cash flows and strong projections, it was not feasible to secure working capital. As their business grew, the owners realised that their struggle was shared by millions of other entrepreneurs around the world. This realisation led to the development of a credit intelligence suite to redefine lending to lower mid-market businesses globally, beginning with the launch of OakNorth Bank in the UK. Today, the company is one of the fastest growing fintech businesses in the world.
As a company that is passionate about forming relationships with their clients, OakNorth Bank reached out to us to create financial tombstones as physical mementos of their deals together. The financial tombstones combine three materials: wood, metal and acrylic. The product showcases an oak body, with a metal plate attached, ready to be printed with the relevant deal. Fitted in the oak is an acrylic feature, with OakNorth Bank’s logo embedded within the clear acrylic. The design of the tombstone is simple, yet effective, with clear branding of OakNorth, but with a simplicity that can blend into any environment. The distinctiveness of the tombstone is something that OakNorth Bank enjoys, stating that they would:
“Definitely recommend Midton to any business looking for something genuinely unique that they can be proud to display in the office or send to clients”
When first collaborating with OakNorth Bank, working with wood was a new concept for us here at Midton. The project required some quick learning for our machinists as we developed our methods of working with wood grains, finishing processes and safe handling of dust. These were all new challenges for us, with our primary material being acrylic. The use of oak, however, was an effective branding tool for OakNorth to pursue – capturing their company in a physical way.
OakNorth Bank and Midton have created a successful relationship together through our production of financial tombstones. Each year, the company places an order of fifty tombstones which we produce and store for OakNorth Bank here in our warehouse. As each transaction is commemorated, they call off a small number of these units to be prepared with the personalised details. Purchasing in bulk at the beginning of the year saves OakNorth Bank time and money, and means tombstones can be prepared with a quick turnaround time.
The use of financial tombstones is a highly effective marketing strategy for a company to utilise. A collection of financial tombstones are a status symbol these days. A high collection of tombstones suggests a strong portfolio of transactions – building your reputation as a business. By using this celebration of your transaction with a client or fellow company, you are providing the business with a physical memento to symbolise your deal. This shows your care for a client, adding customer value. As an added benefit to this, your tombstone will be placed within the client’s office, in turn creating a marketing opportunity for you. When visiting the office, people will see your brand’s logo and generate further business for your company.
Collaborating with OakNorth Bank has been a pleasure for us here at Midton. The boutique bank describes us as a:
“very reliable and professional service with a quick turnaround time”.
Financial tombstones are a unique opportunity to showcase a business and with OakNorth Bank’s positive feedback to our projects, we hope to continue working with them for many years to come.