Advertiser: RHB Group Brand: RHB Group Creative Agency: - Credits: -
As a bank, we focus on two areas for revenue generation. First is to get new customers, and second (more important), to get them to deposit money into their accounts. Debit account opening, is usually conducted offline
Insight, Strategy and the Idea
Inspired by ‘shared economy model’ we aimed to streamline debit account opening process, we did that by starting with delivering the idea on the importance of deposits, by using Social and Content marketing campaign called Yanxi’s Palace. Followed by encouraging the people to secure their future by investing in Fixed Deposits by RHB, and then we made it easy for people to start banking with RHB using the Online Account opening and allowing them to use our rider service to do the formalities from the convenience of their home. We used existing customer data segmenting product users into 3 groups. Customer product consumption + demographic and psychographic information revealed Young families. Sandwich generation. Empty nesters. Rejecting ‘price war’ narratives in this sector, we analysed audiences creating common message to adopt ‘risk averse’ investment option: Deposit your future with RHB.
Target Malaysian Chinese community adored 2018′s “Story of Yanxi Palace”. We leveraged with video twisting main character’s iconic lines and strategies into wealth growing wisdom. Partnered with DJ Cheryl Lee as influencer star. With video being a big part of web experience, we blasted the fulllength video on mass digital channels like YouTube and Facebook, while enhancing virality with bitesized PockeTVCs for mobile users. Ads matching 3 target groups aiming for high reach factor in key urban areas across Malaysia that matched national income trends. Interest and psychographic targeting developed by mimicking 3 groups. Remarketing lists and custom audience data uploaded to platforms helped with lookalike audience generation from existing fixed deposit product adopters. Custom audience of other RHB customers without fixed deposit products were cross sold. For rider service, paid promotions on Facebook, Instagram, SEM and display channels drove traffic to campaign landing pages for lead generation. Leads within catchment area sent automated SMS and email with optional appointment times with riders, followed up with call. Leads outside catchment area redirected to callcentre. Rider received application with information from digital lead. Rider travelled to applicant completing ID checks in person. Approval during appointment and customer sent debit card by courier next business day.
Results and Effectiveness
MoM debit account growth jumped 173% vs noncatchment areas and precampaign trends. Average lead to account opening of 2 days from 14 within catchment, 85% reduction in sales cycle. 77% reduction lead dropoff rate. 43% Reduction in ‘cost per account opening’ Accounts opened via OLA 76% from 46% RHB product searches rose 101% during awareness phase. Achieved double digits Fixed Deposit growth at 17.6% vs 6.5% industry growth Achieved highest Fixed Deposit market share position at 7.66% in November 2018.