Advertiser: Hong Leong Bank Brand: Hong Leong Bank Creative Agency: Naga DDB Malaysia Credits: -
Objective & Challenge
HongLeongBank’s (HLB) vision is to be a digital first bank. Therefore, it’s critical to migrate their customers to cashless and digital banking. This is also in support of BankNegara Malaysia’s ambition to increase annual cashless transactions per capita from 44 to 200 by 2020. However, by June 2019 only 20% of all HLB customer base were going cashless and HLB’s ambition is to convert 40% of the customer base to go cashless within 6 months. How could HLB position itself as the leader of the cashless movement, accelerate the transition to cashless with their own customer base and ensure all new customers adopt a digital approach to banking?
Insight & Strategy
Two targets were identified which has the biggest business impact on HLB in the short and midterm. Millennials: 40% of the working population, the drivers of technology adoption, and the biggest potential for HLB to accelerate cashless growth and usage. Millennials however found the entire financial category deeply unexciting. We sought to understand what would appeal to millennials: 65% watched content they can identify with. Prime motivation to go cashless is rewards (65%) and promotions (55%). Less receptive to advertising product push sales (50.3%). Thus, to resonate and communicate with the millennials, HLB needed to speak in their language and appeal to them with rewards and promotions. SME: In 2019, 910,000 SME businesses were registered. HLB needed to increase the availability of digital transaction facilities to ensure that SMEs provide cashless payment options to their customers in a seamless and convenient manner. However, 40% of our target groups agreed that cashless was more a chore than convenience, and our consumer behavioral analysis revealed 3 reasons why “cash is the king”. #1 User Experience – There are a variety of cashless options in the market. Payment apps are not user friendly as it takes a longer time to complete a transaction. The main issues are slow mobile connectivity, legibility of QR code, and insufficient funds in ewallets. Therefore, there is a negative perception that cashless payments can be troublesome. To avoid the anxiety and hassle, consumers just default to cash. #2 Availability – Cashless payments are not widely available at outlets (eg;provisionshop/wet market/mom & pop shops) which makes up to 70.5% of SME business. These businesses do not adopt cashless payment options as shop owners prefer to receive cash. Hence this behavior limits the option for cashless transactions. #3 Security – 49% of Malaysian consumers think that contactless transactions will expose themselves to data fraud. Fear is the key deterrent to cashless adoption. Given these behavioral insights, we needed to incentivize both groups to change their behavior. Hence, we aimed to provide: Incentives – Showing that it’s simple to be rewarded by going cashless. Promotions at POS – Ensuring shop owners made cashless payments available at outlets so consumers could redeem HLB discount vouchers. Reassurance and Education – Creating content to demonstrate the safety and convenience of cashless transactions. Our strategy: Our big idea was “breaking up” with cash, a twist of humor that sparked a fulfilling new relationship with cashless payments. We designed a light tongue in cheek, shareworthy content that appealed to millennials and broke through their indifference towards banking communications.
We created a pathway to “breaking up with cash” in three phases using social media, search, video, KOLs, Boba activation, community seedings, and online editorial content. Revealing “other fish in the sea” We took popular cultural nuances and created three webisodes, each titled “ByeByeCash” to pay tribute to popular genres of drama whilst implementing the humorous idea of “breaking up” with cash. A Korean drama depicting a dramatic scene of a Korean woman having a serious breakup talk with her love, cash. A Bollywood inspired drama that shows an Indian woman storming out of her exlover’s apartment (who of course is cash). The Chinese drama depicts a shopkeeper saying a difficult farewell to cash so that he can enjoy a new relationship with credit cards. Our approach showed consumers and SME’s that there are “alternative financial significant other” besides cash. Helping them “find the right guy” We used multivariate testing to match and crosssell digital banking products relevant to our audience’s interests. We established a multilevel retargeting strategy for all users, to ensure cashless behavior is reinforced: Served tailored messages and promos to encourage more cashless transactions. Cross sold other digital banking products based on their browsing behavior. Ensured low interest rate promotions and cashbacks to encourage usage. Acceptance: Cashless is right for me We took over SubangJaya’s iconic “BobaStreet” an area that hosts many boba tea outlets (Daboba, TheAlley) for HLB’s BubbleTeaFrenzy event. At the event, customers enjoyed a RM10 bubble tea voucher if they applied for a HLB CreditCard or registered for HLBConnect (Mobile App) or linked their HLB DebitCard/i to WeChatPayWallet within a 6month period. The SME in return got an increase in sales from this promotion. We also engaged AstroRadioDJ’s and 26 millennials influencers. They built brand buzz and helped Malaysians better understand how easy, seamless and rewarding “going cashless” can be while emphasizing the benefits of a cashless lifestyle.
Media’s impact on: Performance within 1 month of the campaign o Reached 8.7M millennials across Malaysia. Over 71% of the millennial population o We had 3.7M video views with a total engagement of 5.25M and a 50% completed video viewing watch rate (VS industry benchmark of 44%) o Total website visits jumped from 84k to 234k (+178%). HLB Customer Behavior change metrics (JunDec 2019) • 48% (Vs 40% target) of HLB customer base successfully converted from cash to cashless in the 6 months period (client data internal postbehavioral analysis). • HLB achieved a 19% increase in cashless transactions (VS 2% pre campaign). • Increase in the usage of HLBConnect VS offline method compared to previous year: o +163% PersonalLoan applications o +61% eFixed deposit placements o +61% via HLBConnect transactions (bill payments/funds transfers/ewallet) • CreditCard applications rose by 65% vs previous year. Brand Performance • Buzz score rose by 26% from 6.3 to 9.0 (YouGov).