How HSBC Tapped Into Mobile To Grow Its Personal Loan Audience Base
Like many banks, HSBC offers a personal loan offer in Singapore. Despite this attractive offer, the bank still does not receive many registrations from consumers. Unperturbed, the brand worked with Ogilvy and PHD to launch HSBC more than a personal loan campaign to strengthen its market share. This led to Ogilvy and PHD winning gold for Best Use of Mobile Banking at INTERACTIVE-MARKETINGthe recent MobEx Awards 2020.
HSBC Singapore’s personal loan offerings market penetration is low, with only 8% of personal loan holders in the country using its services. The bank cited extremely crowded space as a main reason, with competitors offering more attractive welcome gifts as hooks. In addition to competitors such as banks, HSBC also competes with comparison sites that aggressively target market users to visit their pages. So, despite being one of the first banks to enter the market, HSBC realized that there was a lack of brand affinity.
As such, he wanted to create a campaign that could increase brand preference for HSBC as a leading provider of personal loans through building stronger affinities and meaningful relationships. The campaign should also ultimately encourage consumers to consider and adopt the HSBC personal loan offer.
Despite the challenge, HSBC saw an opportunity to grow its base among the affluent public. Visitors to its HSBC personal loan offerings page showed a strong affinity with the traits of a wealthy audience. For example, they are either luxury travelers or they have visited other pages of HSBC services with higher income, such as – HSBC Visa Infinite and HSBC Premier. On this basis, the bank focused on individuals of the emerging and affluent group, aged 25 to 45.
Previously, its marketing efforts to publicize HSBC’s personal loan offerings focused on radio and the press to drive. To better connect with its new target audience and capture attention, the bank has produced designs that can be easily digested for consumption on the go. At the same time, 61% of its online budget was spent on mobile.
To effectively reach and engage its audiences at different times, HSBC has created a full-funnel approach with a mobile-focused strategy:
1. Create awareness by creating impact and cutting into a crowded space.
2. Build the association that HSBC’s personal loan offering helps you achieve your ambitions.
3. Activate clients who are actively looking for a personal loan.
HSBC has taken a mobile-optimized, user-centric approach to delivering an immersive personal experience on the go. The team wanted to make sure each ad was relevant to each individual and easy to understand. In terms of the creative process, the team came up with a value proposition that reduced clutter, positioning HSBC’s personal loan offering as a smart tool for savvy investors to support their personal goals or business. their family’s ambition for the future, without compromising their current lifestyle.
His strategic proposition was simple – For a better future without compromising your present. It aimed to reframe what Singaporeans thought of personal lending from three different perspectives – me, them, us. He wanted consumers to understand that the HSBC Personal Loan allows consumers to finance their passion, dreams and ambitions to enjoy a better future, without compromising their today.
HSBC’s campaign featured a “Choose Your Own Adventure” video to address the various emotional reasons its customers have for taking out a personal loan. According to the brand, the video style developed was a first for HSBC Singapore and adapted to the way consumers interact on mobile. It also allowed the public to personalize their experience. To allow for relativity, the opening scene begins with the protagonist working late at the office. The public is guided through different stages of life according to their choices by following one or other of the four courses developed. This experimental approach allowed them to unveil the passions of their life and how these can be realized with the HSBC Personal Loan.
At the same time, a film has also been developed to stimulate thinking about what consumers want to accomplish in their lives, giving a full picture of the different possibilities. Whether it is a personal career ambition or starting a family, consumers can realize just how available these aspirations are with the HSBC personal loan.
The campaign took place in three key phases:
1. Impact and publicize the market.
2. Build the association that the HSBC Personal Loan helps you achieve your ambitions.
3. Activate in-market and engaged users to sign up for HSBC Personal Loan.
The first phase was to get clients to think about their aspirations. A long-form video was produced to give Singaporeans a glimpse into the story, showcasing all the possible ways to achieve their aspirations through the HSBC personal loan. For a better mobile experience, vertical videos have been used to generate impact and reduce clutter. Facebook video link ads have also been used to deliver bite-sized content to capture consumers’ attention on the feed.
At the same time, HSBC has also taken advantage of YouTube pre-roll formats with new events in Google’s life, for example, get married soon and move soon, to establish an association between HSBC personal loan and consumers at different stages of life when a personal loan becomes relevant. Additionally, HSBC purchased outstream videos to reach out to its audience while viewing relevant content, such as family travel and home decor. About 75% of the budget for this format has been prioritized on mobile. Offline, HSBC also raised awareness in the media and advertised on buses and on the radio.
Phase two of the campaign involved engaging with its target audience by reorienting long-form video with interactivity, allowing consumers to envision achieving their aspirations. Her interactive videos have been posted on pre-roll YouTube and websites to maintain her previous presence on Phase One spaces. Over 80% of the total budget for this format has been prioritized on mobile. HSBC also added a new activity such as Facebook Canvas Ad to bring interactivity to social channels on mobile.
In addition, the bank has also created content articles to further reinforce the idea that HSBC enables Singaporeans to achieve their ambitions. HSBC has partnered with Channel NewsAsia and MustShareNews to create snack articles offering tips on how to get closer to their dreams. He also used long-form video to inspire audiences while prioritizing mobile because of the longer dwell times. The goal of this phase was to collect data, to understand what matters to most of its target audience.
The last phase was to follow up on customer aspirations. The audiences that interact with the ads have been easily captured by HSBC’s acquisition campaigns. Using digital tools, the bank was able to segment high-intention users, which allowed it to fine-tune creative messaging, calls to action, auctions, and real-time recency through search, display, social networks and native applications to generate loan requests.
The interactive and mobile-optimized creative approach has enabled HSBC to grab the attention of Singaporeans and connect with them at different times. According to HSBC, consumers have shown interest in watching the story of achieving their aspirations, with video views exceeding three times its completion rate target. The posting rate was also twice the HSBC benchmark. The number of visits to the website for the HSBC personal loan also exceeded the target of 38%, and requests completed across all channels exceeded its target of 1% during the campaign period. It was also 20% higher than the monthly average of requests approved before launch.
HSBC has also seen an increase in online engagements. According to the bank, he has dominated social conversations around personal loan on Facebook, Twitter, news and forums. HSBC Personal Loan recorded a conversation volume of 358% versus Standard Chartered and 129% versus DBS during the campaign period. The majority of these conversations came from news and forums (87%).
At the same time, its content partnerships have also garnered positive engagement, with its average social media post engagement rate increasing twice as much. At the same time, the HSBC Personal Loan was also perceived as more unique and innovative, its different index score increasing by seven points (9%) compared to the first half of last year (H1 2019). Its salient index score also increased by 5% more compared to H1 2019, while its customer satisfaction score increased by 4% more compared to H1 2019.