Summary
Strategic Fusion Unleashes 10X Digital Growth - Our Organic Growth Marketing and CRO sparked a 10X ROI surge. Leveraging analytics, we refined user experiences, boosting retention through personalized communication. Key objectives - digital fixed deposits, online credit card disbursals, & incremental loan leads we optimized savings, fixed deposits, and loans with impressive results. Highlights include 57% more digitally opened SA, 6X growth in FD bookings, 11% contribution from SmartEMI to CC spends 20X CL.
Challenge
Objectives: 1) Drive Fixed Deposit Bookings and Account Opens Digitally 2) Boost Online Disbursals of Credit Card, Loan on Credit Card & SmartEMI (Convert CC spends in EMI) 3) Generate Incremental Car Loan & Personal Loan Online Leads & Disbursals Business Challenges: Loan on Credit Card: 0 Loan Disbursals through the 4 pages generating 51% credit card overall traffic Convert Credit card Spends in EMI: 0 EMI Conversions through the 4 pages generating 51% credit card overall traffic Car Loan: New to Banking Customer cannot apply for online. Online Lead Form Journey was limited to Pre-approved customers only. Disbursal to those pre-approved customers took 7-14 days Fixed Deposit: Low Conversions on Mobile Device for Category (1% of users converted) & Lacked a dedicated page for driving conversions, despite 8.9 Lakh monthly searches. (Conversion rate was 0.05%) Personal Loan: Lacked intent-driven loan searches, particularly Need Based and Amount Based Loans, which exhibit a higher conversion intent. (In FY 21-22, Conversion rate was 0.2% for Amount & Loan Based) Savings Account: In FY 21-22, 24 Crore Rupees were allocated for paid campaigns. In FY 22-23, all paid campaigns halted. Media spend on paid campaigns were zero.
Objective
The financial campaign aimed to amplify digital engagement and conversions for products like savings accounts, fixed deposits, SmartEMI, loan on credit cards, Express Car Loan, and personal loans. Challenges included low conversions in specific areas, such as Loan on Credit Card and SmartEMI. Strategic solutions involved integrating contextual call-to-action icons, creating an unassisted online journey for Express Car Loan, and optimizing fixed deposit content for mobile devices. Influencer collaborations, precision-targeted social media campaigns, and innovative content design were executed, resulting in a remarkable 57% growth in digitally opened savings accounts, a 6X increase in fixed deposit bookings, and a 5X growth in booking amounts. Notably, SmartEMI contributed to 11% of total credit card spends converted into EMI, and Loan on Credit Card achieved a 0.3% contribution to total digital disbursals. This campaign demonstrated a successful shift towards organic growth, reflecting substantial improvements in ROI, cost reduction, and overall conversions.
Strategy
Savings Account: Issue: Higher Page Load Time Leading to User Drop Media (Solution): Created Accelerated Mobile Pages which loads page on google's server instead of HDFC Bank's website Ah-ha moment: 4X FASTER Page Load Time Leading to Reduced Drop Off Loan on Credit Card & Smart EMI: We cross sold loan on credit card & Smartemi by Integrating Icons with Contextual Call to Action Users unable to pay full bill by due date on bill payment page can utilize SmartEMI. This avoids credit score impact by converting expenses into EMIs Users requiring quick funds can instantly access credit card loans with rates as low as 1% per month. This avoids high charges of cash withdrawal Car Loan: Integrated unassisted end-to-end online journey for all users. Re-branding the product as Express Car loan indicating the quick loan disbursal feature Fixed Deposit: Emphasized elevated interest rates for Senior Citizens on prominent banner (Seniors withdraw less, hold substantial deposits compared to other demographics). Highlighted features using Infographic format FOMO: Limited Time deals Offering Higher Interest Rate for 35 & 55 Months Life Insurance cover equivalent to Deposit Tax Saving Instrument Earn Indian interest rates on foreign currency Technology: Personalized Communication targeting with Adobe target basis Age, Gender etc. E.g Age > 60, Senior Citizen FD offers is showcased. Smoothened User decision Making process: Integrated Calculator for users to understand final returns based on tenure and rate Technology: Developed Accelerated Mobile Pages per Google's AMP Guidelines, improving page load time Personal Loan: Lacked intent-driven loan searches, particularly Need Based and Amount Based Loans, which exhibit a higher conversion intent. Communication: SEO Optimized 20 Need & Amount based loan Pages basis Searches. E.g Loans for Marriage, Travel, Emergency, Women, Salaried, 1 lakh
Data
The measurable impact was substantial, with a 57% growth in digitally opened savings accounts, a 6X growth in fixed deposit bookings, a 5X growth in booking amounts, and a 3X growth in FD interest rate conversions. SmartEMI accounted for 11% of total credit card spends converted into EMI, while Loan on Credit Card witnessed 0.3% contribution to total digital disbursals. The Express Car Loan category achieved a remarkable 5X growth in disbursals, and personal loans saw a 2X growth in form completes. Overall, compared to previous efforts, there was a phenomenal 14X growth in form visits and a 10X growth in form completes. Executed in FY 22-23, the campaign exemplifies a successful shift towards organic growth and conversion optimization, yielding substantial improvements in ROI, cost reduction, and conversions.
Solution
Results
1) Savings Account: 57% Growth in Account Opens Digitally 2) Fixed Deposit (Category Page): a) 6X Growth: 6% of users visiting our page booked FD b) 4X Growth in No of FD Bookings c) 5X Growth in FD Booking Amount 3) Fixed Deposit (Interest Rate): a) Conversion rate improved to 0.1% b) 3X Growth in No of FD Bookings c) 2X Growth in FD Booking Amount d) 2X Growth in FD Form Visits 4) SmartEMI (Credit Card spends converted in EMI): a) 11% Contribution to Total Credit Card spends converted in EMI (Form Completes) through the 4 pages generating 51% credit card overall traffic (Existing CC Holders) b) 10% Contribution to Total Credit Card spends converted in EMI (Value) through the 4 pages generating 51% credit card overall traffic (Existing CC Holders) Loan on Credit Card: 0.3% Contribution to total digital Loan on credit card disbursals (Value) 0.4% Contribution to total digital Loan on credit card disbursals (No of Disbursals) Express Car Loan: 5X Growth in No of Loan Disbursals 20X Growth in Loan Disbursals (Value) Personal Loan: 2X Growth in Form Completes 0.5X Growth in Form visits
