The Hong Kong Monetary Authority (HKMA) has granted eight virtual banking license last year, fostering virtual banking as a new supporting pillar for Hong Kong to enter the smart banking era. Studies also suggested there is a positive change in consumer perception towards online banking service. Consumer knowhow on “Virtual Bank” and willingness to use virtual banking service have raised 26% and 17% respectively.
Campaign Objectives and Challenges
Although these new players have broadened the selection of banking options, they still encounter other headwinds in a particularly competitive and strictly regulated market. Our client – ZA Bank, is the first one entering into Hong Kong’s virtual banking market. Being as a pioneer, ZA Bank wishes to outpace their competitors by leveraging Vpon’s data profession and capability, boosting the market share and the transaction volume of their App
How to do?
1. Vpon’s New Money Model
In response to the exceptional fierce competition in the banking and finance industry, Vpon developed a New Money Model to drive the number of App downloads. To capture more target audience, Vpon identifies and segments core target tiers through Vpon DMP platform. The platform would create potential audience pool for cross-platform ad delivery and convert the non-user to loyal App customer.
2. Vpon Proprietary Tool – AppVois
ZA Bank further utilized our proprietary AppVois platform to formulate corresponding marketing strategy. The platform illustrated an overview of the market positioning of ZA Bank’s App by individual and market analysis. Indicators like App install and uninstall rate enables them to get to know their App market penetration and user preference in a more precise way.
Outcome and Achievement
There is a continuous uptrend on mobile App download rate, the market penetration rate increased for 1.97% (i.e., 40 times) since its official launch. Meanwhile, we also observe a steady enhancement of CPI despite the outbreak of COVID 19.