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During the COVID-19 pandemic, Krungthai Bank encountered significant obstacles in Thailand’s unsecured personal loan market due to outdated loan procedures. To address this, the bank collaborated with iProspect Thailand to transform its loan application process using innovative digital strategies. This partnership not only streamlined the process for qualified customers but also boosted digital adoption, leading to impressive outcomes in a relatively short period.
Transforming Thailand's Personal Loan Market: Krungthai Bank's Digital Disruption
Marketing Excellence Awards 2024 - Gold for Excellence in Data-Driven Marketing.
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in conversion rate of loan application within 5 months of launch
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on cost per loan application within 5 months of launch
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of core keywords ranked in the top 5 positions
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of new generic keywords ranked in Google's first page
The Challenge
Krungthai Bank identified two critical challenges amidst the COVID-19 pandemic:
- Targeting Qualified Customers: How to identify and reach potential customers who demonstrated genuine interest in loans, possessed the ability to repay, and had no credit issues.
- Streamlining Loan Applications: Simplifying the loan application process to eliminate traditional barriers and attract new customers through digital channels.
The Solution
Krungthai Bank and iProspect Thailand implemented a comprehensive solution to address the challenges:
- Audience Segmentation Strategy:
- SEE: Targeting audiences interested in loans through high-value paid media campaigns on platforms like Facebook and Google Display Network (GDN) to increase awareness.
- THINK: Optimizing SEM and retargeting on Facebook and Google GDN with personalized content to enhance interest and intent among potential borrowers.
- DO: Implementing lead generation optimizations to convert potential borrowers into warm leads during the application process.
- CARE: Targeting existing customers for cross-selling opportunities and re-engaging inactive customers to optimize consideration and retention.
3. Data Integration and Personalization:
- Leveraging Analytic 360, Krungthai Bank optimized its landing pages and app experiences for specific target segments, enhancing user engagement and conversion rates.
- Implementing SEM with personalized text ads to further drive engagement and conversions.
4. SEO and Content Strategy:
- Ensuring top rankings on Google with 141% of core keywords and achieving visibility for new generic keywords on the first page, supported by high-quality blog content and organic search optimization.
Results
The results of Krungthai Bank’s digital transformation were impressive, validating the efficacy of their strategies:
- Conversion Rate: Increased by 227% within five months of launching the new campaign, indicating improved engagement and application submissions.
- Cost Efficiency: Cost per loan application decreased by 29.71%, optimizing budget utilization and improving overall ROI.
- User Engagement: Enhanced landing page personalization led to increased time spent by consumers and a high average click-through rate (CTR) of 6.66% to the app.
- SEO and SEM Success: Achieved top rankings with 141% of core keywords in the top 5 positions on Google and new generic keywords appearing on the first page, demonstrating strong organic search visibility.
- Audience Segmentation Effectiveness: Lowered Cost Per Acquisition (CPA) through effective SEM audience segmentation, underscoring the value of targeted advertising in enhancing campaign performance.
Innovating to Impact
Krungthai Bank’s partnership with iProspect Thailand exemplifies how strategic digital transformation can redefine success in the financial services sector.
The collaboration between Krungthai Bank and iProspect Thailand introduced transformative changes that resonated across multiple facets of the financial services industry:
- Enhanced User Experience: Through targeted ads and personalized content, customers felt understood and valued, resulting in a significant increase in loan application conversions.
- Industry Benchmark: Krungthai Bank set a new standard for innovation in the Financial Services & Insurance sector in Thailand, pushing the industry towards greater digital adoption and financial inclusion.
- Promoting Digital Literacy: By disrupting traditional loan processes and promoting digital tools, Krungthai Bank contributed to enhancing digital literacy among the population, fostering a more connected and informed society.
By leveraging data-driven insights, personalized marketing strategies, and robust SEO/SEM optimizations, Krungthai Bank not only achieved substantial improvements in loan application metrics but also positioned itself as a leader in digital innovation within Thailand’s competitive financial landscape. Moving forward, the lessons learned from this campaign will continue to drive Krungthai Bank’s efforts towards greater customer-centricity, efficiency, and digital excellence.
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