How a leading international banking group achieved an 85% conversion rate on account openings thanks to Contrend
It’s not always easy creating a new “premium consumer proposition” and delivering it on different channels in Singapore, but we were up to the task.
A Fortune 500 banking group (Brand Z) tasked us to create a new “premium consumer proposition” to be delivered across digital, mobile and social channels in Singapore.
The aim was to develop new and innovative content to connect with their target audience, resulting in increased awareness, engagement and Marketing Qualified Leads (MQLs).
We deployed Contrend, and its AI and ML capabilities, to identify audience content preferences and competitor strategies. We used this data to create new content pillars and personas for Brand Z. This enabled us to then develop an implementation plan with metrics to review.
The project consisted of 4 phases:
1. Pre-strategy phase
- Content review
- Social media review
- Social listening
- Content and social opportunities
2. Strategy phase
- Strategy development
- Workshops and initial findings
- Final strategy and implementation
- Plan presentation
3. Tactics and implementation phase
- Implementation plan, including new channels
- Suggested governance
- Suggested content pillars, personas, social channels and content calendar recommendations
4. Execution and governance
- Launch and ongoing content
- Content and social content creation
- Reporting and analytics
A best-in-class content hub was born
Contrend was able to identify Brand Z Ei versus Competitor Ei and Landscape Ei. Once it had these results, it could recommend optimum content for the bank to increase audience engagement and content performance. Furthermore, Contrend uses ML-tech to review the accuracy of its recommendations. It then self-learns to increase the accuracy and relevance of its future recommendations and predictions.
Contrend’s results provided for the creation of a new content hub to hold Brand Z’s premium consumer content. Once this was created, and with the continued monthly analysis by Contrend, the results have been highly beneficial.
- Client retention rate is 5% higher compared to the control group; meaning 5% more clients are now likely to maintain their banking relationship with Brand Z.
- 85% conversion on account opening and a dramatic increase in the number of appointments requests, after people received content around “investing and planning for retirement.”
Immedia and Contrend have since been engaged to work on projects across Brand Z’s retail, digital banking, HR and brand teams, reaching new markets including Hong Kong, China, Malaysia, Taiwan and the UAE.
5% more clients are now likely to maintain their banking relationship with this top international banking group.
For further information on how Contrend can help your organization grow its online engagement, click here.