ASB’s customers and prospects perceive ASB to be an innovative bank. Facing a competitive home lending environment, with little to differentiate between banks, we chose to disrupt the market with an innovative world first for the financial services industry.
Introducing ASB Like Loan, the world’s first home loan rate powered by ‘likes.’
The more ‘likes’ the rate received through our Facebook app, the lower it went for one winner every Wednesday for 4 weeks.
This was a social idea for a social platform that played on the power of networks working together to achieve a common goal. The campaign ran every Wednesday for four weeks, producing home loan rates as low as 1.15% for our winners.NZ
By early 2013 the home lending market was flooded with ‘cherry on the top’ incentives from all of the banks with little to no differentiation.
Banks had attempted to engage their communities on social platforms with these incentives, a far cry from the true potential of social media to engage.
Our challenge was to activate ASB’s social media following to advocate for ASB, differentiate ASB from their competition, and drive an uptake in home lending.
CCS revealed that customer’s short list banks as they begin to research the alternatives and are strongly influenced by friends, family and colleagues when it comes to financial decisions.
While broadcast communications can trigger initial consideration, as they start to research they will put more value on the opinions of these networks.
Our strategy was to activate ASB’s as yet unharnessed Facebook social media following to
1. Advocate for ASB in their networks
2. Act as endorsers of ASB as a home lender
3. Use this to generate qualified leads for home lending.
To mobilise the bank’s 69,500 Facebook fans to spread the word, we had to give them something truly fresh, interesting and useful to share and get involved in.
ASB Like Loan, the more ‘likes’ the home loan rate receives throughout one day via the Facebook app, the lower the rate goes for one lucky winner.
We adopted a multi screen approach to harness the reach of TV to drive audience through to Facebook and the Like Loan app. In keeping with the innovative nature of Like Loan we adopted a NZ media first where the TVC updated to reflect the current rate across each spot as it dropped throughout the night.
Awareness and participation was also driven via Facebook, OnDemand, radio, digital, Pre-roll, print, owned assets and experiential activity.