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For over a decade, retail banking has undergone a transformation as customers have increasingly relied on their smartphones for a wide range of banking activities. This includes everything from managing their daily banking needs to investing.
With over 6.7 million people in Hong Kong spending nearly two hours per day on social media, it is essential for banks to include social media marketing in their digital strategies. This will allow them to effectively reach their target audience.
Since 2012, Standard Chartered Bank has been collaborating with Meta, a leading social technology company, to market its retail banking products in Hong Kong. Popular social media platforms like Facebook, Instagram, and Messenger, which are part of the Meta family, have proven to be effective in generating high-quality leads and driving customer acquisition for the bank’s retail products.
With Meta’s ad solutions, some of which are driven by artificial intelligence (AI), the bank also taps the social media platforms’ collective reach of 3.9 billion monthly active people to identify and target the most suitable customers for its services, leading to more personalised and cost-effective marketing strategies.
Targeted approach to drive customer acquisition
Meta enables Standard Chartered Bank to not only customise messaging for different customer segments but also target and discover new audiences that the bank may not have otherwise considered.
“This targeted approach ensures that our marketing efforts are more efficient and effective in driving customer interest and ultimately increasing customer acquisition,” says Haymans Fung, MD, Head of marketing CPBB, Hong Kong and Head of Global Partnerships Marketing at Standard Chartered Bank.
“We strategically focus on social media users who align with our comprehensive range of retail banking products, including foreign exchange, credit cards, personal finance, and wealth management.”
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