About ASB
ASB bank is commercial bank in New Zealand started in 1847 with the vision to serve the community,to grow and help to kiwi’s grow.They have set themselves apart with strong determination of being a solution to peoples banking problem.It has 1.3 million customers banking with them.Innovation being the key ingredient for the success of any firm.With perseverance to reach their target audience has led to many inventions. Technology been the major tool which created revolution across all the business entities.Virtual branch is an augmented instrument between the customers in branch and remote bank ad visors. And the same happened with ASB bank in New Zealand, innovation, customer service and maintaining standards is their DNA.
Campaign Objective
Build an online community of fans and strengthen brand reputation for innovative technology and provide superb customer service.
Strategy Adopted
With the objective of building new customers and maintain its brand value using the sophisticated technology and with best customer service has led to the innovation of Virtual Branch. Virtual branch allows the customers to connect with a personal banker through online channel without having to visit the branch. ASB launched ad campaign to reach to the larger audience through Facebook. Virtual branch is application where customers can install it and they have active banking specialist to assist them which included all the banking transactions not compromising on security. It has gave them an edge over their competitors by fulling customer needs and brand engagement through a click. And persuaded other customers to join ASB.
Results
Ad campaign was created with focus on promoting ASB’S presence on Facebook, one advertising a laptop give-away and one introducing the Virtual Branch application. This ad campaign was not restricting to their target audience but also to reach to large populace. Results of the campaign speaks for itself. With an aim to gain 11000 fans on their Facebook page within 6 months their surpassed their goals within 3 months with 15000 fans. Top of it they were able to get real feedback which helped them to improve their service better. There was exponential increase in their awareness and number of installations tripled the number of Facebook fans. This gave way to virtual banking and where first to start customer service through Facebook.
Using this virtual branch they want to reach out to customers using different channels like phone and internet banking. Innovation can be a key to take the company to next level. They are different social networking platforms where they can reach to larger audience. This led to provide round a clock service to their customers. It reduced the additional cost incurred by the banks and to reach their customers with a click away.
Facebook forms the crucial part in this approach. It would use the Facebook as an important tool to integrate all its campaigns across all the channels. In addition the Virtual Branch, which started as an experimental pilot, will now be an on-going service catering from ASB alongside its other channels such as phone and internet banking as well as the Branch and Contact Center networks. ASB is focused on supplying relevant in formation and powerful, exciting services or its clients and its online community. In future there would be less of physical branch and more of virtual branch which would be catering to large segment . Banks need to adopt advanced digital tools and technologies such as video conferencing,digital signatures, card reader and online document sharing. However, banks can even market themselves using augmented marketing which includes virtual banker would be available on the screen moment you visit the site. Virtual banker would help you to resolve your queries giving the real experience as if you are visiting the branch sitting on your couch. It would help building better customer relationships. It would be like more of virtual branches and less of physical branch. Though there are many advantages still there is limitation, Focus would be on the more Gen Y when compared to other generations. Still they need to cater to Gen X satisfying there need involves trust factor. Its not the good source for opening accounts. Majority of the populace would prefer to visit the branch when its the matter of opening an account and taking a loan. Furthermore, Cross selling and up selling is not that effective coming to online platforms.Above all knowing your customer will help you to develop future banking using digital channels. They would help in new customer acquisitions.
Key Learning
- Facebook Ad campaigns can be used as a platform to launch new applications and reach out to their target audience generate more fans to the page.
- Facebook’s broader reach and target filtration allows companies to efficiently and effectively target national audience for high impact campaigns.
- A customer service and product engagement through Facebook can become valuable asset to the companies.
Image Credits: ASB
