BankBazaar increases response rate by 130% with RCS Business Messaging
Based in Chennai, BankBazaar offers consumers instant credit score information and customized rate quotes on financial products like loans, mutual funds, and insurance. More than 50 of India’s top financial and insurance firms participate on their platform, which enables shoppers to compare offers and apply for products online, as well as via their mobile app.www.bankbazaar.com
BankBazaar was looking for new, more effective channels to reach their digitally-aware users. Their goal: Get users to install the BankBazaar mobile app with the enticement of instant credit score checks and the ability to explore other credit products. In September 2020, they sent two sets of RCS Business Messaging campaigns, totaling 70 million messages.
The first set displayed their logo and brand name with a call-to-action (CTA) to check their credit score. The second set included all of the above as well as an animated GIF. The first set of messages had a clickthrough rate (CTR) 80 percent higher than a comparable SMS campaign and the second set with the animated GIF had a CTR 130 percent higher than a comparable SMS campaign.
BankBazaar wanted to increase app installs and usage among their current web user base. The company had been primarily using SMS campaigns to reach these goals, as it proved an effective channel for reach, engagement, and ROI. But when in-depth research revealed that their customer base was more digitally aware than they’d expected, BankBazaar decided to offer users features that surpassed the limitations of text-only interactions, through a richer channel that would be more effective than SMS, and as attractive as email.
With support from a communications partner, Infobip, BankBazaar sent more than 70 million messages through RCS Business Messaging in September 2020. The messages invited existing BankBazaar users to install their app to their check credit scores. An initial set of campaigns showcased BankBazaar’s logo, brand name, and an image, and a second set of campaigns included an animated GIF instead of a static image. “At BankBazaar, we’re continuously looking for new and engaging communication channels. With Infobip’s support, we were able to quickly launch RCS Business Messaging campaigns to reach our marketing goals,” shares Prashanthi Elango, a Senior Campaign Manager at BankBazaar.
Their first set RCS Business Messaging campaigns resulted in a CTR 80 percent higher than similar SMS campaigns, and the second set with the animated GIF offered a CTR 130 percent higher than similar SMS campaigns. BankBazaar plans to continue using RCS Business Messaging campaigns as part of their future business strategy. Elango shares, “Our results with RCS Business Messaging were incredibly impressive: Customer response rates were twice as high as comparable SMS campaigns. We’re looking forward to expanding these campaigns across all our products for a new, more interactive, and engaging way of reaching our customers.”
“Our results with RCS Business Messaging were incredibly impressive...We’re looking forward to expanding these campaigns across all our products for a new, more interactive, and engaging way of reaching our customers.”— Prashanthi Elango, Senior Manager Product Campaign Management, BankBazaar