How we helped FirstOntario Credit Union launch its first online-only banking platform in a highly competitive marketplace.
Saven
Financial
Background
Saven Financial is a new banking platform from FirstOntario Credit Union that’s entirely online, offering Ontario an entirely new way to save.
Services
- Creative Strategy
- Digital Strategy
- PPC Optimization
Challenge
To successfully launch the online banking platform in an already crowded Canadian online banking market in the midst of the COVID-19 pandemic.
Stop spending. Start Saven.
To say the online banking market in Canada was crowded would be an understatement. Not only did you have “The Big Five,” but new online platforms like EQ Bank and Tangerine had become household names. Saven’s goal was to bring a digital savings experience to those who wanted to achieve their financial goals through smart saving. It was imperative to launch a fully digital campaign to test messaging, creative and targeting quickly.
For the serious savers.
After completing our brand strategy process, we identified what could set this financial option apart. Naturally, every bank promotes the concept of saving, but very few only promote saving. So, everything from the name (Saven) to the products we offered to the content we created had to do with only one thing: saving money. Saven was launched 100% digitally, using PPC tactics to allow for ongoing testing and optimization. Through this approach, we were able to uncover insights about the market and audience, allowing us to pivot and tweak the campaign in real time. All of our digital tactics drove to unique campaign landing pages, designed specifically for our target audiences, which helped position Saven as a thought leader in the financial space.
We saved the best for last.
In just 12 short weeks, our PPC campaign helped Saven not only build brand awareness for an online banking platform in one of the most crowded markets in Canada, but also exceed deposit volume targets by 733%. Let us type that again: 733%. Paid search was the highest-converting tactic and was where we spent 60% of our modest budget. The campaign had an average cost per member of $1,111. However, the ROI on the spend was 8,788%.
- 733%Above deposit volume targets
- 6%CTR
- 44.2%Search impression share
- 8788%ROI
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