Case Study: DenizBank
DenizBank is Turkey’s fifth largest private bank, and has been making substantial investments in technology, R&D and innovation since its foundation. DenizBank established the first Digital Banking Department in Turkey and has implemented various innovations that guide the financial sector. They were also the first to appoint a Chief Digital Officer in the sector, and have been named the “Most Innovative Bank in the World” more than once in the USA and Europe. DenizBank integrates all the areas of either physical or digital touchpoint with customers through a “phygital” strategy.
Innovating the future of mobile banking in Turkey
In 2012, DenizBank launched Turkey’s first mobile wallet, fastPay. Banked or unbanked customers of DenizBank can use fastPay. The mobile wallet is supported by all major credit and debit cards valid in Turkey and customers can use it to withdraw cash from ATMs, top up public transportation cards, make utility payments, send money to a peer, and use it as a means to pay via their mobile phones at point-of-sales. In the same year FastPay launched, DenizBank also launched their flagship app, MobilDeniz which allows DenizBank customers to access DenizBank products and services directly from their smartphones. DenizBank integrated Adjust trackers into both MobilDeniz and fastPay to track the success of their paid and unpaid channels.
Everyone's a potential customer
When DenizBank initially started running advertising for user acquisition, they took a broad approach. They focused on targeting groups of people at scale that had potential to be a customer. However, they quickly realized that this approach was costing them a lot of money and without proper results to justify their spending. They needed to rethink their marketing strategy and narrow their focus. If they wanted to spend their budgets more wisely, they needed to look at their data and work in parallel with the GDPR and other local regulations to target their users.
Leveraging exclusion targeting for a narrowed focus
DenizBank turned to their organic and unpaid channels to find a solution. They were using propensity models for these channels using products they were promoting and by keeping in the scope of GDPR and Banking regulations, they created audiences that they could target through email and push notifications. An important factor for DenizBank was to keep their user’s data privata and secure, so not sharing their user’s data with a third party was an important part of their strategy.
"Adjust let us cluster users according to response channels, including media and the Bank’s touch points. Making our planning and targeting accordingly, resulted in great efficiency in our marketing budget."
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By integrating Adjust’s trackers for SMS, email and push notification, they’re able to track key KPIs and measure the conversions for each unpaid channel in a GDPR compliant environment without using sensitive user data. DenizBank used the Adjust Audience Builder to create dynamic groups of users to exclude them in paid networks retargeting purposes. Since these users were already exposed to a promotion via an unpaid channel, they wanted to exclude them from seeing paid promotions. By using Adjust’s direct integration with Facebook Ads, the audience was seamlessly linked to DenizBank’s Facebook Business account where the marketing team could then run campaigns excluding these users from seeing ads.
Spending more efficiently
DenizBank’s effort to segment users based on the scope of both paid and unpaid channels allowed them to allocate their budgets much more efficiently. Overall, they were able to decrease their overall cost by 56% and sustained their sales volume coming in from paid channels.
Their efforts resulted in:
- More efficient budget allocation
- Decreased cost by 56%
- Maintained sales volume while decreasing cost
"Thanks to Adjust, we were able to increase our efficiency. By knowing which users are coming from paid vs. unpaid channels, we were able to strategize our marketing efforts with our overall marketing budget in mind"
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