|The FE Credit team earned the Marketing Campaign of the Year title and the Award for Best Use of Social Media in Marketing awards |
Since its inception in 2010, FE Credit has grown into a leading consumer finance company in Vietnam, serving over 10 million customers through a suite of well-developed consumer finance products, including cash loans, consumer durables loans, cell phone or laptop loans, motorcycle loans, insurance, and credit cards.
With a database of over 25 million customers and 8 million outstanding loans including 1.7 million credit cards, FE Credit has captured over 50 per cent of the market, bringing more Vietnamese people into the fold of organised finance than the entire Vietnamese banking sector put together.
This is the first time FE Credit won the Marketing Campaign of the Year and Award for Best Use of Social Media in Marketing awards, thanks to its innovative marketing strategy of evolving to effectively support the customers on their daily journey, anticipating the unmet needs of target customers, and engaging with them both emotionally and mentally.
The company had launched various marketing campaigns across multiple online and offline platforms between the last quarter of 2018 and the first quarter of 2019, to leverage the peak of Vietnam’s year-end spending season in order to acquire new customers and deepen relations with existing customers.
“Over the years, FE Credit has been constantly reinventing itself, not only to become the largest consumer finance company, but also to be the most effective financial solutions provider and help millions of Vietnamese consumers realise their dreams as well as contributing to the country’s goal of financial inclusion,” said Kalidas Ghose, vice chairman and CEO of FE Credit.
“Therefore, many of FE Credit 's marketing campaigns are not only measured by impressive creative ideas or positive responses from consumers or the return on marketing investment, but also by the recognition from global organisations such as CMO Asia,” Ghose noted.
|CMO Asia Awards is a premier forum that rewards the best marketers, brand custodians, as well as advertising and industry professionals |
Basker Rangachari, chief marketing officer, FE Credit, was also recognised as CMO of the Year. According to CMO Asia Awards Committee, Rangachari and his team have been able to generate demonstrable positive business ROI on marketing initiatives.
They also played a vital role in driving the positive brand perception of FE Credit as a strong customer-centric company through various positive PR and financial inclusion initiatives.
Specific efforts that were recognised by the Awards Committee were the streamlining the organisation structure, upgrading of people and talent, data-driven marketing campaigns, and a digital-direct acquisition model.
|Basker Rangachari, chief marketing officer of FE Credit was rewarded CMO of the Year at the 10th Annual CMO Asia Awards 2019 in Singapore |
On this occasion, Rangachari proudly shared, “The year 2019 witnessed a marked shift in the marketing strategy of FE Credit, driven by a team of young, energetic, and passionate marketers. The continuous feedback from various channels gave us new insights into customers’ behavioural preferences.”
“We observed that many people struggle to make ends meet, and any unexpected expenses like home renovation or emergency medical needs put them under tremendous mental stress,” he continued.
“In these circumstances, sometimes they fall prey to unauthorised money lenders and get into a debt trap whilst undertaking personal risks. We identified several such life-changing situations at the granular level and developed specific marketing strategies and campaigns for each need.”
“Thanks to business intelligence data and advanced analytics, we have been able to make customised offers to each customer segment via their preferred communication channels.”
The company was also recently named Best Consumer Finance Company Vietnam 2019 and Best Consumer Finance Company for Customer Experience Asia 2019 by Global Banking and Finance Review. FE Credit has achieved a record of the maximum wins in the history of Vietnam's consumer finance industry.