Other parts of this series:
- Celebrating Banking Innovation
- CaixaBank’s Global Innovations
- Widiba’s Wonderful Machine: Award Winner for Customer Experience
- How NBG Eliminated Banking Lineups
- DBS Bank Goes Digital Only
- Sberbank’s Smart Management System Boosts Bank Performance
- KBC Uses Blockchain to Transform International Trades
- Ayudhya Grows Auto Loans With Music Videos
- How Santander’s Payments App Boosts Transparency and Speed
- Alior Uses AI to Revolutionize Customer Service
- Banco Original’s Product Development Trick
- Banking Insight from Google, Apple, Facebook, and Amazon
- For Banks, the Future is “Phygital”
- Banks Transform Marketing With Big Data
- Banks Look To Tomorrow at the 2017 Efma-Accenture Innovation Awards
The Efma-Accenture Distribution and Marketing Innovation Awards give the industry the opportunity to evaluate and celebrate the most interesting and disruptive banking innovations. As we begin to prepare for the 2017 awards later this year, we’re looking back on the winners from last year.
Long, complicated forms do no good for anyone. But banking is full of them—unless you happen to be a customer of the Bank of Ayudhya.
Last year, the Thai bank decided to try something new to get more customers to fill out auto loan applications on Ayudhya’s online marketplace, where users can buy or sell used cars with financing help from the bank. Customers found filling out the loan application, called a PAPA form, boring and complicated.
Ayudhya’s marketing team wanted to make the most entertaining loan application in the world. They wound up turning the form into an interactive music video. Every field a customer fills in shows up in a tailor-made music video where the lyrics reflect the customer’s selected vehicle type, price, and location.
The new PAPA Form was a wild success. After it launched, the Bank of Ayudhya saw the form completion rate nearly triple, the loan web page bounce rate fall from 80 percent to 30 percent, and a 92 percent increase in car sales.
For swapping boredom for fun and boosting business results, Ayudhya won the 2016 Efma-Accenture D&M Award for Digital Marketing.
Come back when I’ll go over another winner from the 2016 awards. In the meantime, learn more about last year’s winners.