Finance
Case Study: SeABank
About SeABank
Headquartered in Hanoi, Vietnam, Southeast Asia Commercial Joint Stock Bank (SeABank) is one of the leading groups of commercial joint stock banks in Vietnam, boasting nearly 180 branches and transaction points. Founded in 1994, SeABank has expanded rapidly. Its latest growth can be attributed to the digitalization of its banking services.
Since 2012, SeABank has offered a digital banking app for its customers: SeAMobile, available on both iOS and Android operating systems. Through the app, users can register for bank accounts, manage savings accounts, loans, and cards, as well as transfer money via QR codes.
The Challenge
Vietnam is rising to the top in terms of digital innovation, with high internet penetration and one of the highest smartphone penetration rates in Asia. With the rise of young digital natives and the necessity to go digital amidst the recent pandemic, the country has seen a surge in the use of digital financial services
As mentioned, SeABank was one of the first financial players to innovate in Vietnam, offering many digital services. However, despite being a pioneer of the digital banking age in Vietnam, SeABank lacked visibility in its user acquisition campaigns for its mobile app. The company invested its marketing budget across many different marketing channels. Yet, it found it difficult to determine which sources were bringing in high-quality users and which were more fraught with fraud.
In addition to user quality, the brand struggled to match newly acquired users to the marketing channels from which they came, making it difficult to evaluate the effectiveness of each campaign, let alone optimize campaigns for each channel.
The Solution
SeABank needed a mobile measurement partner to help it gain a complete overview of its user acquisition campaigns, marketing channels, and network partners. After consulting other financial banks in the market, the company selected Adjust as its mobile analytics platform.
With Adjust’s Mobile Attribution solution, SeABank received accurate attribution data through which it identified its best users and the highest-performing channels. It employed Adjust’s Fraud Prevention Suite to proactively reject any incoming fraudulent installs, keeping its data clean.
By leveraging raw data from Adjust, SeABank was able to look closely at every touchpoint in the user journey and identify valuable patterns to act on. The company could now segment users by channels, shining a much-needed light on which channels were bringing in the greatest number of users. This visibility allowed the digital banking app to be strategic and target the channels where it was most likely to acquire the most users.
Ms. Le Thu Thuy
Vice Chairman of the Board, SeABank
Additionally, by utilizing Adjust’s Fraud Prevention Suite, SeABank avoided misattribution, saving its data and budgets from fraudulent engagements and installs. In protecting its attribution data against fraud, SeABank was able to save money and improve its forecasting.
Ms. Le Thu Thuy
Vice Chairman of the Board, SeABank
The Results
With the help of Adjust, SeABank was able to:
- Acquire 1 million new users
- Achieved over 80% of users completing registration by removing fraud
- Increased Daily Active Users (DAU) by 200%
- Sourced better users to over 50% of user completing transactions
Next, SeABank is ready to ramp up the growth of its app even more. Backed with strong data analytics in place, SeABank team aim to achieving higher effectiveness and efficiency that has become pivotal to navigating the app’s success.
