We have always had a tumultuous and complicated relationship with banks, many still prefer to hide money under beds and with a Gam3ia. Yet it seems like the Commercial International Bank is looking to change that by aiming towards the younger generation, with the intention of changing their minds.
Few months after their double win as the World’s Best Emerging Markets Bank and the Best Bank in Egypt by Global Finance, CIB is back with a new campaign with the hashtag #Al_Bank_b2a_3ala_keifak.
Using the “dabbing” trend that started in the 2010s, the bank is targeting youths within the Gen Z group. Now, while the Gen Z group is more tech savvy, they are not the most financially focused generation. A majority of local Millennials seem to have only finally grasped hold of financial planning, and the youngest of that age group is 24.
Although the bank’s current perceived branding is as a high-performance bank for the wealthy, they are venturing out of that branding landscape with an adventurous jump. The bank is maneuvering towards the future generation of banking users as the year comes to an end by promoting their “Easy” account.
As Seen on Social Media
Dabbing is a good example that content that provokes emotion most likely to go viral. The craze has spread across the globe over the past years, with celebrities, politicians and even royals doing it in public and now its the spear head for CIB’s latest campaign.
Finding a balance between its original branding tone and its new youthful tone may be a tough battle ahead but it could be off to a good start to outreach new target segment.
As part of their initiative, the bank has of course uploaded their TV spots online to share on social media. We took a look to see how well it was being perceived by the social demographic.
With an accumulated 2.016 million views, and an accumulated 1.7K comments on both of their main spots on Facebook, the campaign looks to be doing well. *
There is a large number of curious commenters focused on the bank’s new service. 91% on Karim’s spot and 81% on Sara’s spot comments are leaning towards students and young adults asking how to open the account and what other services the bank can offer. **
CIB certainly looks like they are off to a great start with these insights, most of which are their target audience. More importantly, however, is to look at just how many new accounts will be opened by the end of January.
*Time check: 11:25am 5 Nov
** Out of a sample of 250 comments from each video
CIB Campaign Tactical Move
Strategically, the bank is going tactical with the new campaign. Not only are they targeting a huge barely-touched demographic (in 2017, CAPMAS stated that 36.6% of the population is under 18, around 32.5 million people), the bank is also making an effort to be more youthful to fit their needs.
Gen Z is still in school or starting college, as seen in CIB’s ads. This allows brands a chance to grab their attention before they make any solid decisions to build the foundation of their future lives.
The bank has also published the campaign only 2 months before the new year (2019), a deliberate move considering that most people prefer to make major changes or financial plans around this time.
According to CIB’s website, the Easy account allows young bankers to open an account with no fees or minimum deposit, with no minimum balance required while receiving “an annual interest rate of 8.5% paid monthly on their lowest balance.”