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BankBazaar: 130% higher CTR with RCS Business Messaging

BankBazaar: 130% higher CTR with RCS Business Messaging

Challenge

Increase Customer Engagement and ROI

BankBazaar uses multiple communication channels to offer its products, such as SMS, email, WhatsApp, and push notifications. Their marketing team is continuously looking for new communication channels and testing which are the right channels for different customer segments.

Until recently, they were primarily using SMS, as it proved to be the most effective communication channel, both in engagement and ROI.

In-depth research made by BankBazaar into their customer base revealed that their customers were more digitally aware and desired additional features instead of only text.

Solution

RCS Business Messaging through Moments

Since the marketing team at BankBazaar was satisfied with SMS, but was also looking for a more feature rich channel, the team at Infobip suggested introducing RCS (Rich Communication Services) as a potential solution – a channel often described as the next step in the evolution of SMS.

Trying out RCS with Infobip’s help came naturally due to SMS’s effectiveness and the need to satisfy their digitally advanced customers.

RCS Business Messaging allows companies to keep their messaging aligned with their brand by embedding RCS-enabled elements such as:

  • Logo 
  • Brand name 
  • Images 
  • Gifs 
  • Carousels

The solution and support from Infobip eased the RCS implementation through Moments and empowered the team at BankBazaar to quickly and effortlessly begin sending RCS marketing campaigns.

Results

130% higher CTR

In only a few days, BankBazaar sent several campaigns to their existing customer base that amounted to more than 70 million RCS messages. The messages invited the customers to install the BankBazaar application and check their credit score. 

The team started experimenting with the channel and sent RCS messages with images and a link that led their customers to the app where they could check their credit score.

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Compared to previous SMS campaigns the CTR was around 80% higher with RCS messages.

After getting more familiar and comfortable with the new channel, they began taking further advantage of RCS capabilities and used gif images. The CTR for those messages was even higher! In the end BankBazaar accomplished a 130% higher CTR with RCS.

Prashanthi A.
Senior Manager – Campaign Manager at BankBazaar

At BankBazaar, we’re continuously looking for new and engaging communication channels, which would be as effective as SMS and as attractive as email. The Infobip team suggested RCS messaging. With their support, we were able to quickly launch RCS marketing campaigns by getting our Brand registered and verified.

We created visually rich messages and sent campaigns requesting customers to install the BankBazaar mobile application to check their credit score and explore our credit products. Our results with RCS Messaging were incredibly impressive – customer response rate is twice as high as the comparable SMS campaigns.

We’re looking forward to now expanding RCS campaigns across all our products and consider RCS a new, more interactive and engaging way, of reaching our customers.

Company Profile

BankBazaar

BankBazaar (also known as A&A Dukaan Financial Services Private Limited) is the world’s first online marketplace that offers instant customized rate quotes on loans and credit cards. The Indian application-based end-to-end financial service provider generates approximately $90 million in annual revenue, primarily through commissions paid by its lending partners on every product sale.