CIMB Group Holdings - Monetising its Facebook Likes BUY

- CIMB Group Holdings (CIMB) has launched a new deposit campaign called “Savings Circle”, the world’s first fully-integrated bank deposit campaign run over the popular social media platform Facebook. The products targeted are savings and debit card.   

- CIMB said the Savings Circle deposit campaign leverages on the viral nature of Facebook. CIMB said that unlike a typical deposit campaign that is primarily individual driven, Savings Circle uses strong crowd-sourcing elements  to reward individuals and their friends for saving together. 

- The more friends come together and the more money everyone saves and deposits, themhigher the chances of winning. To participate, customers are required to register on the Savings Circle application on CIMB Malaysia’s Facebook page. They then start or join a Circle. Once in a Circle, they will be able to invite friends to join and start earning points.

- Points will be earned as follows – one point for every incremental deposit of RM250 or for every cumulative RM50 spent on a CIMB Bank or CIMB Islamic debit card. A point is also earned for every friend invited who successfully registers. A weekly bonus of one point will be awarded for every RM250 a user maintains in their account for the duration of the past week.

- A grand prize of RM500,000 will be awarded to the winning circle and will be distributed evenly to all its members. In addition, 100 monthly prizes of RM100 each will be given out to those who refer five friends.

- CIMB started its social media presence in 2010.  CIMB social media pages serve over 1.3mil Facebook fans across ASEAN and it is reportedly ASEAN’s most “liked” bank. The 1.3mil fans on its Facebook page represents about 10% of 13.5mil Malaysian Facebook users. CIMB won “The Best Social Media Management” award at The Asian Banker’s Excellence in Retail Financial Services International Awards 2012 and was named “Best In Social Media” at the World’s Best Internet Bank Awards by Global Finance.

- We like the new campaign as:- (a) this will enable CIMB to penetrate the youth market further; (b) it demonstrates the banks’ new innovative ability to utilise social media to elevate its ASEAN retail bank branding. Maintain BUY on CIMB. 

Source: AmeSecurities