WIO Bank

Wio Bank – Driving Application Submissions Through Paid Channels

On manage packs Wio, a digital bank of the future, sought to position itself as the must-have, one stop shop bank through thoughtful technologies and user-integrated experiences. To put this in effect, the key goal was established: produce a great deal of application submissions in its beta and eventual MVP launch.

The rollout first started mid-2022 and paid activity was not recorded in June, July, and August as the campaign was being tested. A real drive began in September 2022, at the time of the launch of the MVP, when the team spent a lot of money on paid installs. The advertisement expense was shown as 38.491.57 in the month of September, 50.39243 in the month of October, 29.749.74 in the month of November and 13.217.01 of December.

This expenditure corresponded to high traction The number of paid installs increased steadily, 1814 were made in September, 3023 in October and 2269 in December which translates to thousands of apps downloads all in all. The target cost per install (CPI) improved a bit over the course of this period but also experienced volatility, with numbers as high as 27.78 in September and dipping to as little as 5.82 in December.

The actual success was in the application submissions, however. September onwards, there was steady growth e.g. 30 in September, 1,857 in October, 2,808 in November and 2,180 in December. One hundred and twenty-five of these were ascribed as a direct effect of paid channels. Cost per acquisition (CPA) was driven by this growth as well where September started at high CPA of 273.87, October was at 64.25 and December was 35.43 representing a sharp decrease in cost as the campaigns matured and performance improved.

The campaign results were impressive- within the campaign period, Wio was able to secure a total of 2,768 application submissions received through paid channels thus emerging a key player in the competitive field of digital banking industry. This case shows how having a mix of paid marketing channels (using a strategic combination of search, maps, display and other search and location media), and ensuring continuous optimization can deliver scale and cost efficiency by leveraging campaigns to drive both installs and application submissions.