IDFC FIRST Bank achieves MoM growth of 314% in Account Opens in JFM 2022

Objective

IDFC First Bank wanted to scale its assisted conversions leading to active account opens at a sustainable cost.

Strategy & Execution

Skip Funding Introduction: 

With many IDFC customers dropping off in the final conversion stages, we needed to identify the cause & optimize for it. A thorough analysis on Discovery & Search Campaigns revealed that instant payments was a major red flag. This insight helped IDFC launch a skip funding option which helped with the scale.

Enhanced Search Visibility & User Engagement: 

We used Amitabh Bacchan's image in the Google Image Extensions that invoked an instant brand trust & the users started engaging 2X better.

Furthermore, creating non-identical UTM links for the landing page effectively increased the search real estate on SERP leading to 30% higher CTRs.

Campaign Optimizations: 

Introducing the skip funding feature to custom intent audiences on brand & generic keywords helped us ensure both scale & quality.

Through insights from Pmax, we identified high ranking competitor keywords & optimized our bids which resulted in 2X better audience reach on the landing page.

Integrating CRM with campaign data, enabled us to conduct razor-sharp targeting across different levers such as demographics, devices, keywords, etc.

By using the complimentary benefits of search, discovery & Pmax campaigns, we were able to overachieve acquisition targets for IDFC First Bank with 76% lower CACs.

Client Testimonial

“IDFC FIRST Bank's mandate for Merkle Sokrati was to drive aggressive digital acquisition growth for Online Savings Account. Google Adwords remained the frontrunner platform in realising our vision for this growth. The synergies brought by leveraging high intent users, audience expansion, full-funnel optimisation along with continual product enhancement internally delivered ~40% of total Digital Accounts opened at a significant lower cost. The team at Merkle Sokrati has kept pace with our ambitious targets and ensures that our brand is closest to the customer when it matters the most.”