The student bank account market is fiercely competitive as it’s the opportunity to recruit customers for life. HSBC wanted to acquire more students than the previous year, but the value of its £60 Amazon voucher incentive would never beat Santander's market-leading student railcard offer.
HSBC tapped into students’ ambitions after graduating, from becoming a record producer to being a botanist, and suggested how – using the £60 voucher – they could kickstart them today by buying headphones or a yukka plant. By partnering with UCAS they were able to mail the offer to university applicants twice, once before taking their ‘A’ levels to wish them luck and again immediately after results day to congratulate those who’d won a uni place.
The campaign drove the highest new-to-bank customer acquisition in nine years, increasing HSBC’s share of the student banking market from fifth place to third.
Source: HSBC - DMA Award Winner Bronze 2015Download case study PDF
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