FE CREDIT has received triple awards at the 10th Annual CMO Asia Awards 2019, a premier forum that rewards the best marketers, brand custodians, and advertising and industry professionals who make outstanding contributions in the Brand & Marketing fraternity in the region.
Since its inception in 2010, FE CREDIT has grown to be a leading consumer finance company in Vietnam, serving over 10 million customers through a suite of well-developed consumer finance products, including cash loan, consumer durables loan, motorcycle loan, insurance and credit card.
With the database of over 25 million customers and 8 million current loans including 1.7 million credit cards, FE CREDIT has captured over 50 percent market share, bringing more Vietnamese people into the fold of organised finance, than the entire Vietnam banking sector put together.
This is the first time FE CREDIT has won Marketing Campaign of The Year and Award For Best Use Of Social Media In Marketing awards, thanks to its innovative marketing strategy of evolving to “surround sound” the customer on their daily journey, anticipating the unmet needs of target customers, and engaging with them both emotionally and rationally.
FE CREDIT had launched various marketing campaigns across multiple online and offline platforms from the last quarter of 2018 till the first quarter of 2019, to leverage the peak of Vietnam’s end of the year spending season in order to acquire new customers and also to deepen the relationship with its existing customers.
“Over the years, FE CREDIT has constantly reinvented itself, not only to become the largest consumer finance company, but also to be the most effective financial solutions provider to help millions of Vietnamese consumers realise their dreams as well as contributing in the country’s goal of financial inclusion,” said Kalidas Ghose, vice Chair and CEO of FE CREDIT. “Therefore, many of FE CREDIT’s marketing campaigns are not only measured by impressive creative ideas or positive responses from consumers or the return on marketing investment, but also by the recognition from global organisations such as CMO Asia.”
Basker Rangachari, Chief Marketing Officer of FE CREDIT, was also recognised as CMO Of the Year. According to CMO Asia Award committee, Rangachari and his team have been able to generate demonstrable positive business ROI on marketing initiatives. They also played a vital role in driving a positive brand perception of FE CREDIT as a strong customer-centric company through various Positive PR and financial inclusion initiatives. Specific efforts that were recognised by the Awards Committee were streamlining the organisation structure, upgrade of people & talent, data-driven marketing campaigns and a digital-direct acquisition model.
On this occasion, Rangachari said, “The year 2019 witnessed a marked shift in the marketing strategy of FE CREDIT, driven by a team of young, energetic and passionate marketers. The continuous feedback from various channels gave us new insights into customers’ behavioral preferences. We observed that many people struggle to make their ends meet, and any unexpected expenses like home renovation and emergency medical needs put them under tremendous mental stress. In these circumstances, sometimes they fall prey to unauthorised money lenders and get into a debt trap whilst undertaking personal risks. We identified several such life-changing situations at granular level and developed specific marketing strategies and campaigns for each need. Thanks to business intelligence data and advanced analytics, we have been able to make customised offers to each customer segment, via their preferred communication channels.”
The company was also recently named as Best Consumer Finance Company Vietnam 2019 and Best Consumer Finance Company for Customer Experience Asia 2019 by Global Banking & Finance Review. FE CREDIT has achieved a record of the maximum wins in the history of Vietnam’s consumer finance industry.
Pioneering in Consumer Finance, FE CREDIT has established a solid foundation to become the market leader of the unsecured consumer loans market. FE CREDIT currently provides consumer lending services such as personal loans, two-wheeler loans, consumer durable loans and credit cards. FE CREDIT has served over 10 million customers, cooperating with more than 9,000 partners across over 13,000 Points of Sale (POS) nationwide.
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