The main challenge for performance campaigns that have financial results is finding audiences that match the credit policies. The partnership between Serasa and Kenshoo emerges as a huge opportunity to increase those campaigns, using high-value segmentations.
Eduardo Macaroni Nardy, Marketing Performance Specialist

8 %
Account Open Rate

Challenge
As an agnostic and unbiased financial services platform, digio believes in providing consumers the services of a traditional bank along with the agility of financial technology.
Providing Financial Services is a major challenge in Latin America, with 77% of Latin Americans preferring to pay in cash for everyday purchases. Along with consumer behaviors leaning towards cash, so are the places consumers buy from. According to a study on Latin American Payments, 100% of stores in Brazil accept cash as a form of payment while 91% accept credit cards. This makes overcoming LATAM’s dependency on cash a major hurdle credit card companies need to overcome.

And in addition to being very cash reliant, consumers in Brazil have trouble getting approved for credit cards. Amongst the most common reasons for not getting approved, four out of every ten Brazilians are denied credit because they belong to a class of informal workers. In Brazil, every employee must have their worker’s passport signed in order to be considered officially employed and over 40% of workers do not have this document signed for various socioeconomic reasons. This worker’s passport with a statement of monthly income is required to apply for credit.

There’s also a drastic rise in FinServ competition to convert the 75% of traditionally banked (brick-and-mortar banks) consumers into digital bankers. According to eMarketer, 33% of FinTech startups in Latin America are founded in Brazil. In order for digio to become established within their respective market, and rise above the competition, it is imperative for them to meet consumers in need where they spend most of their time.

Solution
With the value of paid social media advertising to FinTech, it’s pivotal for emerging Financial Services brands to connect with their consumers online. According to an eMarketer survey, 54% of internet users in Brazil research products and services on social media and 1/3 of these internet users say that content on social media influences them to purchase a new product.

digio needed a leader in FinTech and social advertising to help them navigate the challenging FinServ landscape and acquire new customers. This led them to turn to Kenshoo, a leading marketing technology platform providing brands, such as digio, the tools and resources to scale their products and services through digital advertising.

In order to increase qualified credit card applicants, digio needed to reach qualified audiences. Kenshoo’s Partnerships with Marketing Data Providers deliver an open behavioral audience marketplace for accurate targeting across Facebook’s family of apps. In order to acquire new customers, digio connected with audiences based on intent and financial factors. Having a library of third-party audiences to leverage in Brazil through Serasa Experian positively enhanced the outcome of their campaigns as more qualified consumers were reached without any additional effort from digio.

digio also relied on Kenshoo’s extensive measurement and performance driving tools in order to more accurately define leads and customer acquisition. By integrating their Kenshoo-managed campaigns directly to Google Analytics and Tableau, they were able to measure and optimize against credit card applications and approvals which are tracked in third party tools and reported within Kenshoo.

Results
As a result of Kenshoo’s 3rd Party Audience Marketplace and measurement, digio was able to save time and experience a significant impact on performance.

The credit card approval rate was not only 8% higher than it was prior to leveraging Kenshoo, Facebook also ultimately became the highest conversion driver for digio, outperforming other channels they were reaching their audiences through.

Background
digio is a digital financial services platform with multiple products and services for consumers. Launched in 2016, the application-managed credit card was its first product. The app has its own store – the digioStore with game products, cell phone recharge, insurance, among others – and a loyalty club for accumulating points – digioClub. digio also has personal loan products distributed through partnerships with the main fintechs in the country. Its value proposition is to be an agnostic financial services platform with the strength of a bank and the agility of a fintech.