Objectives

In today’s digital age, we know our customers want banking to be simple, seamless and invisible, so that you can spend time on the people and things you care about. Recognising this, we’ve spent the last few years reimagining banking. And now, we believe the time has come to truly embody a new kind of banking.

1. Making banking SIMPLE

• Instant gratification: Customers can earn with cash rebates (in the form of Daily$) instantly via a closed loop loyalty programme with participating merchants and utilise their cash rebate immediately, unlike other credit cards that award cashback and rebates in the next month or quarter.
• No expiry date: Daily$ is as good as cash. Customers can accumulate their rebates to offset big purchases without worries of expiry.

2. Making banking CONVENIENT

The Daily$ accumulated in customer’s card account can be redeemed at multiple touchpoints, with new channels being introduced to provide enhanced flexibility and choice:

• via over 200 participating partner outlets: instantly offset their purchases in-store,
• via DBS/POSB iBanking: offset their credit card bill, redeem taxi vouchers or even Krisflyer miles,
• via DBS Lifestyle app InstaRewards*New*: offset any purchases anytime, anywhere,
• via participating merchants’ mobile app*New*: offset purchases made in-app

3. Making banking SEAMLESS

All-in-one Card: The POSB Everyday Card can be used as an ATM Card for cash withdrawals, a Credit Card for daily essentials spend and transport rides.

Strategy and Execution

From January to July 2019, we extended the Dining tactical campaign (up to 15% cash rebates on Dining), on the back of double digits category spend growth results attributed to this campaign. (Refer to video link)

With the success of the Dining campaign, and in line with the spirit of bringing value and saving to every part of our customers’ daily life, we expanded the scope of the tactical cash rebates programme to encompass transport and electricity spending; up to 15% cash rebates on Dining, Transport and Utilities.

*NEW* A brand new cardface was launched for the POSB Everyday Card on 01 August 2019, together with the new accelerated cash rebates campaign.

*NEW* In addition, unlike traditional credit cards spend campaigns whereby all customers are issued with a standardised spend criteria, we are able to utilise data analytics to create the first hyper-personalised campaign at a card product level. We recognise that with such a large customer base (of over half a million), a homogenous approach could not address the needs of different customer segments. Instead, customers are issued personalised spend goals and rebate cap based on their past spend behaviour to achieve realistic and achievable spend lift.

*NEW* To ensure a seamless customer journey, customers can register for the campaign, track their eligible spend against their personalised spend goals, and track the accelerated rebates they earned via the DBS Lifestyle App. For customers who are not inclined to download mobile apps, registration can also be done via the POSB website which has a direct API linkage to the app registration counter.

(Refer to included images) 

Results

• Achieved 100% registration of 40k cap before the campaign period ends in 29 Feb 2020. We had to add more registration slots to cater for the high interest from cardmembers.
• Achieved spend lift for cardmembers who met spend goals in excess of 50%, spiking at over 230% for new POSB Everyday Cardmembers
• Achieved steady year on year growth in retail sales of 5% in 2019
• Spend categories which we focused on in the campaign - dining & transport - grew 12% and 44% year on year respectively
• Highly engaged and active cardmember base of more than 70% as compared to other bank’s mass market card category
• Record-high performance for POSB Everyday Card campaign collaterals such as:

• Digital display banners reached over 40 million impressions
• 30s Video film received 3 million impressions with high click-through rate of 42%
• Facebook achieved over 3 million impressions

• Card applications for POSB Everyday Card grew by 101% YoY between Aug and Dec 2019, driven by a ramp up of digital media ads as well as non-digital advertisements to support the campaign.

Media