Boosting Digital Sales and Customer Engagement: Akbank's Success Story with Storyly
Established in 1948, Akbank T.A.Ş. stands as one of the premier banking institutions in Turkey, actively embracing digital trends and holding a leading role in technological advancements in the banking sector. It offers various financial services such as vehicles, housing, consumer, and commercial loans. With the goal of reshaping the digital banking landscape and enhancing customer experience, Akbank launched a digital app designed to improve financial literacy among users.
Challenge 1: Increasing Digital Sales of Financial Services
Akbank wanted to increase the digital sales of financial services, like credit cards and loans, via the app. To achieve this, they needed to find ways to make their digital services really pop and grab the attention of their customers. That way, more people would be likely to buy services online.
Challenge 2: Making Sure Customers See the Latest Offers
Even though they were actively communicating their new offers in the app, they needed a unique spot to display all their latest promotions to get the best performance from the app. This change would help customers easily find all the great deals and new features through Stories, which became an additional space to showcase offers within the Akbank app
Challenge 3: Improving the Digital Onboarding and Engagement
The transition from traditional to digital is always a bit of a climb. Especially when dealing with complex financial products that customers may find intimidating. Plus, in today's digital age, customers have more options than ever. So Akbank needed to find a way to stand out from the crowd, explain their services in a simple and attractive way, and motivate customers to engage with the mobile app.
And they found Storyly…
Solution 1: Enhancing Conversion of Financial Services with Storyly
Storyly came on board to assist Akbank in upping its financial services conversion rates. With its engaging appeal, the Story format drew users in, encouraging them to engage and convert more with the content. As a result, they became more aware of the available products such as credit cards and loans which led users to purchase digital services. Essentially, Akbank harnessed the power of Storyly as a sales channel to drive them closer to their business objectives.
Solution 2: Showcasing the Latest Offers with Storyly
Akbank used Storyly to highlight their latest offers right when users need to see them –in the app. This ensured their campaigns reached a bigger audience at the moment they are more likely to pay attention leading to more people using their financial services. This was key for Akbank, as making sales within the app was a main goal for them.
Solution 3: Increasing financial literacy among customers
With the help of Storyly, Akbank was able to make the digital onboarding process smoother and easier. By sharing bite-sized, easy-to-understand content about finances through Stories, users had a fun way to explore the app and learn about managing money. This made getting started with Akbank's app a breeze for customers.
Solution 4: Boosting engagement with Smart Sorting feature
Akbank implemented a smart sorting feature to enhance user engagement with their content. By utilizing Smart Sorting, they harness the power of the Story order algorithm to give priority to certain Story groups. This guarantees users receive more relevant content, leading to increased engagement rates and quicker conversions for your Story groups. And they experienced a notable 30% uplift in user engagement that enables Akbank to effectively reach more users, fostering increased interactions, all without the need for additional development efforts.
Bonus Trick: Usage of Personalized Birthday Stories within Banners
Akbank innovated their use of Storyly by embedding Stories directly within their banners. If it's a user's birthday, they incorporate Stories into these banners, which contain a deep link. Upon clicking, users are directly taken to a personalized Story celebrating their birthday. This strategic approach significantly increased user interaction with their app, boosting engagement rates.
Thanks to the ease of creating Stories, the Akbank team managed to showcase interactive content, resulting in an impressive 56% of purchases directly coming from Stories, out of all the different offer spaces. Moreover, since Storyly came into play, there has been a significant 126% increase in the purchase of financial services within the offer spaces.
It also helped guide users to their loyalty app, Juzdan. Overall, Storyly was a game-changer in assisting Akbank in achieving their business targets. Now, they're planning to use the Storyly label feature to make the user experience even more personalized and show Stories on various pages, like the pre-login page.