Why is this work relevant for Media?

HSBC bravely moved beyond safe category codes (promotions/discounts) that created noise but left Hong Kong Millennials no better off for long-term financial ambitions, instead executing a bold media strategy by a traditional bank – and first for HSBC – 100% campaign media investment across online social channels. Empathetic understanding of Young Millennials media behaviour and language led to an idea plucked from their lingo, “A0” (= inexperienced in romance). HSBC would graduate Young Millennials from “wealth A0”, fronted by famous “A0”, Keung To. Taking our cues directly from culture resonated, firmly cementing ‘Wealth A0’ in social discourse long

Background

With the primary sources of income of Hong Kong’s Young Millennials from an allowance, part-time employment or entry-level positions, they’re constantly in a dissatisfactory dance between spending on enjoyment today vs. longer-term financial ambitions, with many feeling ‘investment’ and ‘wealth growth’ impossible with their modest income and lack of financial knowledge. HSBC had developed the One Account specifically to address this burden. As Hong Kong’s leading financial institution, although HSBC commands over 60% market share amongst established wealth audiences, amongst Young Millennials (18-27 YOs) market share was an underwhelming 30% with the bank perceived as too ‘conservative’ and out of touch with their needs and wants. Consequently, our comms task was a big one. 1. Drive relevance of HSBC and improve brand perception amongst Young Millennials 2. Convert relevance and positive perceptions into action, driving HSBC One Account opening and wealth product take-up amongst Young Millennials

Describe the creative idea / insights (30% of vote)

30+ competitors saturate the market eager to win over Young Millennials by offering immediate gratification – rebates, free gifts, steep fee discounts. HSBC didn’t want to succumb to short-lived tactics, committed instead to demonstrating value and relevance with what Young Millennials were really after – wealth knowledge. We knew 82% wished there was more financial literacy education and 87% recognised the importance of starting to save. HSBC could distinguish itself by offering financial education, helping accelerate wealth accumulation and set-up healthy habits for long-term financial success. Conventional ‘bank speak’ hadn’t been resonating. HSBC took inspiration directly from Young Millennials social shorthand – “A0” – a signifier of someone on the lookout for love, but with no experience (A = available, 0 = zero experience). Hong Kong Young Millennials were Wealth A0 – and through our HSBC A0 Wealth Academy to help them quickly graduate from Wealth A0 status.

Describe the strategy (20% of vote)

Digital natives with decentralised media behaviours, most influenced by peers and celebrities as favoured role models, it was essential we took cues from Young Millennials in where and how we showed up to compete against category competitor ‘deals’, grab attention and generate curiosity. To lead the HSBC A0 Wealth Academy we brought on Hong Kong’s most famous ‘romance’ A0 as our official Wealth A0 ambassador – pop superstar and heartthrob Keung To – who would quickly establish conversability and authenticity for our campaign. 100% online social investment was our chosen media deployment as this is where Hong Kong’s Young Millennials turned to advice from peers. This was a bold move and first for HSBC to run a flagship campaign solely on social channels.

Describe the execution (20% of vote)

Kicking off Wealth A0 Academy was a HSBC Facebook/Instagram Livestream first with To leading a roundtable of wealth experts and wealth A0 peers tackling the biggest wealth/investment misconceptions (and a bit of gossip on To’s romantic status!). To introduce our partnership with To and generate hype of the Live we seeded teasers across social. Post the Live we promoted best-of soundbite highlights from the event ensuring momentum of our education drive. Helping Wealth A0 graduation didn’t stop there. We produced a melodrama web series starring To humorously dramatising financial literacy, and recruiting micro influencers who had different investment levels – pro/amateur/newbie to provide perspective and encouragement to graduate from Wealth A0 with a HSBC One account. Our final ace up our sleeve to drive urgency and action was the opportunity for HSBC One account holders to win a personal meet-up with Keung To at our Wealth A0 ‘graduation’

List the results (30% of vote)

The “Wealth A0” campaign was a wild success. Delivering Young Millennials long-term value through wealth education in the face of short-term gratification via 100% social investment paid off. The campaign clearly resonated, accumulating over 10m video views, a +8.8% ad recall and +20% CTR vs. previous campaigns, impressively increasing positivity towards HSBC by a staggering +75% (+13pp vs. 2020, HSBC Brand Tracker) amongst Young Millennials. Campaign success translated into business success with a +35% uptake in HSBC One account openings amongst Young Millennials vs. pre-campaign, and a whopping +142% uptake in investment account openings. Clearly, we ‘understood the assignment’ and in turn graduated Hong Kong Young Millennials beyond Wealth A0 status, setting them up for long-term financial success.