Campaign Objectives & Challenges
Challenge
Our card acquisition suffered as a result of ruthless competition, a saturated market and an out-competed product.
Context
With over 20 million in circulation, every Hong Kong adult has more than four credit cards on average. Market growth has decelerated for seven straight years, falling to 1.1 % — a sixth of what it was in 20111. 'Wallets are reaching full capacity' in this saturated market.
Without the benefit of category growth, banks fight each other over the same cardholders. They resort to desperate acquisition tactics, such as deploying aggressive street agents to...