case study: bac credomatic
BAC Credomatic is the leading consumer banking institution in Central America. With operations in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama, BAC Credomatic has more than 22,000 employees.
As Social Media Strategy Lead at BAC Credomatic, Claudia conceived and led the implementation of regional social media efforts as part of the Digital Transformation business unit, an office created with a direct line to the CEO.
“Accompanying this digital push was a renewed focus on digital marketing, which involved the consolidation of BAC Credomatic’s social media presence,” Páez explained. “A milestone in this process was merging 11 Facebook accounts into one global page. This enabled us to govern our online presence centrally, while still allowing local flexibility in content creation and campaigns. With the consolidated presence, we reached more than 1.4 million fans – more than Citigroup, Wells Fargo, Scotiabank or Barclays UK.” -Jose Manuel Páez, Chief Digital Officer, BAC Credomatic
Click here to read the full article in World Finance
goals & challenges
Like many legacy consumer banks, BAC Credomatic desired digital transformation across the customer lifecycle. One of the key areas requiring digital transformation was the process of customer acquisition through digital channels. Some challenges were a lack of understanding of the importance of digital marketing, a lack of unified brand voice across the region and a need for more sophisticated multi-touch and multi-channel attribution frameworks.
how we helped
- Led implementation of regional social media strategy
- Engaged key stakeholders at senior executive and C-level to uncover key insights and obstacles to digital transformation via social media and digital channels
- Implemented regional measurement framework across 6 countries with vastly different market positions and budgets
- Implemented a best-in-class social media management software across seven countries (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Mexico)
- Advocated for key additions in the organizational charts of each business unit to expand digital capabilities in each country.
- Significantly improved ROI on digital spend (Facebook Ads)
- Grew social media to the #1 customer response channel, with fastest-growing inbound volume and fastest reply times by channel
- Established fastest customer response times of all competitor banks
- Increased social media followers by 47% in 2 years (450K new users)
- Established strategic relationship with digital ads platforms
- Implemented regional digital marketing training program