DBS launches 'group-buy' social media campaign for fixed deposits

The campaign, utilising Facebook only, was launched in Singapore on 18 March after an earlier implementation in Hong Kong in February. It will be repeated in markets including China, India, Indonesia and Taiwan in the next two weeks.

The campaign encourages consumers to share the offer by promising a relatively high interest rate. In Singapore, the rate was 1.08 per cent per annum with a three-month fixed deposit of SG$350,000 (US$281,000), and the required number of 100 signups was reached within five days.

When the offer was triggered, customers received an e-coupon on their mobile phones that allowed them to open accounts at any DBS Treasures Centre.

Besides the attractive rate, customers were also awarded 10,000 bonus miles on their DBS Treasures Black Elite American Express Card.

Koh Kar Siong, managing director and regional head of DBS Treasures & Treasures Private Client at DBS Bank, said the group continues to work toward improving the banking experience.

“We are constantly keeping a finger on the pulse of our customers’ evolving social preferences,” he said. “uGOiGO is a new regional initiative that complements our overall strategy in reaching out to customers. We appreciate the power of social media and saw a great opportunity for our customers to share good deals with their peers.”

Since 2010, DBS has been connecting with its customers on social media and was the first Asian bank in Singapore to adopt a regional corporate Facebook page.