Ayudhya Capital Services has created the world’s first non-fungible token credit card.
Thai lender Ayudhya Capital Services’ (Krungsri First Choice’s) approach to attracting a younger generation of credit card users has earned it some major wins at the 14th Annual Retail Banker International Asia Trailblazer Awards.
Krungsri First Choice recognised that digital assets such as bitcoin, blockchain, dogecoin, ethereum and non-fungible tokens (NFTs) appeal to the younger generation and thus decided to create the world’s first NFT-based credit card.
NFT marketplace
Krungsri First Choice partnered with Puck, an NFT artist in Thailand, to accomplish this. The strategy subsequently proved to be a success and generated a lot of excitement when the lender launched NFT on Foundation, an NFT marketplace.
The lender offered 1 million reward points to those who bid and won the NFT. The campaign gained recognition as soon as it was listed, resulting in an 820 per cent increase in the value of the listing and a 22 per cent increase in credit card applications.
With this initiative, Krungsri First Choice has proven that traditional banking institutions can continue to thrive in a rapidly evolving industry by embracing fresh, digital-first ideas and exploring new technologies and markets.
Advertising success
Krungsri First Choice‘s recognition at the 14th Annual Retail Banker International Asia Trailblazer Awards as the Best Content Marketing Program award winner is well-deserved.
The lender has gone one step further by attracting young, blockchain-savvy audiences. According to Google Trends, the word ‘Metaverse’ was searched 817 per cent more times in October 2021 than ever before. Keeping this in mind, Krungsri First Choice shot a commercial entirely in the Metaverse, a particularly popular topic among the new generation.
This endeavour won Krungsri First Choice the Best Use of Technology in Advertising/Marketing Strategy award at the same ceremony.
Despite numerous challenges, the ‘Metaverrrrrrrse’ ads were well-received, with more than 16 million views and 100 PR contributions. In addition, the campaign resulted in a 22 per cent increase in new credit card applications, a 47 per cent ad recall lift (versus a 6.9 per cent benchmark) and a 28 per cent brand favourability lift (versus a 1.7 per cent benchmark) as per the YouTube Brand Lift Study.
Krungsri First Choice‘s proactive approach to embracing new trends and technologies is evident from its recent endeavours.
The lender‘s willingness to take risks and experiment with new methods to reach its audience demonstrates a clear understanding of changing market trends and consumer preferences.
Ayudhya Capital Services (Krungsri First Choice) has won in two categories this year: Best Content Marketing Program and Best use of Technology in Advertising / Marketing Strategy .
Krungsri First Choice was also highly commended in the Best Marketing Campaign of the Year category.