ASB Bank was the first bank in New Zealand to offer social media banking through Facebook and with its latest competition campaign now stands to become the first in the country (if not the world) to offer a home loan rate completely dependent on Likes it receives on Facebook.
ASB's latest campaign '#LikeLoan' encourages its customers (and the customers of other banks) to compete for a slice of the quarter-acre dream. The prize – running every Wednesday for the next four weeks – is a significantly lower-than-usual borrowing rate for a home loan up to $500,000. This is for its first year, after which the rate reverts to what ever the fixed term is at the time. Every Like on its #LikeLoan competition app enters the draw for the grand prize and helps lower the final home loan rate.
If the winners aren't on the market for a new house, they can opt for a $2,000 cash prize instead.
Although the premise of the competition is simple, its actual mechanics are shrouded in mystery. ASB general manager of brand experience and digital channels Anna Curzon was vague when asked if it's possible to reach a zero percent home loan rate. A promotional video with a loan ticker on ASB's Facebook page stops shy of the zero mark at 0.3 percent.
"We'll have to wait and see how much engagement we get from ASB's online community," she says.
A notice in the competition's terms and conditions page says ASB won't reveal the lower limit.
"Sorry, we can’t tell you as that would ruin the fun," reads the fine print.
The number of Likes required to lower the loan rates is also a thing of black magic. Curzon says there are pre-determined tiers, however they are only known to the ASB team. Participants aren't told how much each Like affects the final prize rate.
"This is about harnessing the strength we have on social media. There are more than 1.1 million New Zealanders per day accessing Facebook, it's a great place to hold a competition like this," says Curzon.
The campaign and app was developed in conjunction with Saatchi & Saatchi and digital agency Gladeye.
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