CIMB Bank has launched Savings Circle, the world's first fully integrated bank deposit campaign that runs on Facebook.
Unlike a typical deposit campaign that is primarily individual driven, Savings Circle uses strong crowd-sourcing elements to reward individuals and their friends for saving together. The more friends come together and the more money everyone saves and deposits on Facebook, the higher the chances of winning.
Renzo Viegas, deputy group CEO and head of consumer banking CIMB Group, said Savings Circle essentially evolves the way banks traditionally conduct deposit drives.
"The Savings Circle application allows us to differentiate ourselves and more importantly evolve our campaigns and products with our customers in mind. Our customers today are so engaged on social media - we see immense potential in this channel," Renzo Viegas, deputy group CEO and head of consumer banking CIMB Group, said.
To participate, customers are required to register on the Savings Circle application on CIMB Malaysia's Facebook page. They then start or join a Circle. Once in a Circle, they will be able to invite friends to join and start earning points.
A grand prize of RM500,000 will be awarded to the winning circle and will be distributed evenly to all its members. In addition, 100 monthly prizes of RM100 each will be given out to those who refer five friends.
CIMB Bank is one of the earliest adopters of social media among banks. Having started its social media presence in 2010, CIMB social media pages serve over 1.3 million Facebook fans across ASEAN today; and is ASEAN's most "liked" bank.