In 2023, Maya and GCash successfully tapped into the potential of video campaigns to captivate their desired audiences. Now, let’s delve into the performance of their videos and their influence on the digital banks’ online presence.
The FinTech industry in the Philippines has gained significant momentum in recent years, revolutionizing the way financial services are delivered and consumed. The year 2022 witnessed a significant surge in the adoption of fintech services among Filipinos aged 15 and above. The adoption rate skyrocketed to an impressive 69.3%, marking a 4.9% increase from the previous year’s rate of 64.4%. As competition intensifies, companies need to find innovative ways to market their products and services. Video campaigns are an incredibly powerful marketing tool that engages and captivates audiences like no other medium. When people watch a video, they retain 95% of the message, as opposed to a mere 10% when reading text. Moreover, the impact of video on click-through rates is astounding, with an increase of as high as 96%. Not only that, but videos are also shared a staggering 1200% more times than links and text combined. In this article, we will explore the importance of video campaigns in FinTech marketing and analyze the video campaigns of Maya and GCash, two leading FinTech companies in the Philippines.
Maya vs. GCash by the Numbers
When evaluating a brand’s online presence, it is important to consider key metrics like followers, subscribers, and views. In this instance, we will examine Maya and GCash’s performance on popular video-centric social media platforms such as Facebook, YouTube, TikTok, and Instagram.
|Most Viewed Facebook Video||Liza gets her way with Maya|
|GCash Stories: Alma|
|Facebook Video with Most Engagements||Liza gets her way with Maya 68,000||GCash Stories: Alma|
|Most Viewed YouTube Video||Liza gets her way with Maya|
|#GSafeTayo presents “DOUBLESAFE” 37,730,709|
|TikTok Total Likes||1,200,000||4,300,000|
|Most Viewed TikTok Video||Liza gets her way with Maya|
|Load Globe Go50 via GCash 39,800,000|
|TikTok Video with Most Engagements||Liza gets her way with Maya 236,700||Load Globe Go50 via GCash|
|Most Viewed Instagram Reel||Event Coverage: Liza as Maya Ambassador|
|From a bartender laid off—to a business owner!|
|Instagram Reel with Most Engagements||Event Coverage: Liza as Maya Ambassador|
|GCash Stories: Turing|
GCash emerged as the victor in the 13-metric battle against Maya. The competition was neck and neck, with GCash dominating in seven metrics while Maya trailed closely behind with six.
Let’s dive into the comparison, starting with the fact that both digital wallets have a larger following and more views on Facebook compared to YouTube, TikTok, and Instagram. This can be attributed to the staggering number of Filipinos who actively use Facebook—approximately 90.2 million. In contrast, YouTube is used by 61 million Filipinos, TikTok by 43 million, and Instagram by a mere 19 million. Surprisingly, despite YouTube being a video-centric platform, Filipinos seem to prefer consuming video content on Facebook.
GCash outshines Maya in terms of video production, as they consistently release a greater number of videos. This can be attributed to their collaboration with popular Filipino content creators such as Kai Javier and Rica Salomon. By adopting simpler video formats, GCash manages to churn out a higher volume of content. In contrast, Maya’s videos are more carefully crafted and intricate, resulting in a less frequent release schedule for their video content.
When comparing the follower count and engagement count, the difference becomes crystal clear. Although GCash has managed to amass more followers on various social media platforms like Facebook, YouTube, TikTok, and Instagram compared to Maya, it is Maya’s captivating video content that truly mesmerizes the audience, resulting in the highest engagement rates across all platforms. These impressive engagement rates can be directly credited to Liza’s ambassadorship with Maya, showcasing the immense influence a well-known celebrity can have on establishing a strong connection between the audience and the brand.
Social Media Today emphasizes that the quality of engagement holds greater significance than the sheer number of followers, otherwise known as vanity metrics. The engagement rate acts as a reliable gauge of how effectively your brand connects and interacts with people. A higher engagement rate indicates that a larger number of individuals actively engage with your brand by leaving comments, liking, sharing, and mentioning your content.
In terms of statistics, it is clear that GCash has successfully figured out the numbers. However, it is important not to overlook Maya’s engagements, as they have the potential to significantly increase conversion rates.
Video Marketing Strategies and Video Content
Creating an online persona is just as crucial in digital marketing as promoting the actual products and services. In today’s market, where videos take center stage, a strong marketing strategy is the foundation of your video content. In this case, we will examine the distinct video marketing strategies employed by Maya and GCash, assessing their effectiveness in representing the brand’s online persona.
Commercials are short and captivating videos that showcase the finest attributes of your company using lively scenes, stunning visuals, or a summary of thrilling features. They conclude with a decisive call to action. Commercials are ubiquitous and can be found on television, streaming services, or popular video platforms like YouTube. Their main objective is to entice new customers, so they typically have a wide appeal and offer only the key and pertinent information that viewers require.
Lahat Kaya Mo. Kaya mo i-GCash Mo!
The GCash commercial video demonstrates the versatility of the digital wallet as a valuable aid for different people. It showcases students, commuters, and travelers, all finding solutions to their everyday predicaments using this e-wallet. Within the video, it is evident that GCash positions itself as a tool that effortlessly resolves daily issues and streamlines financial transactions for its users. As of this writing, the video has amassed over 24 million views on YouTube.
Maya – The No. 1 Digital Bank App
When the commercial video was released to the public, it cleverly coincided with Liza Soberano’s rebranding campaign. The timing couldn’t have been better. Liza’s campaign garnered significant attention from the media, which in turn shed light on Maya’s name as well. In this captivating commercial video, the digital bank effectively promotes its services to individuals who find themselves at a crossroads in their lives. Whether it’s the youth searching for their next path or adults grappling with personal crises, the message resonates. Through this partnership, the commercial successfully conveys Maya’s new vision—a brand that is synonymous with innovation and visionary thinking.
Commercial Videos: The Assessment
Upon analyzing the two commercial videos, two standout ideas become apparent: GCash’s genuine storytelling approach and Maya’s strategic brand positioning. When comparing these two concepts, it becomes evident that GCash’s direct video treatment effectively highlights the worth of its services. In terms of commercial videos, GCash takes the lead.
A captivating product video effectively communicates the highlights of your most popular products or services, showcasing their exceptional features. By demonstrating your product in action, you foster a sense of trust and boost consumer confidence in your company or brand.
Borrow with GCash. Sagot ka namin!
This animated video expertly explains the money lending services of GCash: GLoan, GCredit, and GGives. In just under two minutes, this video showcases the main features of these new services, captivating both existing and potential users. Specifically designed for aspiring entrepreneurs, individuals without credit cards, and hardworking providers, this video effectively demonstrates the efficiency of GCash’s money lending services, surpassing the offerings of traditional banks. Additionally, the use of Taglish narration clearly indicates that GCash truly knows its target audience.
Maya vs. Usual Bank
In just 45 seconds, this video breaks down the concept of per annum interests, a concept that many people are unaware of. Maya compares its interest rates to those of traditional banks. Starting with a sum of 69,000 pesos, Maya demonstrates how much passive income a user can earn in just 30 days. The traditional bank, with a meager 0.06% p.a., only manages to turn the user’s 69,000 pesos into a paltry 69,002 pesos. On the other hand, with Maya’s impressive 10% p.a., users can achieve a whopping 69,470 pesos. Despite its short duration, this video speaks volumes about how Maya can help you reach your financial goals.
Product Videos: The Assessment
It’s quite a challenge to compare these videos since they both excel in simplifying complex financial jargon for the average person. However, upon closer examination, we must acknowledge Maya’s brilliance in showcasing their unbeatable interest rates. Maya certainly takes the crown in this one.
Explainer videos serve as a means to educate your audience about your company, brand, product, or service. Any video can be transformed into an explainer video as long as it primarily highlights how your company addresses a specific problem.
GCash: How to Cash-In Offline
This exciting explainer video showcases GCash’s commitment to inclusivity by introducing new features that cater to a wider audience. In this video, you’ll discover the various ways GCash users can conveniently deposit or cash in to their accounts, even without an internet connection. This is especially beneficial in the Philippines, where internet speeds are notoriously sluggish, ranking at a disappointing 83rd place for mobile and fixed internet speeds as of June 2023. Just like the previous videos, this demonstration highlights GCash’s deep understanding of its user base.
Pay Your Maya Credit Bill on the App!
This Maya explainer video takes you on a journey, guiding you through the intricate process of paying your credit card bills using the app. The video showcases the functions, which are similar to the methods of traditional credit card bill payments. If you’re already well-versed in the ways of traditional credit cards, this video may not offer any groundbreaking information. However, if you’re a Maya credit card user seeking guidance, this video is bound to be a game-changer.
Now, let’s talk about the visual treatment and creative direction. Personally, I found the abundance of floating and moving assets in the video a bit overwhelming. Considering the complexity of credit card bill payments, a simpler and more straightforward approach would have been just as effective, if not more so.
Explainer Videos: The Assessment
Explainer videos play a crucial role in the fintech industry, holding the power to either make or break a digital wallet’s video campaign. By utilizing these videos, brands have the opportunity to establish trust with their existing users while also enticing potential new users to join. In the realm of fintech, GCash’s inclusive features outshine Maya’s overwhelming visual approach. For marketing directors working in this field, the main lesson to take away is that simplicity in visual presentation is the key to effectively conveying services to target users.
You can also check out our article titled “Explainer Videos: The Essential Ingredient for Every E-Wallet App.” This blog delves into the reasons why explainer videos are an excellent choice for promoting digital banks and e-wallets.
According to Demand Sage, the influencer marketing industry boasts an impressive value of $16.4 billion. When businesses invest just $1 in influencer marketing, they reap a lucrative return of $6.50. With such staggering numbers, it becomes apparent that the power of influencers in video marketing cannot be ignored.
Furthermore, collaborating with influencers in video marketing provides brands with the opportunity to showcase their products in a manner that is both authentic and relatable. Unlike celebrities, influencers are often perceived as friends by their followers, making their videos feel more genuine than traditional advertisements. As a result, this fosters a stronger connection between the influencer’s audience and the product being promoted, leading to increased engagement and conversions.
GCash: GLoan, GCredit, and GGives with Joshua Garcia
In this video, Joshua Garcia takes on the role of the hero for the GCash brand. The video effectively targets breadwinners and people striving for financial literacy. Through Joshua’s personal stories, GCash demonstrates how its services can address everyday challenges. Moreover, the video’s approach is visually engaging, creating a sit-down atmosphere where you feel like you’re having a conversation with Joshua. This enhances the trust you have in the brand he is endorsing.
Maya: Crypto Lingo Test with Mimiyuuuh
Looking at the bigger picture, there is no denying that the partnership between Mimiyuuuh and Maya initially appeared peculiar. Maya’s collaboration with lifestyle influencers is understandable, but teaming up with one to promote crypto services is undeniably strange. In this particular video, it becomes evident that Mimiyuuuh is not familiar with the jargon of the crypto world. Considering the inherent complexity of cryptocurrencies, such videos have the potential to discourage potential users. Is the video amusing and entertaining? Absolutely. Is it informative and helpful? Most likely not.
Influencer Partnership: The Assessment
The importance of effective influencer relations is highlighted in this comparison. A skilled influencer manager goes beyond just looking at numerical metrics like followers, subscribers, and engagements. While these numbers do matter, so do relevance and sentiments. In this particular case, GCash successfully positioned Joshua Garcia as the hero of their brand and services.
Testimonial videos are incredibly powerful. They feature happy and satisfied customers sharing their positive experiences with your product or service, making them one of the strongest types of videos you can create. When customers speak honestly about their personal experiences, it carries more weight than anything you could say about your own company.
The statistics speak for themselves: a staggering 91% of individuals between the ages of 18 and 34 place the same amount of trust in online reviews as they do in personal recommendations. Furthermore, a resounding 93% of consumers acknowledge that online reviews have a direct impact on their final purchasing choices. By using these reviews, you can boost your brand’s credibility and persuade potential customers to take the leap.
GCash: Alma Full Interview
In this captivating interview, we delve into the life of Alma Fermano, a Xerox operator whose incredible journey has been transformed into a heartwarming short film that has captured the hearts of many. With a staggering 31 million views on YouTube and counting, Alma’s story has struck a chord with audiences. The power of this testimonial video lies in its ability to showcase how GCash became a lifeline for Alma and her family during their most challenging times. As we watch this remarkable video campaign unfold, it becomes evident that GCash has aligned its branding identity with Alma’s unwavering resilience in the face of adversity. Through this portrayal, we are able to connect with Alma on a deeply personal level, putting ourselves in her shoes and experiencing her struggles firsthand. When marketing campaigns are able to evoke such empathy, they have the remarkable ability to forge an emotional bond with their audience, fostering a lasting and meaningful relationship.
Maya: No Testimonial Videos
On the other hand, Maya has yet to release a testimonial video in 2023. Currently, their video campaigns primarily consist of brand and commercial videos. This sets Maya apart from its competitors, which release videos daily, indicating that Maya adopts a more measured approach to distribution. Despite having a smaller reach, this deliberate distribution strategy gives Maya the ability to carefully shape its online persona.
Testimonials: The Assessment
Based on the different online personas of the digital banks, it is clear that GCash is making a deliberate effort to connect with its target market, while Maya is more distant from its audience. GCash wants to be seen as relatable to the masses, which is why it features stories from everyday people. On the other hand, Maya positions itself as a trailblazer of individuality and self-empowerment. This contrast is evident in GCash’s testimonial video, which highlights the sense of community fostered by the digital wallet. As for Maya, we will have to wait for their testimonial video to see whose story they choose to feature. This choice will provide insight into how Maya wants to be perceived. Personally, I am excited to see the direction Maya takes and what kind of story they will share.
So, Which Video Campaign Won?
Looking at the numbers alone, GCash and Maya were neck and neck in terms of popularity. GCash had more followers and subscribers, but Maya had the upper hand when it came to engagements. However, when it comes to video campaigns and content, GCash outshines Maya. This is because GCash puts out more video content compared to Maya. This shows that GCash understands the importance of the video-first market and knows how to use it to its advantage in reaching and engaging with its audiences. On the other hand, Maya is a relatively new digital bank that emerged from a rebranding effort. Despite being in its early stages, Maya can still compete with a well-known brand like GCash, which is quite impressive.
Videos have completely transformed the way we communicate, and it is necessary that we harness this power to benefit both our brand and the users we have committed to serving better.
For video marketers, specifically those in the fintech sector, it’s important to consider the impact of GCash and Maya on reshaping how we market financial services. These innovative brands have made the world of finance more enjoyable, captivating, and accessible. As marketers, our duty extends beyond merely reaching our target audience and nurturing a positive connection with them. As strategists, we must also continue improving our content based on what the market engages with the most and develop effective ways to communicate solutions to our customers through videos and other media.
M2.0 Communications is a video production agency in the Philippines that offers content creation and video production for brands to creatively engage with their audiences. Visit our work to learn more about the brands we collaborate with.