FE Credit

Cross-Selling with Real-time Data: The breakthrough campaign helped FE CREDIT and PMAX ‘snatch’ the Gold Cup at MMA Smarties 2022.


Successful Story

FE CREDIT is the Consumer Finance arm of Vietnam Prosperity Joint Stock Commercial Bank (VPBank). It is currently the leading entity in Vietnam’s consumer finance market, dominating over 50% of the unsecured lending market share for five consecutive years. In the Cross-selling With Real-time Data campaign, FE CREDIT collaborated with PMAX Vietnam to achieve the goal of digitization and maximize disbursements for the brand’s existing customer base.

Overcoming stringent regulations and a lineup of prominent ‘warriors’ across the country, nothing could stop FE CREDIT and PMAX. The Cross-selling with real-time data campaign, jointly implemented by these two entities, impressively scored on both the Gold Board for the Lead Generation category and won the Silver award in the Real-time Marketing category at MMA Smarties 2022.

Once again, FE CREDIT and PMAX have affirmed their comprehensive vision in the realm of practical advertising: A successful marketing campaign needs to optimally exploit data, and place customer experience at the core!

Project Context

According to a study from FiinGroup, the consumer finance market in Vietnam, which had begun to recover early in 2021, was disrupted for six consecutive months by the fourth wave of the Covid-19 pandemic. However, the growth momentum appeared to be recovering throughout the last quarter, as the pressure from the pandemic was no longer as challenging as it was in the initial phase. By the end of 2021, the annual credit growth had officially returned to pre-pandemic levels, reaching 13.6%.

In this volatile financial situation, Mr. Kalidas Ghose, CEO of FE CREDIT, shared some insights about the brand’s business results in Q4 2021.

He stated that the Covid-19 pandemic posed an unprecedented challenge to the global economy and Vietnam in particular, especially to the consumer finance sector. Particularly, Q3 was an extremely difficult time for this financial enterprise. However, from October onwards, as the restrictions were relaxed and a flexible adaptation strategy was widely applied across the country, the company’s business operations quickly recovered, with the disbursement value in 2021 reaching 67,000 billion VND, an increase of over 6% compared to 2020.

So, what challenges are there for FE CREDIT at this time?

It can be said that while leading consumer lending units like FE CREDIT were affected by sudden disruptions in their distribution networks, emerging companies such as Mcredit, Shinhan Finance, and Viet Credit – with smaller and more flexible business models – found opportunities to expand their market share.

Project Goals

Facing fierce competition from formidable new entrants, FE CREDIT is determined to maintain its leading position in the consumer lending market. The company aims not only to attract and retain customers but also to increase the credit limits for its existing customer base. With this goal, the brand hopes to continue dominating a large share of the consumer lending market and, moreover, to optimize the Customer Lifetime Value (CLV).

Risks & Challenges

While the strategy may seem clear and straightforward, achieving the campaign goals still presents significant challenges:

  1. How to accurately identify customer segments that align with business objectives?
  2. How to craft effective advertising messages when each customer segment has very distinct characteristics and behaviors?
  3. How to design a high-performing customer engagement and conversion journey across all three channels—Paid, Owned, and Earned—while still optimizing costs?

By fully leveraging the CRM system and advanced advertising optimization algorithms, the “Cross-selling With Real-time Data” campaign, conducted by FE CREDIT in collaboration with PMAX—an agency pioneering in Performance Marketing in Vietnam—has successfully overcome these challenges and brilliantly achieved the set KPIs.

Indeed, after a year of implementation, the Cross-selling With Real-time Data campaign has brought nearly 65,000 potential customers that met the requirements to FE CREDIT, exceeding the plan by 50% and disbursing nearly 8,500 loans with a total loan value of over 300 billion VND.

Campaign Idea

Seamless Data Integration – The Future of Digital Marketing

By harnessing information from existing consumer behavior and continuously analyzing real-time advertising data, FE CREDIT and PMAX have focused on creating a highly meticulous advertising optimization model. This model is constructed from integrating the CRM system with the advertising system, truly taking the brand’s cross-selling campaigns to a new level.

More specifically, FE CREDIT’s CRM system is directly applied in the process of filtering and classifying potential customers (Leads). At each different stage of the campaign, the brand can rely on insights from lead classification to ACCURATELY devise optimization strategies and allocate advertising content.

Because the campaign operations team continuously analyzes data in real time, every advertisement image, every communication message, and every creative element for the brand is extremely PERSONALIZED, thereby enabling the campaign to successfully target the most potential customer segments.

Beyond just reaching potential customers, FE CREDIT and PMAX have also prepared strategies to handle each type of data optimally. For customer segments that do not respond positively to the ad campaigns, the system will analyze their behavior and then continue to design more suitable and engaging ads for the next “touch points.” Conversely, for high-quality customer segments, the system will automatically transfer them to the Sales department, so that sales staff can contact these potential customers and assist them in completing the disbursement procedures.

Campaign Direction

When Creativity is Driven by Data

To implement the Cross-Selling With Real-Time Data campaign, the FE CREDIT and PMAX teams collaborated to build a campaign stream with a clear and precise logic: delivering the right message on each channel at various customer touchpoints.

Clearly, the above goal is not easy, and to steer the Cross-Selling With Real-Time Data campaign towards success, two core factors are essential.

Firstly, it is necessary to process and connect data between CRM and advertising channels, allowing for real-time automatic data sharing and optimizing across all channels.

Secondly, a deep understanding of the nature of the channels and advertising campaigns is required to effectively allocate the budget among channels (Facebook, Google, and TikTok) and to continuously personalize advertisements based on data.

1. Cross-sell with a user-centric experience

A key reason for the resounding success of FE CREDIT’s Cross-sell with real-time data campaign is the personalization of the advertising experience for potential customer segments.

Saying no to aggressive advertising that aims to convert customers at any cost, the brand’s customer approach strategy is not aggressive but effective.

Specifically, the campaign clearly defines the journey of potential customer groups and sequentially approaches them, bringing them “super” personalized messages, images, and advertising content at each stage.

2. Optimizing advertising with a structured approach

Another factor contributing to the success of the Cross-Selling With Real-Time Data campaign by PMAX and elevating the campaign to new heights.

Not only defining the right campaign flow, PMAX was also smart in successfully applying the Creative For Performance solution again, optimizing the effectiveness of creative products developed and exclusively deployed by this unit. This allows PMAX to easily analyze advertising image and content data with high accuracy, minimizing operational costs and maximizing conversion rates.

Specifically, PMAX will dissect, analyze, and evaluate in-depth each element that makes up a creative content piece (content, images, call-to-actions, etc.). Afterward, it will assign value and categorize each component for easy monitoring and assessing their effectiveness at each stage.

For example: After analyzing data and discovering that the “Content Angle” approach is yielding very high performance results. Among them, the ‘Problem – Solution’ approach is performing significantly better than the others.

Solutions & Services


  • Lead Generation
  • Branding
  • App


  • Content Production
  • Creative for Performance
  • Digital marketing campaign planning
  • Media strategy & optimization
  • Reporting


  • Achieved over 100% KPI for Downloads & Usage of the FE CREDIT Mobile App.
  • 8,500 loan disbursements with an average loan amount of 32,000,000 VND.
  • Nearly 60,000 Qualified Leads, exceeding the set KPI by 50%.
  • Attracted existing FE CREDIT customer base to use the app, thereby increasing transaction volume within the app by 2.27 times after the Campaign.
  • The number of potential customers tripled after 3 months of implementation.
  • The cost per disbursement improved by 3.5 TIMES compared to previous cross-sell campaigns.
  • Return On Investment (ROI) was 7.25 TIMES higher than customer acquisition campaigns during the same period.
X times ROI growth compared to other campaigns.