GROUP ASSIGNMENT

SUBJECT CODE MKT 304

LECTURE ThangTQ29

CLASS MKT1915

CAMPAIGN Cake by VP Bank IMC plan

Bùi Mạnh Đạt - HS180052

Nguyễn Ngọc Tú - HS194277

TEAM MEMBER
Đặng Ngọc Diễm - HS194332

Nguyễn Ngọc Diệp - HS194235

Nguyễn Duy Hiếu - HS190722

Nguyễn Văn Hùng - HS186383

 [Link] Overview

Cake by VPBank is a fully digital banking platform created through a partnership

between Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and Be Group,
a well-known Vietnamese ride-hailing and tech company. Officially launched in
January 2021, Cake is positioned as a modern, app-based bank, offering a wide array
of financial services such as zero-fee accounts, high-interest savings, digital payments,
and quick-access loans, all accessible directly through a mobile app. The app
integrates seamlessly with Be Group’s ride-hailing service, allowing users to manage
both banking and transportation services in one place.
As a digital-only bank, Cake offers users a seamless banking experience, from
opening accounts in minutes to managing transactions, savings, and payments directly
through a mobile app. This innovative platform provides a wide range of banking
services, including zero-fee accounts, high-interest savings, digital loans, and a
variety of payment options. Cake integrates its services within the Be ride-hailing app,
making banking services accessible while users engage with their daily activities.
Cake, part of VPBank’s strategy to use multiple banking market sectors, focuses
on Millennials and Gen Z—young, tech-savvy people. Cake highlights a fast, easy-to-
use experience, allowing customers to open an account in just a few minutes and
manage their main account conveniently, free of charge for basic banking activities.
Cake is loved for its free lifetime utility; the account number is the phone
number; opening an account in just 2 minutes with electronic customer identification
technology (e-KYC), money transfer, instant payment, and a super-saving product
(Super Saver) that generates 18 times more profit than conventional savings. With 4
unique colors (yellow, blue, green, and pink), the Cake by VPBank card offers unique
designs, helping users express their personalities. In addition to continuing to add the
basic features of a digital bank, Cake is also researching and planning to launch the
most advanced products on the market.
The platform also offers features such as bill payments, QR payments, and
personal finance management tools. With a close connection with Be Group, Cake has
the opportunity to promote the service across ride-hailing platforms. Cake is working
to improve customer experience and expand services to become a leading member of
the financial technology sector in Vietnam.

2. Current Situation Analysis

a. Macro Environment Factors (PESTEL)

Political: The Vietnamese government is promoting a cashless economy,

supporting fintech companies and digital banks through favorable policies,
creating growth opportunities for Cake by VPBank. However, Cake must
comply with strict regulations from the State Bank of Vietnam regarding
financial security, data protection, and risk management in digital banking.
 •
•

Economic: Vietnam’s economy is experiencing strong growth, with stable

GDP growth and an increasing middle class. The rising smartphone and
internet usage presents a significant opportunity for Cake. However, intense
competition in a market with numerous digital banks poses a challenge,
requiring Cake to differentiate itself and deliver clear added value to users.

•
•

Social: Society is becoming increasingly digital, with young users and

Millennials leading the trend of using fintech apps, online payments, and e-
wallets. This shift aligns with Cake by VPBank’s model, especially as
customers prioritize convenience and integration of daily services into a single
app. Additionally, consumers are demanding higher transparency and security,
requiring Cake to provide a reliable and safe user experience.

•
•

Technological: Technology is crucial for Cake by VPBank’s development.

Advances in digital banking platforms, including artificial intelligence (AI),
machine learning, and blockchain technology, allow Cake to offer
personalized and automated financial services. Moreover, the popularity of e-
wallets and mobile payments like ZaloPay and MoMo requires Cake to
continuously improve technology to keep up with trends and remain
competitive.

•
•

Environmental: Reducing paper usage and focusing on environmentally

friendly digital solutions are increasingly encouraged among businesses. Cake
by VPBank can leverage its digital banking platform to market “green”
services, reducing operational costs by not having physical branches.

•
•

Legal: Cake must comply with regulations on personal information security

and online transactions mandated by the government. Data protection
requirements, cybersecurity compliance, and anti-money laundering
regulations are essential considerations for Cake.

b. Industry Analysis
The digital banking sector in Vietnam is growing rapidly, with an increase in
 branchless banks and app-based banking services. This market is highly competitive,
with players like Timo, Momo, ViettelPay, ZaloPay, and traditional banks undergoing
digital transformation. Cake by VPBank, with its branchless model, mobile app, and
integration of financial, e-commerce, and ride-hailing services, offers significant
convenience to users.
Cake by VPBank is considered a “new generation digital bank,” utilizing technology
to provide contactless banking services and integration with essential life services like
transportation and shopping, creating a comprehensive digital ecosystem.

c. Competitor Analysis

Banking Target Positioning Product Price Place Promotion

Platform Customer
s

Timo Young, Vietnam’s Basic No/minima Digital Promotes

tech-savvy first digital banking l fees for channels digital-
individual bank services basic (app, first,
s focusing on and services website) simple,
modern UX utilities and user-
friendly
banking

Momo Wide Known for Payments Competitiv Strong Partner

range of mobile , savings, e loan rates presence promotion
users, payments, personal and fees in e- s with
expanding expanding loans commerce retailers,
to to savings and cashback
banking and loans popular offers
services

ZaloPay Zalo’s Leverages Mobile Low Embedde Cross-

ecosystem access to payments transaction d within promotion
users, Zalo’s large , money fees Zalo app, s with
social user base transfers, online Zalo,
media bill pay stores discount
audience deals with
local
vendors

ViettelPa Urban Reaches Payments Affordable Mobile Localized

y and rural underserve , fees to app, campaigns,
users d areas via transfers, reach rural available emphasis
Viettel’s mobile areas offline via on rural
extensive financial Viettel accessibilit
network tools agents y
Cake by Be Group Unique Banking No fees for Be app, Promotion
VPBank users, integration within Be Be drivers, digital s for Be
young, with Be app, competitive banking, users,
active ride-hailing accounts, rates VPBank exclusive
users app savings support offers,
centers ride-
related
rewards

d. Consumer Behavior Analysis

Convenience and Mobile Preference: Millennials and Gen Z prioritize 24/7 access
and easy-to-use mobile banking. Cake should focus on an intuitive, fast, and
accessible app experience.

Value-Added Features: Younger consumers favor perks like cashback, discounts,

and integrated lifestyle services (e.g., ride-hailing, shopping). Cake can partner with
these services to offer rewards and enhance its value.

Security and Privacy: High awareness of data security demands robust privacy
measures. Cake should ensure strong security, transparent data policies, and frequent
updates to build trust.

Daily Life Integration: Customers want banking embedded in daily activities. Cake
can integrate with ride-hailing, shopping, and delivery platforms to position itself as a
lifestyle banking solution.

e. Target customer

Gen Z (Ages 18-24)

Market Insight:

Spending habits and online consumption: Gen Z tends to favor online

spending and enjoys the convenience of digital banking services, particularly
those offering cashback, promotions, and perks for online purchases.
Flexibility and speed: Gen Z expects fast, unrestricted financial products.
They prefer services that allow flexible deposits, withdrawals, and easy
financial management, avoiding the need to visit traditional banks.
Value on user experience: Gen Z appreciates a well-designed user experience
(UX/UI), favoring modern, intuitive, and user-friendly interfaces. They
especially enjoy customizable and personalized features.

Expectations of Cake By VPBank:

Cake By VPBank should include features that align with Gen Z's spending
habits, such as cashback integration for online purchases, promotional
campaigns, and benefits with retail and entertainment partners.
 The app system should be easy to use, support quick registration, and be
optimized for mobile actions. These features will make it easy for Gen Z to
access and use the app long-term

Gen Y (Ages 25-35)

Market Insight:

Need for financial stability and investment: Millennials are focused on

saving and investing for the future. They are interested in bank services that
help with savings, effective financial management, and personal investment
tools.
Technology and seurity: As a generation that grew up with technology,
Millennials highly value security and data safety in financial applications.
They prefer banks that are reputable and have strong security systems.
Priority on convenience and speed: With busy schedules, Millennials often
choose products that save time and allow for quick transactions, especially
digital banking apps

Expectations of Cake By VPBank:

Provide a diverse range of financial services, such as flexible savings accounts,

short-term investments, and asset accumulation.
Cake could offer financial consulting and effective budgeting programs on its
platform to help users build personal financial plans.
Enhance security while maintaining an efficient online support system to
address questions quickly, helping users feel safe and supported.

Gen X (Ages 36-55)

Market Insight:

Stability and savings for the future: Gen X values careful financial
management and is focused on building savings for the future. They prefer
reliable and stable financial solutions
Transition from traditional to digital banking: This group is accustomed to
traditional banking but is gradually exploring digital services. They still
require high security, detailed instructions, and warm support
Customer service: Gen X places high importance on customer service,
expecting support when needed, particularly through channels like hotlines or
live chats within the app.

Expectations of Cake By VPBank:

Cake could provide features like flexible long-term savings packages and
suitable insurance plans for this age group.
Improve professional and friendly customer service through online channels to
create a sense of security when using new digital services.
 Integrate detailed online guides to help users learn how to use the app and
understand its features.

Baby Boomers (Ages 56 and up)

Market Insight:

Emphasis on security and simplicity: This group tends to be wary of digital

financial products due to security concerns. They prefer a service that is
simple, easy to use, and safe.
Reliable customer support: Baby Boomers place high value on customer
support, needing reliable channels to ask questions, receive guidance, and
resolve issues promptly.
Interest in asset management and savings: Baby Boomers prioritize secure
savings options and financial management solutions for the future.

Expectations of Cake By VPBank:

Cake should prioritize high-security savings features to meet Baby Boomers’

financial needs. Flexible savings products, periodic deposits, and interest-
accumulating options would be appealing.
Offer detailed and clear usage guides for essential actions, making it easy for
this group to get familiar and comfortable with the app.
Enhance online and phone customer service to ensure professional consultants
are available to support Baby Boomers with questions or concerns.

Summary
Cake By VPBank has successfully positioned itself as a comprehensive digital bank
catering to young, dynamic users who value convenience, transparency, and
flexibility without traditional banking procedures. They are positioned as a digital
financial solution, simplifying and optimizing the banking experience while focusing
on modern lifestyle conveniences.

4. Brand Positioning
A digital bank that uses technology and artificial intelligence as its core foundation,
confidently accompanying you at every touchpoint in daily life, offering a diverse
range of digital services and utilities with an easy, fast, convenient, and seamless
experience. With the goal of building a comprehensive digital financial ecosystem,
Cake provides a complete and practical range of digital financial products to the
market, from savings, investments, payments, to credit cards and consumer loans. The
slogan “As Easy As Cake” – putting customers at the center of the ecosystem – is
maintained daily, even in internal research and exchange activities.

5. Detailed Insights into Target Market

Insights into consumer expectations when using digital banking services may include
various aspects:
 Convenience and speed: Users highly appreciate the ability to conduct
transactions anytime, anywhere, without needing to visit a physical bank. The
capability to transfer money, pay bills, and manage accounts with just a few
taps on a mobile phone provides a sense of ease and time savings.
Security and safety: Safety is a major concern for users when engaging in
financial transactions online. They desire strong security measures, such as
two-factor authentication (2FA), OTP codes, and security alerts to ensure
peace of mind when using services.
User-friendly (UX) experience: A digital banking app or website with a
friendly, intuitive, and straightforward interface is preferred by users.
Common functions should be displayed clearly, easy to access, and simple to
use without requiring high-tech knowledge.
Personalized services: Consumers highly appreciate when banks provide
recommendations that suit their usage habits and personal needs. Features like
spending analysis, financial advice, or special offers based on transaction
behavior create a feeling of being cared for and better served.
Reduced transaction costs: Digital banking services often have lower or zero
fees for certain transactions compared to traditional banking. Consumers tend
to choose digital banking to minimize unnecessary fees, thereby saving on
costs.
High flexibility and customization: Users enjoy digital banking services that
allow them to customize features according to their preferences, from
transaction notifications to account control. The ability to manage personal
finances flexibly is an appealing factor.
Efficient customer support: When encountering issues or questions, users
want to be able to easily reach the bank through channels like live chat, phone,
or email. Fast and professional customer service fosters trust and connects
users more closely to the service.

6. Campaign Objectives:

• User Growth: The main goal of the campaign is to attract new users to open
accounts with CAKE by VPBank. This aims to expand its market share in the digital
banking sector, especially among tech-savvy, younger audiences.
• Brand Awareness: As a relatively new brand, CAKE by VPBank seeks to enhance
awareness and establish a presence in customers’ minds. The campaign will focus on
positioning CAKE as a convenient, innovative financial solution that aligns with a
modern lifestyle.
• Encourage Product and Service Usage: Beyond opening accounts, the campaign
aims to drive the use of services such as credit cards, loans, and other financial
utilities on the CAKE platform.
• Capture Digital Banking Market Share: Through digital channels like Facebook,
Instagram, and TikTok, CAKE will establish a strong presence and encourage
customers to open accounts and engage with its services. Incentives such as free cards
and cashback will position CAKE as a top choice in digital banking.

Problem (micro issues for the business):

1. Low User Growth: This campaign targets new user acquisition, reflecting CAKE’s
need to expand its user base, particularly among young, tech-savvy individuals.
2. Weak Brand Recognition: As an innovative yet relatively new brand, CAKE may
lack brand recognition or market trust.
3. Underutilization of Financial Services: Despite offering various services, users may
still be unaware of or hesitant to use CAKE’s credit, loan, and financial services.

Opportunities:

1. Completely Digital Banking: Cake by VPBank is a fully digital bank, offering

services without physical branches, saving users time and costs. Customers can open
accounts, save, borrow, and make payments all through the Cake app without visiting
a bank.
2. Quick Account Opening Process: Through electronic identification (eKYC),
customers can open accounts in minutes using just an ID. This convenience offers an
edge over traditional banks.
3. Integration with Be Group: Cake is the first digital bank in Vietnam integrated into
the Be ride-hailing platform, allowing users to make payments and access financial
services easily within the Be ecosystem.

7. Big Idea
The big idea behind the campaign revolves around “Smart Finance, Seamless
Experience.” CAKE emphasizes convenience and ease in personal finance
management through a fully digital app. CAKE is not only a digital bank but a “sweet
treat” that brings financial benefits and joy to customers.

Key Messages:

• “CAKE - Digital Banking at Your Fingertips”: This message highlights CAKE’s

convenience, allowing users to easily perform financial transactions through their
phones without needing to visit a bank.
• “Open an Account Quickly, Enjoy Convenient Services”: This secondary message
reinforces the speed and simplicity of opening an account and using the services.
• “Attractive Offers, Free Services”: This message emphasizes benefits like free card
issuance and fee-free transfers, making CAKE an appealing choice for cost-conscious
customers.

Campaign Tone of Voice:

• Youthful, Friendly: CAKE targets a young audience that values speed and
convenience in daily life. The campaign’s language is casual, simple, and friendly,
making users feel comfortable and receptive.
• Modern, Dynamic: The campaign embodies not only advanced technology but also
emphasizes CAKE’s dynamic digital financial product. Messages are conveyed with a
positive, lively tone, highlighting the ease, speed, and utility of the service.
Visuals and designs accompanying the campaign are creative, vibrant, and eye-
catching to create a young, modern feel, harmonizing with current trends for youth
appeal.
• Encouraging Action: CAKE uses an encouraging tone that prompts users to join
promotions or open an account in a few simple steps, creating a sense of an
opportunity not to be missed. Phrases like “open an account now,” “get instant
rewards,” or “start your smart finance journey” are emphasized to spur action and
encourage customers to take advantage of current promotions.

8. Key Activity Communications

Social Media : Run ads on Facebook, Tiktok, Instagram platforms.
Facebook: Leads Ads, In-Feed Ads
Instagram: Leads Ads, In-Feed Ads
Tiktok: Top View Ads, In-Feed Ads, Pop-up ads
TV Commercial: Run ads on Vtv at 20:00
Out-of-home ADS: Pano, Banner, Digital Banner
NEWSPAPER AND NEWS PAGES: Run front page ads in 3 different types of
digital newspapers
Email, SMS

9. Media Strategy
The goal is to get as much brand coverage as possible

Require :
Use consistent colors, fonts, logos and images across all platforms.
Use periodic reports to track progress and discuss necessary adjustments.
Create content for each platform to suit customer base but keep the main
message intact

MKT304 Media Strategy

10. Evaluation and control of the IMC plan

The "Evaluation and Control of the IMC Plan" section in VPBank's integrated
marketing communication (IMC) strategy aims to ensure that marketing activities are
effective and meet the set goals. This is an essential part of measuring and adjusting
for long-term success. Here are the specific steps:

Establishing Key Performance Indicators (KPIs):

Identify the key metrics to monitor, such as brand awareness, customer

engagement levels, conversion rates, and customer satisfaction.
These metrics should be designed to align with the IMC plan's
objectives to ensure that each component of the strategy is measurable.
Using Analytical and Measurement Tools:

Apply tools like Google Analytics, Facebook Insights, or VPBank’s

dedicated tools to track the performance of each communication
channel.
This includes analyzing website traffic, social media engagement, and
customer behavior across different communication channels.
Data Collection and Analysis:
 Regularly gather data from IMC channels and analyze it to identify
strengths, weaknesses, and areas for improvement.
Conduct surveys or gather customer feedback to assess the campaign's
effectiveness and user responses.

Monitoring and Adjusting:

Based on the results collected, determine which activities are effective
and which need adjustments.
Adjust the IMC strategy if necessary to ensure maximum efficiency,
which could include refining messages, communication channels, or
the budget allocated to each component.
Creating Reports and Final Evaluation:
Produce detailed reports on the results of each activity within the IMC
plan to assess overall effectiveness.
The final evaluation helps VPBank draw lessons and identify
successful or underperforming elements, improving strategies for
future campaigns.

This section enables VPBank to continuously monitor, evaluate, and adjust to

optimize the IMC plan's performance and achieve the marketing objectives set.