Lendela is a personal loan matchmaker that is taking loan comparison to a level far beyond the traditional comparison model of lead generators: Communication Assignment, SUSS, Singapore

Lendela is a personal loan matchmaker that is taking loan comparison to a level far beyond the traditional comparison model of lead generators. They support the customer all the way from application to disbursement and make sure that he/she receives multiple personalized offers to compare and choose from. Their model has been around in the Nordics for almost 20 years and is now also being established in other parts of the world (Southern Europe, South America, and here – SG/HK).

They are currently solely working with unsecured loans, so-called personal loans, and partnering with 25+ financial institutions, most of them licensed lenders (and 4 banks). The longer-term vision of the brand is to cater to as many people as possible, meaning that they want a wide variety of loan providers – from high-risk lenders to premium ones, across a variety of loans beyond personal loans.

Traditionally, the personal lending space is very bottom-funnel heavy with big volumes of loan-seeking people with a high intent to convert. Therefore, performance marketing channels and an aggressive sales-focused message in ads/on websites have dominated Lendela’s marketing so far.

A few months back, they decided to complement their marketing mix with an ATL campaign consisting of bus ads, MRT videos, static screens, posters, digital banners, etc. This campaign was very informative, focusing on A) presenting what they do by showing how to use the service, B) building trust for the brand/service via a testimonial angle, and C) showing the customer benefits of using the service. See website, FB, IG, video ad.

The feedback and results have been mixed and there is a need to reassess the communications approach

THE BUSINESS OPPORTUNITY/MARKETING OBJECTIVE

Lendela’s current audience is limited to high-risk lenders that typically take on smaller loans. There is an opportunity to grow their market share by expanding their audience pool into the mainstream and stretch their audience profile from high-risk lenders to premium ones across a wider variety of loans.

Some challenges:

• There is a general stigma around personal loans and moneylenders due to entrenched cultural conditioning and low knowledge of the category.
• This stigma is not entirely unfounded. There is a constant presence of illegal lenders and many people that could have found a decent loan through proper comparison fall prey to loan scams, which further adds to the dubious and suspicious perception of the category.

The brand/creative opportunity:

• In Singapore, moneylenders are not allowed to run any kind of marketing. But loan comparison advertising is allowed.
• It is very limited or no loan-related marketing at all in the mass media in Singapore today, meaning there is a great opportunity to define, own, and lead the category with a distinctive brand positioning and cut-through communications.
• Lendela has a unique and differentiating product truth built around true comparison and an end-to-end service proposition.

The goal of this brief is to reach maximum impact and awareness via a clear and powerful message that resonates with Singapore and Hongkong.

The campaign should aim to “destigmatize” personal loans and licensed moneylending but at the same time, they don’t want to paint themselves into a corner (of only being associated with moneylenders and helping people of lower credit worthiness), as they will onboard more banks and attract more high-quality customers in due time.

BROADER COMPETITIVE CONTEXT

Direct competitors include MoneySmart, SingSaver.

Indirect competitors include the new vanguard of finance brands – an emerging class giving the establishments a run for their money. Think GrabFinance, EndowUs, TheWokeSalaryMan, StashAway, the alternative to the institutions and the banks.

How do we intentionally position ourselves in a way that depositions them?

AUDIENCE/MARKETS

SG, HK – millennials & Gen Z

They have grown up worrying about money – millennials graduated in the financial crisis of 2008, Gen Zers have endured the Covid crisis in their most formative years. As such, they are more personally involved with money than previous generations.

They invest earlier, save more, and are abandoning the YOLO life for a more measured, considered, and responsible approach to life. They are equal parts anxious, clueless and resourceful, and want to take control of their financial future instead of only relying on agents/experts.

DESIRED TAKEAWAY

We want them to think of Lendela as a superior and sophisticated financial service, feel that Lendela is a modern and progressive brand that gets them, and recommend Lendela to their friends and social circle.

YOUR TASK/DELIVERABLES

TASK #1 (Individual Assignment) – single-minded strategic propositions that will reframe Lendela and challenge entrenched stigmas in this category.
Requirements:
● A-frame that combines logic and magic – provide 2 options with respective substantiation
● Demonstrate consumer understanding, cultural insight, and strategic POV
● Provide creative references from past campaigns and case studies to bring to life strategic propositions

TASK #2 (Group Project) – proposed content that will go live across either YT, IG, or TikTok that translates this strategic proposition into engaging creative assets

Requirements:
● Articulate an encompassing creative platform which the executions will flow from
● Envision how the campaign will go live from a consumer’s perspective
● Executions need to be true to format and social platforms
● Demonstrate how the ideas and executions address the various objectives