The financial app market in Korea is oversaturated with over 200 existing options, but only around 7 of them are favored by consumers. In such fierce competition, we were planning to launch a new digital banking app with an advertising budget only one-fourth of our competitors. Therefore, we needed a very special way to stand out among numerous competing brands.

We found a way to appeal to consumers' desires rather than their rational thinking. We made the desire for success and wealth, the ultimate value that financial services can offer, the focus of our campaign. We brought this idea to life through our specially crafted fragrance, the "Money Perfume." Our aim was to create a unique scent marketing approach that could be infused into consumers' daily routine at various touchpoints, stimulating their desire for a rich and successful life.

What would the scent of success and the feeling of having made it in life be like? In 2022, facing fierce competition among more than 200 financial apps in South Korea, 'Daol Digital Bank Fi' took a bold approach to boost brand recognition by designing a fragrance that would fulfill people's fantasies about wealth. Teaming up with Korea's leading fragrance brand, 'Soohyang', we've managed to create a luxurious and sophisticated scent. With an intriguing bottle design that resembled actual banknotes, the 'Money Perfume' quickly became a collector's piece, and 'Daol Digital Bank Fi', a clear latecomer in the industry, was able to make a great impact.

Our biggest goals to increase the 'number of app downloads' and 'app usage rate has been achieved significantly. The campaign resulted in a 779% increase in app downloads, 1,127% increase in the app's monthly active users, and 1,576% increase in brand search volume. More than 60,000 people participated in the lucky draw and pop-up store event, and about 27,000 perfumes were presented. The Money Perfume was a viral hit. On social media, often the perfume bottle was featured as a brilliant decor, Although it was a free promotional item to costumers, the perfume traded over 70 US dollars at the market. Even though Daol Digital Bank Fi was a clear latecomer in the market, by brilliantly encapsulating the desire for a success and wealth into collector's piece, the first launch campaign led to success.

Due to the implementation of the ‘MyData’ Act, competition in the Korean digital financial market is becoming very fierce as financial platforms with differentiated services along with competition in existing banking apps.

In the case of major competitive financial apps in the market, advertising costs of 10 billion won per year were executed.

In the case of Fi, it is a newly launched app brand (0% recognition), and marketing costs are one-fourth, which is very inferior in competition.

Nevertheless, it was necessary to secure competitiveness in the entire financial app brand market, not from a competitive perspective in the savings bank app market.