Chocolate Finance goes head-to-head with GXS Bank in ad war

Financing companies Chocolate Finance and GXS Bank are going head-to-head in an ad war as it makes a bid for consumer's attention. 

Earlier this month, Chocolate Finance said that its top-up programme rate will be decreasing from 4.2% p.a. to 3.6% p.a for the first SG$20,000 of funds from 1 November. 

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"We are revising our returns to 3.6% p.a. on your first SG$20k, 3.2% p.a. on the next SG$30k, and a target of 3.2% p.a. on amounts above," it said. 

GXS Bank decided that this was a good time to take a not-so-subtle jab at Chocolate Finance by announcing a savings promotion that offers up to 4.3% p.a. in returns. 

In an ad seen by MARKETING-INTERACTIVE, GXS Bank says:

It's time to let your savings grow with rewards [that are] sweeter than chocolate.

GXS Bank then goes on to talk about how consumers can earn up to 4.3% p.a. in interest when they deposit SG$50,000 into boost pocket and enjoy 3.28% p.a. interest plus SG$128 cashback. 

Chocolate Finance was quick to hit back over the weekend with a subtle Instagram video showing a game of tic-tac-toe. 

In the boxes, Chocolate Finances axes out things such as 'lock-in periods', 'first-come-first serve' and 'cashback', an almost direct jab at the GXS Bank ad. 

It instead puts smiley face circles on words such as 'no hoops', 'no complex criteria' and 'no lock-ins'. It then says:

Guess who'll win this game.

"What’s our game plan? Ditch the hoops, lock-ins, and complicated criteria — let’s go straight for the win," it wrote in the caption. 

It then goes on to explain Chocolate Finance's ethos of being a place for one's spare cash where consumers can enjoy a 4.2% p.a. return on your first Sg$20k and a target 3.5% p.a. on amounts above that.

"No hoops or complex criteria. No lock-ins. You can withdraw your money anytime you like," it said.

"What if the returns are lower than the target? The difference is topped up for amounts below SG$20k, so you enjoy the target return during the qualifying period," it explained, adding:

Are you smiling yet? We’re all about making money happy.

It also added in the post that as of 1 November, it would be revising its returns. 

"The good news is we are also extending the Chocolate top-up programme from SG$20k to SG$50k! The top-up programme will now support balances up to SG$50k, so you can continue to make more of your money happy," it said. 

The ad war comes shortly after Chocolate Finance unveiled a new campaign to launch its spare cash management account. The campaign, titled "Make life richer", features a series of ads with newly appointed brand ambassador and investor Crazy Rich Asians actor Henry Golding. 

The series of ads features Golding living his life happily. In a short film that was released in cinemas, Golding is seen entering a jazz bar and joins a performer on stage. Golding begins singing into a microphone. 

“Our launch campaign is all about injecting fun and flair into finance. With vibrant colours and lively content in our film, we're celebrating the joy of having your money work hard for you. The film’s energy—featuring joyful characters and elegant soirées—captures the essence of a worry-free, richer life," said Anushka Yadav, chief creative officer, Chocolate Finance in a conversation with MARKETING-INTERACTIVE. 

"Just like our campaign, our product and user experience are designed to be bold and straightforward. Enjoy happy returns without lock-ins, hoops, or complex criteria. At Chocolate Finance, we’re committed to making financial services not just accessible and intuitive, but genuinely enjoyable for everyone," added Yadav. 

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