Varo Bank

Customers improve how they bank. Varo boosts conversions.

Varo offers digital banking services that enable customers to manage their money when and where they want without monthly fees. The banking app increased sign-up conversions with Apple Search Ads while reducing costs and gaining customer insights.

The Results

25% increase in sign-up conversions.
14% decrease in cost per acquisition.
40% increase in reach by removing audience refinements.

The Challenge

With aggressive goals for customer growth across the US, the team at Varo needed to improve app discovery by tech-savvy customers interested in managing their finances digitally. They also wanted to capitalise on high-intent searches on the App Store for alternatives to traditional banks.

Apple Search Ads helped Varo acquire highly engaged, tech-savvy customers that we weren’t able to reach on other channels.

Tamar Kassoff,
Director of User Acquisition at Varo Bank

The Solution

Structure your account for success.

To drive acquisition efficiency with Apple Search Ads, the Varo team set up their account structure with discovery, brand, competitive and category keyword campaigns. Search Match and Broad Match helped uncover new relevant keywords. They moved high-performing keywords from discovery into other campaigns as Exact Match keywords. Competitive and category campaigns helped scale visibility to wider audiences interested in banking apps.

The Varo team tracked performance closely at both the campaign and keyword levels. They removed less efficient search terms and adjusted bids to drive more impressions and reduce reliance on just a few keywords. When the team noticed keyword bids were starting to fluctuate, they optimised their bidding to stay competitive.

Drive performance by optimising ad relevance.

To maximise ad relevancy, the team at Varo leveraged Creative Sets, aligning top performing keywords with different app previews or videos from its App Store product page. They tested ad variations that highlighted popular app benefits such as no overdraft fees or getting paid up to two days early when customers set up direct deposit.

“Apple Search Ads helped us learn more about what resonates with different customers,” says Tamar Kassoff, Director of User Acquisition at Varo. “By targeting different segments with relevant messaging and creative, we were able to increase conversions while achieving one of the lowest costs per acquisition rates of any ad platform.”

Improve efficiency by including all users.

The team at Varo wanted to reach the broadest base of potential customers with Apple Search Ads. They removed all audience refinements from their campaigns, helping them serve their ads to relevant searches by a wider audience of prospects. This strategy helped increase reach with Apple Search Ads by 40 per cent.

Company snapshot

  • Varo Bank
  • Finance category
  • Launched in 2016
  • Based in San Francisco, USA