A sound marketing advice for any brand would be, to be where their customers are. Well one sector that has taken this advice seriously in the Indian market is their banking sector.
Research indicates a good adoption of social channels across geographies as well the readiness of the marketers to make social media a part of their integrated marketing campaigns.
In the Indian context the adoption of social channels like Facebook and Twitter is proceeding at a phenomenal rate and it doesn’t come as a surprise therefore that social accounts of leading private sector banks have got a huge traction.
‘Top 100 banks using Social Media’ report for Q1 2014 by Financial brand has three Indian banks in the top 10
The exponential rise of both internet and mobile communication has facilitated easy access to social media and the Indian BFSI sector has been quick to make the best of it
Like their global peers, top Indian banks are providing enhanced services to their social customers on various platforms and let’s understand how:
ICICI for example has a Facebook app ‘ Pockets ‘ primarily aimed at youngsters and provides features like splitting and sharing expenses, booking of movie tickets, recharge of tickets, carrying out bank transactions, etc. It’s just not business for them but features like Fan of the month and One Minute Challenge help them be in touch with the audiences.
HDFC on the other hand, over and above the conventional widgets provides apps related to auto sector in the form of ‘Ask Autocar Expert’ and shopping deals through ‘SmartBuy Offers’
Axis Bank takes a step further and has integrated the entire customer support on its Facebook page providing interesting features like ‘ Ask a Question’, ‘ Share and Idea’, ‘ Report a problem’, ‘ Give Praise’ etc
Kotak Jifi in my view is a revolutionary idea in social banking . Through Twitter one can get an instant update on the account balance, pin generation, credit card inquires etc. Importantly you get rewarded for your social transactions which is a good way of promoting social banking
Another important thing done right by the brands is making the requisite content available to the end customer easily.
For instance if you are looking for information on mutual funds, ICICI Prudential Mutual Fund and HDFC Mutual Fund have dedicated Facebook pages which makes the search as well as reaching out the right representatives of the company a level easier.
Customer service in a B2C domain continues to be very competitive and challenging with rising expectations. There’s a lot more the brands can do being social and it seems they have taken the right step forward