Banking in a Jifi: Kotak Mahindra Bank’s Hashtag Banking campaign
Karthi Marshan, Head of Marketing at Kotak Mahindra Bank on how Jifi’s Hashtag Banking brings ultra-convenience to common banking transactions and how the campaign furthers the brand’s digital positioning
Kotak Mahindra Bank has launched its newest campaign for Jifi Zero Balance Hashtag Banking. The campaign demonstrates key features of the cutting edge social banking product Jifi, in an engaging manner that reinforces the brand’s embracing of the digital technology space, while also ensuring that the tone and settings reinforced the brand’s youthful imagery, done by the brand’s creative agency Cartwheel Creative Consultancy.
The TVC shows series of incidents where a couple of young boys use hashtag banking to make all their financial transactions with ease and convenience. For instance, they check their payment made to the landlord online using hashtag banking, much to his surprise, and make payment for cable services instantly so their cricket viewing is not interrupted. TVC shows banking related chores need not be done by personally visiting the bank and better still, can be done via Twitter.
Karthi Marshan, Head of Marketing at Kotak Mahindra Bank explains the insights behind the campaign. “In our brick and mortar worlds, we are all spending more time at malls, and less at specialty stores. Even a bookstore is compelled to be in a mall to succeed, and struggles when it stands alone. Similarly, the notion of a website being a destination that people will gravitate to is now passe. Their equivalent of a mall to hang out at are social spaces like Facebook, Twitter et al. In order to engage with them, we felt we had to be where they were, rather than try to drag them to our site even for their banking transactions. We feel that the odds of them remembering to transact improve dramatically when this happens. This is the primary insight.”
Marshan finds that people are seeking input on their purchase decisions on the social space as well. “Our take on this was that we needed to make the leap from seeking guidance to making the purchase seamless. Hence, we chose to build an interface where people can apply to open an account right where they got advice from friends on which one to open,” he said.
The third axis of insight Kotak worked on is ultra-convenience. Marshan further added, “In the era when you can order, track and pay for a taxi ride as well as groceries with a few taps on your phone, why should banking be any different? Hence hashtag banking. Where a simple tweet can address most commonly done transactions.”
In Marshan’s opinion, the campaign will effectively help the brand’s positioning in the market place. “Kotak is a young banking brand which celebrated its 25th anniversary a few years ago in a clutter-busting campaign titled Grt 2b 25. What we saw was that audiences of all ages resonated with this youthful positioning, and suddenly, in a dull and boring utility category, we had briefly become young and cool in the minds of consumers. We have chosen to continue investing in this positioning, which differentiates us from the rest of the players in the banking category,” concludes Marshan.
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