Banks cash in on social media in a big way

From creating social conversations to using the right technology as well as promoting social causes - private sector banks in India are betting high on social media

e4m by Priyanka Nair
Updated: Sep 26, 2013 7:57 AM
Banks cash in on social media in a big way

Once upon time marketing for banks was consider to be a boring task in India. With the emergence of new media things have changed. Indian banks today are creating interesting conversations on social media especially the private sector ones. These brands are experimenting and leveraging technology with new content concepts.

exchange4media takes a look at the social media presence of few such private sector banks which are creating strong visibility and impressions out there...

Axis Bank takes the ‘social’ route
The Axis Bank Foundation (ABF) was set up as a public trust in 2006 to carry out the Corporate Social Responsibility (CSR) initiatives of Axis Bank. Today, ABF partners with several NGOs to provide equitable education to underprivileged individuals across 13 states of India. In 2011, the Bank ventured into the domain of providing sustainable livelihoods. These programmes aim at alleviating poverty and providing livelihood options for economically weak households.

As part of this phase of the initiative, Axis Bank Foundation in association with Indian Artisans is supporting women who have overcome difficulties in life. The Bank is featuring the stories these talent on social media platforms.

The Bank has a fan base of over 1.6 million fan base. Recently, the Bank created a social media activation for its Twitter fans as well. Though the Bank doesn’t have a large follower base on Twitter, the contest did get attention for the brand. Axis Bank offers customised credit cards as per the costumers’ most important needs. Keeping this in mind, the Bank rolled a week-long campaign on Twitter, wherein one could share their best shopping moments to win shopping vouchers.

ICICI Bank aims to focus on ‘integrating’ technology with social
Over the last one year, ICICI Bank has launched its banking services on social media. Earlier this week, the Bank launched an application on Facebook called ‘Pockets by ICICI Bank’. This innovation is in line with the brand’s philosophy of ‘Khayaal Aapka’.

This new app is a natural progression of the ‘Your Bank’ Facebook app that the Bank had introduced last year, enabling its customers to view their savings account details and statements while on Facebook, as well as to order a cheque book and upgrade debit card. There is no additional charge for using the application. Pockets by ICICI Bank is considered to be a first-of-its kind app on Facebook across the globe.

With over 2.4 million Facebook fan base, ICICI Bank is one of the most active brands that has experimented with various social applications. Apart from applications, the brand is also focusing on creating consumer engagement with activities such as fan of the month, bill payment facilities and so on. The Banl’s YouTube channel, too, has interesting informative videos for the costumers.

Standard Chartered ‘banks’ on food and fitness
While other bands are talking about their offers, deals, collaborations, and CSR activities, Standard Chartered Bank has taken a different path.

The Bank created a Facebook page called ‘India Food Explorer’ last year. Today, this social media community has over than 910,000 fans. India Food Explorer as a community on Facebook makes sure that it is aligned to its objective and also keeps the content fresh.

The content shared on the Facebook page is mainly focused towards providing fans with suggestions for food joints, etc. The Bank also makes sure that it provides lucrative deals which can then be availed by fans using their Standard Chartered credit cards. While this is active, the Bank’s official page is already promoting its flagship property, ‘Standard Chartered Bank Marathon 2014’, with a contest called ‘First Push’. Winners of this contest will be given free fitness training for the main marathon.

HDFC Bank, Kotak Mahindra Bank and YES bank are among some other banks that are currently looking at maintaining hygiene on their social media platforms. It will be interesting to see what new social media communication they roll out in the coming days.

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