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Kotak Mahindra launches ‘Hashtag Banking’ campaign

Kotak Mahindra
Bank has launched a ‘Hashtag Banking’ campaign for its Jifi zero balance
account. The multi-media campaign aims at promote banking via Twitter, and
covers all media, including TV, outdoor, print, radio and digital
communication.

Created by
Cartwheel Communications and produced by Jamic Films, the 40 second film
highlights key features of the digital technology banking product Jifi.

Kotak Mahindra
Bank has launched a ‘Hashtag Banking’ campaign for its Jifi zero balance
account. The multi-media campaign aims at promote banking via Twitter, and
covers all media, including TV, outdoor, print, radio and digital
communication.

Created by
Cartwheel Communications and produced by Jamic Films, the 40 second film
highlights key features of the digital technology banking product Jifi.

The film features
a group of four young friends who share an apartment. One of them is avid
Twitter user and is shown spending the better part of his day on the social
networking site via his mobile. His friends mock his addiction by nicknaming
him ‘Twitter’.

Throughout the
film, he is shown using Twitter to recharge their DTH connection, finding an ATM,
and paying the rent in a jiffy.

Karthi Marshan,
Head Marketing, Kotak Mahindra Group, told afaqs! that the “first
layer” of this mass media effort is aimed at promoting the product. The
objective of the ad film is to spread awareness about the brand’s 23 banking
features that can be used via Twitter.

“Compared
to large private sector banks, we are young. Despite that, our consumers treat
us like a large bank and expect similar products. We have a relatively smaller
network of branches and ATMs. So we needed to compensate in some form. Which is
why we chose the digital route. Over the last few years we have realised that
in this category, there is very little physical delivery; the rest can be done
digitally.”

Talking about
the origin of the product, Marshan told afaqs!, “We found that there is a
segment of people unconcerned with the location of the branch or ATM, because
they know now that a large part of their banking can be done online.”

Marshan added that
people, usually, do not want to remember 16 digit-long account numbers. So once
the consumer has shared his/her Twitter handle with the bank, “whenever
he/she says anything to Kotak with the correct hashtag, it is almost like interacting
with the bank on net banking or IVR (Interactive Voice Response). The bank then
treats the input from the Twitter handle as one coming directly from the
customer,” he explains, adding, “So far Kotak has not enabled
financial transactions for strangers” via Twitter. The only financial
transactions possible are utility services such as DTH and mobile recharge. The
other 21 features include day-to-day banking features such as those relating to
lost cards, statements, cheque books, etc. The bank will add more features in
the days ahead.

Though the ad
tempts one to assume the brand is targeting youngsters, Marshan clarifies that
the target group comprises people who prefer to do all bank related things on
their own, “without involving a bank executive.” The bank is trying
to engage with an emerging segment that wants to do everything digitally.

Recently, Kotak
Mahindra announced the launch of Jifi Saver, a social savings bank account
which can be seamlessly managed via Twitter and Facebook. Jifi Saver will take
care of their needs such as online shopping, on-the-go transactions, and
financial planning, along with other benefits and functionalities of a regular
savings bank account.

Jifi Saver
enables customers to earn savings interest rate of 6% per annum on balance of
above Rs 1 lakh and 5 % per annum on balance up to Rs 1 lakh. Further, the
account offers extra transaction points for purchase from select e-commerce partners.
It is available in 27 cities across the country.

 

 

 

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