Social Banking – Are We There Yet?

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Social Banking Are We There Yet?

• www.omlogic.com

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Changes in Baking

• India has been a land of change over the last
  decade. Everything about our lives has gone
  through a fundamental transformation. While
  people hail this as a telecom, transportation, IT
  revolution, in our view one sector that has been
  at the forefront of all this is the banking /
  finance sector. Well, YES, this transformation
  itself has been enabled by telecom and IT, but it
  has also been significantly enhanced by a social,
  cultural and service change.
• Gone are the days when it took days to open an
  account, charges for every time you touched
  anything around the bank, hostile (not just
  unresponsive) staff wanting to do nothing. And
  the paradigm itself has changed. Banking is now
  no longer about service you get inside the bank.

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Social media has opened numerous opportunities
for the banking segment. There has been a sea
shift in the overall consumer responsiveness
driven by some of the following factors

• More easily accessible services due to IT and
  mobile integration
• Free-flow competition from banks, digital wallets
  etc
• Digital wallet and easing government policies and
  regulation
• Proliferation of customers and the reduction of
  black money in the system

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Banks have realized this and have been focused on
large transformational campaigns around marketing
themselves and standing out. The calls have been
both efficiency based (functional) as well as
relationship based (emotional). They have been
interlinked with new capabilities and products
that the bank offers. While all this is true,
we think the true social enablement of a bank
hasnt yet happened. While there have been some
interesting campaigns and large scale ORM
enablement by Axis, HDFC, ICICI, Yes Bank and
others, there is huge scope in integrating
online-offline in this sector. The actual
transactions, the marketing campaigns, the ease
of availing service, the in-bank experience and
the mobile experience it all need to come
together as one cohesive story. Digital first is
the need of the hour for the banking segment and
offline to follow and represent the same story.
The offline staff need to be empowered to become
the champions of the brand (online, offline and
in their customer experiences). At OMLogic, we
are ready for this change and would love to
partner with a like-minded bank that wants to go
the whole hog. Write to us at info_at_omlogic.com
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