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Few private Indian Banks have presence on Social Media
Analysis & OutlookFew private Indian Banks have presence on Social MediaSome of the Indian Banks are effectively using social networking sites to listen andengage with customers that will help them in improving their marketing focus & targetcustomers effectively, capturing consumer perceptions, brand building & increasedproduct research. According to Facebook, its India user base has more than doubled ina year to 51 million at the end of March 2012 and Twitter has around 15 million usersin India. Most of the social media users in India are younger generation in the agegroup of 18-34 years, predominantly male and are mostly inclined to use social mediafor doing banking transactions. Private Banks are the most active in using the socialmedia with IDBI Bank (637K Likes), Axis Bank (545K likes), ICICI Bank (475KLikes) and HDFC Bank (109K Likes) as of May 2012. Public sector banks like SBI, etcare yet to start actively using the social media platforms but they still have presence.In January 2012, ICICI Bank, Indias largest private bank, launched its Your BankAccount Facebook application, which allows users to check their account balances,apply for debit cards, and other tasks like request statements and cheque books withoutleaving Facebook. ICICI assures its Facebook users that the app is hosted on separateICICI bank servers and no data is transferred to Facebook as many of the socialnetwork users are concerned about privacy and data security which is hindering theactive usage of banking applications on the social networking sites. HDFC Bank, one ofthe early adopter and with an active presence on social media space, runs the MoneyMatters section on its Facebook page. The bank through its Facebook page engagesvisitors by putting up interesting news articles, small puzzles and games to educateusers about various banking tools and even posting latest offers on cards and loans atthe bank. HDFC Bank even lets its customers voice their grievances on the bank’sFacebook page and responds to them within 24 hours.Axis Bank has an active presence with highest number of likes, has interactive apps &promotional offers that allow the bank to communicate with its target audience. Brandcampaign apps like Meri Zindagi ka Safar and Meri Zindagi ki Picture both have seenmore than 20,000 monthly active users and bank is promoting its platinum credit cardson Facebook by integrating a movie ticket-booking transaction engine. IDBI Bank isthe largest socially networked bank in the country in terms of official presence on fourplatforms namely Google+, Facebook, Twitter and YouTube with the largest number offans/followers/subscribers/circles across these platforms as compared to any other peerbank in India. IDBI social media success formula is because of their approach which isan interesting mix of informative content, product awareness and grievance redressal.Social Media Platforms are an active part of IDBI marketing strategy.Despite the fact that many Global banks are still apprehensive about offering theirservices and allowing customers do banking transactions using social networkingapplications due to data security and privacy concerns, Indian Banks majorly privatebanks are actively using the social media platforms to engage with customers and allowtransactions through the applications. Apart from offering a low cost, effectivecustomer engagement & marketing platform, Social Media usage through the mobiledevices is also on tremendous rise as more people use their phones or mobile devices tomake payments or other banking transactions through social networking sites.Rajesh Prabhakar Analyst Bio @ http://socialmediacases.blogspot.com/