Interview with IDBI Bank
PW: How important is technology for the success of the modern marketer?
IDBI: In the current context, technology plays a vital role in every marketing campaign. In India with an increase in adoption of emerging consumer media platforms, smart phone and tablet devices and consistent growth in e-commerce transactions makes technology enabled platforms a very high-impact and cost-effective proposition for marketers.
With the roll-out of 3G services and proposed implementation of Digitization of Cable Bill will enable marketers the opportunity to innovate and engage with existing and potential customers while providing better user experiences.
Digital media marketing has become an integral part of all marketing strategies of companies who are serious about keeping in touch with their consumers. Digital media is the only medium which can connect with the end user one-on-one, allows two-way communication and reach out or target only those consumers whom the marketer would like to reach out to thus optimizing one’s market spends. Hence in today’s world, digital media and technology have become extremely critical to modern marketer and one’s marketing strategy.
PW: What are your current marketing priorities and how does that translate to technology?
IDBI: One of the focus areas in terms of consumer segments for IDBI Bank being youth, proactive and sustained usage of social media channels and digital communication are an integral part of our marketing initiatives. With focused products designed for a younger demographic such as ‘Freedom Card’ and ‘Being Me’ account utilization of digital marketing channels have helped us to expand our customer base with targeted, relevant and cost-effective campaigns. In addition to our offline activity, our marketing and brand communication involves mobile, social media channels, SEM campaigns, display advertising amongst focused marketing efforts such as e-mailers to users with active interest in these products. Apart from a sustained social media strategy, based on marketing priorities, key initiatives are actively promoted by using digital media tools as a part of a 360 degree integrated marketing campaign.
To sum it up, our marketing priority is to have an effective digital strategy which covers search, social media, display advertising and mobile.
PW: In your organization how has technology played a role in customer acquisition or retention?
IDBI: At IDBI Bank customer focus has always been a key priority. With effective utilization of digital marketing tools we are able to reach potential customers. As the depth of mobile and internet penetration in India increases, we have seen that apart from urban markets, a lot of our customers in semi-urban areas are also active users of technology and new media. This helps us reach a wider base of audiences through an integrated approach to marketing. For instance, IDBI Bank celebrated Customer Contact Week from 12-17 December 2011 across 933 braches in India along with a digital media campaign. This campaign received a phenomenal response from customers in terms of participation both online and offline apart from the positive rub-off for the corporate brand. Our in-house technology for customer inquiries and query resolution are deeply entrenched in terms of processes and call to action with respective customer service teams. This enables us to provide a seamless and hassle-free experience to customers through effective customer management.
Digital media such as mobile, social media, web portal etc were extensively utilized to promote an IDBI Bank sponsored TV quiz show named Sawaal India Ka. The youth across the country were made aware and invited to participate. Registrations for the show were taken completely online. The youth were invited to play a quiz online to qualify for the second round of the TV show.
Products such as NRI services, preferred banking were promoted in specific countries through mobile medium by enabling minute targeting of handsets.
All the campaigns undertaken through various digital vehicles ensured generation of leads which were later converted into business for the bank.
PW: How has technology played a role in new product development, market expansion or other areas?
IDBI: IDBI Bank, along with the technology partner Oracle won the Asian Banker Technology Implementation Award 2011 for Best Data and Analytics Project for implementing an analytics solution that measures and analyses interest rate and liquidity risks, integrates its performance management framework and conducts faster and robust scenario analyses. We are focused on product innovation using technology solutions that enables better insights and adds value to our products and processes. Online analytics, geo-tagging solutions, etc. help in identifying new markets and interest observed from these markets for our products. This enables us to strategize and think about products which are relevant to the local market in India, while deploying targeting marketing strategies for better reach.
PW: Would you say the level of collaboration between technology and marketing in your organization was:
IDBI: IDBI Bank has embedded the benefits of technology in all aspects of marketing activities carried out. Technology has been effectively utilized for customer data management, analytics, customer acquisition and customer servicing. Technology has enabled the marketing activities to be more focused and overcome spillage. The customer data is effectively segregated as per various marketing parameters to enable the roll out of relevant product campaigns on requirement basis. Leads generated through various digital campaigns are passed on to the branches pan India through an online lead tracker system, thus ensuring prompt and local response.
Broadly speaking, IDBI Bank has kept itself abreast with the technological changes taking place in the market place that would enable it implement effective and efficient marketing strategy having a direct impact to the business of the Bank.