Interview with Manisha Lath Gupta – CMO – Axis Bank
PW: As a marketer what would you say are your current priorities?
MLG: In the coming year I would say our focus will be to use technology to better manage Customer Data and use analytics to engage in a more efficient manner. Also, increase our use of Social Media and digital communications, revamp the website for more interaction and improve Customer Self Service tools. At Axis Bank we are always working on new product development so that it remains relevant to changing customer needs and we stay ahead of our competitors
PW: At Axis Bank, how has technology played a role in customer acquisition or retention?
MLG: For Axis Bank, technology has played a role in customer acquisition and retention in several ways. First of all, we build on our brand engagement through out digital interfaces like Facebook and the website. The Axis Bank FB site has 4.5L followers, the highest amongst banks in the country.
Secondly, we use analytics and campaign management to selectively reach out to customers with new products, services or promotions that may be relevant to them. We have tied up with partners to disburse more of our products online like GI and Loans, which makes acquisition much cheaper and productive.
Naturally, the next step is strengthening the relationship and keeping the customer satisfied. Through better User interfaces on Internet Banking and Mobile Banking, we deepen our relationship with our customers allowing them to reach us anytime anywhere 24×7. 5. We now have the largest ATM network among private banks making us the most accessible brand.
PW: How has technology played a role in new product development, market expansion or other areas?
MLG: In market expansion, our aggressive ATM strategy has definitely helped us to expand our reach and presence in our customer’s lives. We are actively working on new product development, and we cannot deliver new products without technology in Banking. So really, technology is the backbone for us to develop and deliver new products to our customers.
I believe that it very important that modern marketers adopt technology and use it to drive business results. This of course, means we work with the CIOs and strategically move towards acquiring the technology relevant to the business.
PW: Do you have a separate budget for the IT component of marketing? And how aligned are the marketing and IT functions in the organization?
MLG: We do have a specialized Digital Marketing team within the marketing team which drives all digital channels like Internet, Mobile, bank owned websites and Social Media. There is a separate budget for these activities.
Marketing and IT work very closely to drive the Bank’s IT agenda, especially for customer facing interfaces. However, the final word on technology investments and budgets resided with the IT function, as they are the domain experts.