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How SBI Successfully Used Digital Platform For Marketing

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SBI-logo.svg (1)About State Bank of India (SBI)

State Bank of India, is India’s one of the biggest PUBLIC SECTOR BANK in terms of market capitalization (in PSB Category), with its Headquarters in Mumbai Maharashtra.  Earlier its used to be known as a “Imperial Bank of India”. Later on 1st July 1955,  GOI renamed it as a “STATE BANK OF INDIA”. In 1959, State Bank of India (Subsidiary Banks) Act was passed by the government of India and Eight Subsidiary banks which was earlier belong to Princely States merged with it. These are now known as SBI Associates Bank.

The Employee base of SBI is largest among  Public Sector Banks. It has a international branches also in more than 36 countries.

The logo of SBI is a blue circle with a small key hole, which reflect a small man or common man. It has devised various slogan as the time changes these are “WITH YOU – ALL THE WAY”,  “THE BANKER TO EVERY INDIAN”, “THE NATION BANKS ON US” “PURE BANKING, NOTHING ELSE”, “A BANK OF THE COMMON MAN”,

Business Objectives

In today’s World Banking sector is changing day by day, the competition from the other peers, Changing Technical Scenarios and a race to capture market compel financial institutions to choose digital platforms to cater various customers in Real Time, SBI is not out of that.  SBI is also carrying Various DIGITAL Campaigns (Or say Digital Marketing Strategies) to achieve following objectives.

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  • To promote as well as create awareness among existing customers and future customers of their various Financial Products.
  • To educate customers about handling of various banking services through their dedicated learning centers.
  • To reach large customer base in a very Cheap Way and that to 24 X 7 Basis.

Strategies Adopted

  1. Already Existing Website is updated with a latest trends to cater the different demands of N Number of Customers.
  2. Social sites platforms were rightly used by following methods
  • Facebook Newsfeed ad.

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  • Video Content on You Tube like SBI tutorial videos.

  • Participated in various discussion forum on Twitter or Promoted Tweets examples are  #DidYouKnow, #PledgeForParity,#InOurHands, #FinanceGyaan, #SafeBankingTip

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  • Various social & festival Events are used to promote SBI Brand.

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  • LinkedIn premium Display ads, Instagram , Pinterest are used to promote products.

3. Various App were developed to cater specific demand of customers. Examples are Any Where Banking app, SBI Buddy app, SBI Mobile Banking app, State Bank Freedom, State Bank Samadhan app etc.

4. Green Pin Initiative by promoting paperless banking through alternative channels (specifically Digital Channels).

5. Digital Branches like SBI INTOUCH launched. 

sbiintouch6. SBI tech learning Centers (TLCs), where customers will come to know what is the propriety of various digital platforms of a bank and how it is beneficial in a day to day operation/working.

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Result Of Digital Marketing

  • Because of this Digital Platform, today the accessibility of various banking services of SBI becomes easy or we can say services are easily accessible at the touch of customers finger tip through their Smartphone.
  • Technological up gradation, Customer Education Initiative, Specific Demand Centric App, & Virtual Platforms brings operational cost at its low.
  • Customer base increased due to anywhere & anytime accessibility of Banking Services.
  • It helps a lot to enhance credibility among larger customer base, as well as Brand reputation.
  • Online feedback and grievance redressal system helps to improve the operational functionality of SBI.

Learnings

Though SBI is one of the oldest bank with very large portfolio. Like other financial institutions it’s not always sticks to old age practice of  advertisement.  In fact it promotes disruptive innovation in the field of advertisement with the help of their dedicated  I.T.  Team. Digital Marketing is one of that. Digital platform  is the cheapest way to reach  customer base.  Real time services which was a dream of past is now becomes reality with the help of it. Without jumping in the Digital Platform it would have been difficult for any financial institution to cater various type of client base 24 x 7.

Sources: www.wikipedia.org, www.sbi.co.in, www.twitter.com, www.facebook.com

Photo Credits: www.wikipedia.org, www.twitter.com, www.facebook.com

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