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Understanding YES BANK’s Social Media Strategy – Hits and Misses

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A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets.

YES BANK Logo

About YES BANK:

YES BANK Limited (YBL) India’s 5th largest private sector bank founded in the year 2003 by Rana Kapoor and Late Ashok Kapur after reforms were introduced in the banking sector in the 1990s.
YES BANK  is ‘India’s Fastest Growing Commercial Bank’ provides complete banking experience through an extensive network of over 860 Branches PAN India, 1625+ ATMs across all 29 States and 7 Union Territories of India, the bank offers following services:

  • Branch Banking
  • Business & Transaction Banking Solutions
  • Corporate Banking
  • Retail & SME Banking
  • Investment Banking
  • Corporate Finance
  • Wealth Management business

Key Highlights

  • YES BANK is India’s first and only ‘Greenfield’, Professionally Promoted, Entrepreneurial bank in the last decade
  • Promoted by Senior and Accomplished banking professionals with demonstrated Successful track record in building Financial Services Business
  • YES BANK is not only the Youngest Indian Company on the list, but also one of the youngest Banks in the entire World to be a part of the Forbes Global 2000 List of World’s Top Companies

Money plant a symbol of growth & prosperity, is presented to new customers symbol

Business Objectives:

  • YES BANK aspires to become the ‘Finest Quality Bank of the World in India’ by 2020 & has pursued a differentiated branding strategy in line with this objective. The foundation of this strategy lies in the name “YES”, which underlines the twin ethos of service and trust and the promise to deliver a truly delightful and unprecedented Banking experience to all customer
  • YES BANK has adopted a knowledge driven approach to banking, and offers a superior customer experience to its retail, corporate and emerging corporate banking clients
  • YES BANK is committed to support the sustainable growth and development of Sunrise sectors like Infrastructure, Food & Agribusiness, Telecommunications, Information Technology, Life sciences, Renewable Energy, Media & Entertainment, Manufacturing and Textiles, among others.

YES BANK Marketing Approach

YES BANK is the youngest & fastest growing private bank in the country but their marketing & advertising approaches are still inclined towards traditional media channels i.e. Print Advertising. YES BANK believes in the power of Print Media and has been consistently advertising in major financial dailies and magazines like Economic Times, Business Today, Forbes, MINT and so on. Product communications are done through BTL activities (posters, leaflets, brochures, banners). Branch activities and events are organized from time-to-time to launch and promote a product offerings.

In order to 2013, YES BANK tied up with BCCI (Board of Cricket Control in India) & became the associate sponsors of India’s biggest sport entertainment event – Indian Premier League (IPL). With a combined viewership of over 200 million across more than 180 countries over the years, IPL has become an efficient marketing vehicle for brands like YES BANK & bank grabbed the opportunity by advertising extensively in Print Media and Social Media. To engage with their existing customers as well as to acquire new customer’s lot of branch level activities were organized.

YES BANK MAximum

YES BANK Maximum Creative

YES BANK Social Media Activities  – HITS


#YesBankMaximum

Since coming on board as official partner to IPL, Yes bank has enjoyed tremendous visibility & have generated high recall among Indian consumers. Every year during IPL in order to connect with the cricket fanatics YES BANK initiate contest called #YESBankMaximum. The contest winner stand a chance to win prizes including free IPL match tickets. #YESBankMaximum campaign is driven by a microsite with the same name requests a user to log in via Facebook and Twitter for a better experience.

Apart from contest, the bank also post cricket facts, player statistics, match info and other cricket related information to keep the fans updated. Over the years #YESBANK Maximum has proven to be a masterstroke for the bank and its a big hit among the Fans.

YES bank India Bole Yes creative

YES BANK India Bole Yes campaign launch creative

#IndiaBoleYes

A Twitter campaign #RaisetheTricolour, was initiated on the occasion of India’s 69th Independence Day and it was followed by the #IndiaBoleYes campaign. # RaisetheFlag was a unique innovation, on retweeting each user got a personalised reply that took them to a virtual Indian flag which they helped ‘raise’. The thought behind #RaisetheTricolour and #INDIAboleYES campaign was to celebrate the positive spirit of new India.  #INDIAboleYES was a 1st campaign by YES BANK which was started on Social Media Channel and later extended to other medium and its was complete 360 degree campaign i.e. Print, Outdoor and Digital.

#YESTAG (Social Banking app)

YES TAG App promises to make banking more faster and convenient, with YES TAG a customer can avail various banking transactions from 5 different Chat applications – Twitter, Facebook Messenger, WeChat, Telegram and Skype. Banking functions one can do with YES TAG are Balance Enquiry Mini Statement Funds Transfer (to registered beneficiaries) Request Cheque Book, Cheque Status and Stop Cheque Payment Request for Account Statement Fixed Deposit Inquiry.  

– In order to optimize productivity at YES BANK offices, YES BANK has partnered with ‘Facebook at Work’ & has introduced a unique Facebook platform for its 15,000+ employees. Facebook at Work is basically a business version of Facebook; it is easy-to-use, secure and available on desktop and mobile devices. Facebook at Work has a look and feel similar to that of Facebook and therefore making it easier for Yes Bank’s employees to leverage the features to increase productivity and communication among multiple teams.

YES BANK Social Media Activities -Misses
  • Slow on Social Media: YES BANK started focusing on social media very late and lost the first mover advantage to the competition. They recently launched #YESTAG (Social Banking app) a similar app ‘Pocket’ was launched by ICICI BANK  way back in 2013.
  • Social Media is very personal space and a brand need to understand and communicate accordingly on Social Media platforms. YES BANK’s Official Facebook page is currently dominated by articles about the founder i.e. Mr. Rana Kapoor, his thoughts/ views on various topics and his achievements which is important from bank’s point of view but Social platforms are personal space and no one likes to preached every time.
  • Apart from IPL creative most of the communications are adaptations of their product leaflets and brochure which needs to be completely avoided. One best example is ICICI BANK Facebook page, all the communications/posts are designed specifically for the social media.

Results & Learnings

  • From a start-up in 2004 to India’s 5th largest & fastest growing private sector bank and today it has a Market Cap of $7 Billion; YES BANK bank has seen phenomenon growth in relatively very short span of just 12 years
  • Though the Bank was little late to board the ‘Digital Bus’ but in last 1 year or so the Bank has made a unique place for itself in the minds of consumer through its Social/ Digital Ecosystem
  • Yes Bank (@yesbank) today is the most followed bank in the world, they have over million followers on Twitter and on Facebook also they have over 3,545,170 Fans
  • Launch of #YESTag and launch of #IndiaboleYES brand campaign on Twitter ensures that Yes Bank is pretty  serious about its Social Media future

Today Social Media is not just a platform to connect with friends and loved ones; brands are using this platform effectively to engage with their consumer, understand their needs and offer them customized solutions. Financial Sector, which is normally considered as very dry sector when it come to marketing; is also taking advantage of the Social Media to reach out to their consumer and make their Banking experience more Convenient and Fun.

Source:
– www.yesbank.in
– YES BANK Facebook page
– www.wikipeidia.org
– www.google.com

  • social-media-training


  • There are 2 comments


    • 1 year ago

      Ketan Bhandarkar   /   Reply

      Good article

      • 1 year ago

        Vishal Pillai   /   Reply

        Thank You Ketan, am glad you liked the case-study, really appreciate your feedback.

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