ABOUT ICICI BANK
ICICI Bank (Industrial Credit and Investment Corporation of India) is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second largest bank in India in terms of assets and third in term of market capitalization. It is one of Big Four Banks in India, along with State Bank of India, Bank of Baroda and Punjab National Bank. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 4,183 branches and 13,498 ATMs in India, and has a presence in 17 countries including India. The bank has been keen to appealing to all customer sets via flexible offerings, new technology adoption and customer friendly policies.
HOW SOCIAL GAMIFICATION CAN ENHANCE ENGAGEMENT FOR FINANCIAL INSTITUTIONS
Financial securities are in themselves a complicated set of products whose target audience often needs to have a basic, if not complete, understanding of investment portfolios, market risks and types of products etc. Giving the complex nature of the products and limited variations in the offerings, capturing complete customer attention becomes more crucial for financial brands. Studies have shown the average attention span of online customers have gone down to 8 seconds which is definitely not enough if the brand intends the customer to remember a complex product offering. However, social media has made the scenario a bit more interesting with providing brands with powerful and effective tools like video marketing, targeted posts and campaigns and most importantly gamification apps. Social media marketing can drive organic growth, increase operation efficiency and reduce risk for banks and financial institutions if the activity is mapped according to the relevant social audience, audience needs and empowering the audience with right capabilities to execute desired actions. As such, social gamification has evolved as a potent tool to capture audience attention and also influence them to turn into leads.
Gamification, when applied to non-game business scenarios, makes the later more engaging and fun. Adding the “fun” factor to an otherwise regular offering allows the brand to make the customer experience more memorable. This becomes more relevant for a financial brands and banks. Gamification apps n social media enable fans to engage with the brand page more often and also hold their interests by incentivizing them. These apps also acts as boosters of organic growth as most of the times they compel the existing fans to propagate them across their own social contact list. Gamification, if implemented properly, can be a differentiating factor for financial brands.
HOW ICICI BANK USED SOCIAL GAMIFICATION FOR CUSTOMER ENGAGEMENT
ICICI is one of the leading social media savvy banks in India and the brand has been very active in adopting the latest trends in technology. As a part of their digital marketing strategy the brand has an active social media presence. One of the earlier ventures of ICICI bank into the field of social gamification was through ‘iWish’ which was a flexi RD product with no mandate to deposit fixed amounts at regular intervals and interest rates comparable to fixed deposits. This product allowed the customer to create a tangible goal and share that goal with his contacts on Facebook. This was an early step to engage the customer to use the product by letting him involve his friends and family in the decision making process. Something similar was done by ICICI bank as a part of their latest digital marketing campaign #LiveWithoutCash. The bank has launched several interesting games like Crack the Maze which is intended to teach the customers about strong security offered by ICICI credit and debit cards. Also, ICICI Facebook page includes gamified apps. ICICI Securities, which deals with online brokerage, introduced Hangout on Facebook, Twitter and YouTube which personified different investment options and queries associated with them. ICICI Securities also launched the Virtual Stocks game on Facebook where users could sign up and use virtual money to buy stocks during live trading hours. This is intended to enable the customers to experiment, experience and learn about stock market tactics and risks in a secured environment.
ICICI DIGITAL ENGAGEMENT SUCCESS STORY
As of today, ICICI is one of the most social media active financial organizations and introduction of gamification has boosted their online presence. Social gamification has impacted the YouTube and Facebook engagement significantly. Twitter engagements are driven by innovative social marketing approaches. The social media strategy has targeted more than 82 million Facebook users, 20 million Twitter users and millions of YouTube users in India, a formidable part of whom belong to the age group of 20-30 years. The games have helped simplify rather lengthy processes and made the intended information accessible to general users.
As evident from the success story of ICICI’s comprehensive gamification strategy, it is possible to simplify financial services offerings using gamification as an ice breaker. The extent of social media reach, existing fan base and the ability to leverage the same will play a crucial role in deciding the impact of the overall strategy. Financial institutes have started to adopt emerging technological trends and evolve in dynamic organizations with extended reach across various online and social platforms. Like ICICI bank, other Indian banks have also come up with interesting and engaging social content and gamification apps. This has led to high competition amongst the brands to stay relevant and keep introducing new concepts which are different from other offerings. The key to this is understanding the target audience better to mold the content and create the desired effect. A comprehensive and interconnected digital marketing strategy that binds the social and digital presence of a financial brand is going to be the deciding factor in ensuring the success of a long-term digital marketing strategy.
Image Credits: ICICI