India is a very young country. Its young demographic include 65% of the population being under the age of 35 and half of the country’s population is under 25. This means that india is full of millenials and what is quickly becoming a common knowledge is that millenials are a very different customer segment as compared to their previous generation.
To cater to the millennials, banks all over the world are using new channels and formats. If a youngster can’t come to a bank branch, then the bank branch will come to you.
Even Indian banks are realizing this and they are coming up with new ways to attract customers. Some popular scenarios are:
The bank had launched a video conference service dubbed as “Video Branch”. This enables customers to get on a video call with bank staff. Customers can schedule video calls with branch managers, relationship managers, etc. The facility is available to new and existing customers of the bank. The Video Branch service is made possible via dedicated app available on Google Play Store and Apple App Store.
State Bank of India
SBI had launched six digital branches across country as part of its drive to offer next generation banking services. The branches dubbed as sbiINTOUCH provide services like instant account opening via personalized debit cards, instant loan approvals for car and home, video call with remote expert advisors. In these branches, one can witness interactive walls and table displays. SBI had partnered with Accenture to develop the digital business strategy for these branches.
As part of its digital banking initiative, SBI successfully runs the Freedom Rewardz campaign. Based on transactions done, the customer receives points which can be collectively used to redeem for gifts. There are dedicated mobile apps for the same and an exclusive online store to redeem reward points.
The bank recently launched Facebook-based money transfer service. The best part about this is that you don’t need to have a dedicated Kotak account to avail the service. The new service enables anyone to send money to friends on the social media platform for free. The bank uses the IMPS platform on the National Payments Corporation of India (NPCI) network to make this possible.
To avail the service, sender has to register on a dedicated website called ‘KayPay’ using information such as account number, MMID and other personal credentials. Kotak bank has currently set a limit of $41.67 on single transaction and a total of $416.67 per month.
The bank had launched a ‘cardless cash withdrawal’ service in India to facilitate withdrawals from ATMs by simply using your mobile number. Using the new service, the bank also allows its customers to make money transfer to anyone in India with a mobile number. The process includes the sender registering the recipient’s mobile number and address. The sender gets a four digit verification code while the recipient gets a six digit reference code, via SMS. The recipient can then withdraw the amount at any of ICICI’s 10,000 ATMs by using mobile number and the reference code.
The Bank had also launched a slew of innovative services in the past such as 24x7 Touch Banking branches, Tab Banking and ‘Pockets by ICICI Bank’ - a comprehensive banking application to make payments via Facebook. The bank has a redesigned website that offers a seamless experience across devices such as desktops, mobiles and tablets along with option to receive location specific information and offers, view their friends’ activities, share their opinions on social media and take part in interactive banking games.