In our last post, we discussed two of the innovative ways financial institutions are driving the customer experience through digital. In this final post in the series about banking innovations recognized during the 2014 Efma-Accenture Distribution and Marketing Innovation Awards, we’ll look at how banks are using social media to provide better value to customers.
A bank account fully integrated with social network platforms
Kotak Mahindra Bank of India has launched the Jifi program—the first fully integrated social bank account that incorporates social networking platforms with mainstream banking.
Offering a seamless on-the-go banking experience through social media, Kotak targets digitally-savvy and socially active customers. Customers who use the Jifi network can:
- Earn transaction-based loyalty points for specific banking activities.
- Earn social loyalty points for inviting and adding friends to the network.
- Share points with friends through social networks.
- Receive banking account updates through Twitter.
The program bypasses the need for local branches, lets the bank participate in its customers’ social network ecosystems and benefits customers by eliminating the need for them to remember passwords or account numbers.
An app that integrates bank accounts with Facebook
La Caixa of Spain has developed a free Facebook banking app. The app is hosted in a fully secure and private environment—Facebook has no access to any personal or bank information.
The app allows customers to:
- View account balances and transactions.
- Pay bills.
- Personalize new cards, choosing from their Facebook photos or from a catalog of over 1,000 different designs, based on their preferences and Facebook “likes.”
- Make micro-donations of up to €15 to charities run by La Caixa Welfare Projects.
Eventually the app will also allow person-to-person payments.
By successfully targeting Facebook users and social media-savvy customers, these banks are showing that financial institutions can have a place in the social network ecosystem, providing advice, facilitating access and offering greater value to their customers.
If you would like to learn more about these and the other banking innovations recognized by the Distribution and Marketing Innovation Awards, a joint initiative from Efma and Accenture, visit the other posts in this series.