Kotak Mahindra Bank wishes to establish itself as the pre-eminent bank for the mass affluent in India. While its 6% interest rate on savings accounts was successful, competitors have matched this rate. Kotak needs to improve in other marketing mix levers to differentiate itself. A consumer survey found that customers value convenience, trust, rewards, and advice. This implies Kotak should focus on customer engagement through social media, reward loyalty programs, and provide expert advice on products.

1. TEAM: FADED FLAME IIM KOZHIKODE
Sector – BFSI
Company – Kotak Mahindra Bank Limited
Anshul Kumar Arnab Guha Mallik Abhisek Paul
anshulk15@iimk.ac.in arnabgm15@iimk.ac.in abhisekp15@iimk.ac.in
Ph: 8086087963 Ph: 8943994677 Ph:8943707444

2. OBJECTIVE
 Kotak Mahindra Bank wishes to establish itself as the pre-eminent bank of choice for the mass affluent of India.
 Kotak Mahindra’s offering of 6% on savings account has been a marketing success met by increased savings account deposits.
 However, it was not the only bank to do so. Competitors like Yes Bank and IndusInd Bank have also increased the offering on savings
account post the RBI deregulation.
 In spite of other banks still offering 4% on the savings account, Kotak Mahindra has not been able to match them yet in terms of
market share and popularity.
 In such a competitive scenario, depending on just the PRICING strategy is not sufficient.
 what is needed is the improvement and opportunities in the other levers of the marketing mix of the financial products and services
that it offers, so that it is able to differentiate itself from the competitors in the coming future.
Primary Research Overview
Modern day banking customers are taking greater control of their banking relationships.
They are ready to switch banks and demand improvements.
Banks in turn need to re-evaluate their strategies and the way they interact with their customers. T
hey need to give their customers greater flexibility, choice and control and focus on consumer needs and engagement
Sample Overview
Number of respondents – 79
24% of the respondents were between the age 21-25 years, 35% in between 26-30 years, 21% between 31-35 years and 20% greater than 35
Consumer Survey Insights
1. Bank loyalty is high in consumers , however most are unwilling to shift from/change their current bank
2. Trust is the most important factor while opening a new bank account. Previous band image and an expert opinion plays a pivotal role
here
3. Personal Networks and trusted financial communities are the most trusted source of info to be updated about bank offerings
4. Social media is the most used platform for knowing a bank’s products and services

3. Consumer Survey Insights
1. Communication clarity is the most important factor to improve 1. Most consumers (approx. 76%) prefer branchless banking
satisfaction among the customers (entirely online)
2. Most consumers seek expert advice on complex products as a 2. Accessibility (presence of ATMs included) and personal
part of standard service offering relationship are the most important factors in keeping loyalty
3. Major consumers value cash back on credit/debit cards as a with a bank
main source of rewarding their loyalty 3. Internet banking and ATMs are the most influential banking
4. Niche customers want their loyalty to be rewarded by experiences
premium offerings (something different from standard) 4. Ease of Use/Navigation in internet banking is the most valued
by customers
IMPLICATIONS AND INTERPRETATION
Customer should be allowed to shape their own experience
Shift marketing from “push” to “pull”
• The growing importance of word of mouth, reference group and the waning power of direct selling have implications for banks’
marketing strategies.
• The strategy should be Pull i.e. turning their satisfied customers as advocates. They can also influence online affinity groups as
marketers by letting them select and shape the communications they receive.
Develop flexible loyalty programs
• Banks need to capitalize on customers’ growing enrolment in loyalty programs.
• Most customers enjoy financial rewards. Although costly, such rewards offer huge potential benefits in loyalty and advocacy.
• Banks should tailor programs for affinity groups and let customers choose rewards based on their value to the bank.
Some more figures
76% of the respondents were male. 79% of the respondents earned between 5 to 15 lacs of salary annually
41% of the respondents have changed their primary account earlier

4. IMPLICATIONS AND INTERPRETATION
Focus on customers need, give them more flexibility
Move from multi-channel to omni-channel distribution Focus on Customer Care
• Customers care more about convenience than about channels. • Banks must provide relevant information and advice. They
• Banks need to look beyond multi-channel toward a fully integrated banking experience that also need to address grievances of the consumers in a
combines the advantages of physical branches and in-person interactions with the short time frame.
information-rich digital channels. • Hence banks need to be responsive and receptive
• Omni-channel distribution leverages customer data gathered from branches, website
visits, social media and elsewhere.
•Banks should encourage customers to •The use of cutting-edge technology Technology will be key
use digital channels whenever possible. is vital to all these implications.. Seamless integration with digital and other
•Banks should determine which services •Technology can also help to maintain
customers want to handle through inexpensive media all focused on customer needs
intimacy and sustainable relationship
branches and encourage — not force — as customers move towards digital
other transactions to move to digital banking and greater self-service..
channels
Make low-cost digital channels Use innovative technology to deliver
customers’ preferred choice the retail bank of the future
The 3 PILLARS DELIVERING VALUE to CUSTOMERS OUR DECISIONS
Focus on customer Reward Focus on mobile
engagement through customers, keep banking
Social Media them engaged Use SMS
Social Media
Improve technology
Loyalty Programs
Use social media to Focus on loyalty services to
make banking easier programs not simplify
Build a strong only for present Bring out new
relationship through customers but technologies
improved Customer also new
customers Online account
care opening

5. Interaction Plot of the Private Sector Banks in the Social Media Space
Interactivity level 3
From the
measures the interaction plot
engagement of 2.5 and the social
banks like replying to
grade table, we
Interactivity Level
customers, and other
2 see KOTAK lies
interactive
campaigns carried
below other
out 1.5
competitive
banks in the
social media
1
space.
 Great
No of channels include the 0.5 opportunity, tim
total no of social media sites e to improve.
employed by the bank like
0
twitter, Facebook, blog etc.
0 1 2 3 4 5 6 7 8
No of Channels Kotak meanwhile has
only 16868 followers
Banks No of Channels Social Grades Social Media Grades for the on Facebook and 2
HDFC BANK 8 3.06 Private Sector Banks in India meaningful Facebook
ICICI BANK 8 2.81 apps about offers and
The Social Media Grades shows how donate for a cause
AXIS BANK 5 2.28 active the banks are in the social
(check appendix for
CITI BANK 5 2.02 media space
detailed comparison)
YES BANK 6 1.97
Calculated on a scale of 5, the
KOTAK MAHINDRA 5 1.62 interactivity level of the banks in Twitter handle not utilized much
STANDARD CHARETERED 4 1.8 Facebook, Twitter, LinkedIn, YouTube for all banks opportunities for
and Blogs are taken into more interactions and
INDUS IND BANK 4 1.24
consideration engagement
ING VYSYA BANK 3 0.79
SOUTH INDIAN BANK 3 0.72 No of channels represents the bank’s
presence in any social networking Data Taken from simplify360
KARNATAKA BANK 3 0.57
sites social media analytics platform ©
BANK OF PUNJAB 2 0.36 InRev Systems 2011

6. Social media is an opportunity that can no longer be ignored
Negative word-of-
mouth spreads fast
Build Connections & Network especially in the social
• It’s FREE, but you must invest time To Listen & Learn media and it is
• No event needed, no walls to stop you There are thousands of intelligent people and essential to engage
• Engage with customers, understand them, foster companies sharing ideas, links, blog proactively with such
relationships through innovative channels. posts, websites, case studies, opinions and more customers
It is essential to
To Market, Show Expertise & Transparency
engage with
InfluencersSocial Media is full of them. customers to attract
•Social media allows a broadcast medium for you to
communicate & market • Content Producers: They are new customers as
• Promote your own web or blog content Tweeters, Bloggers, highly social, willing to link, talk well as to understand
• Announce new services / products about and contribute.
• Offer specials or promotions • They communicate and market for you the needs of
• Provide visibility into your operation customers
Opportunity Assessment Matrix
THE VALUE OF SOCIAL MEDIA??
 It’s not a silver bullet, it’s how you
use it.
 Social media should not be isolated
or stand alone. We must Integrate
all of our marketing tools to work
TOGETHER and even pass through
each other
ROI for social networking, creating
widgets, blogging etc. have fairly high
ROIs

7. SOCIAL MEDIA STRATEGY
According to Forrester Research 55% of consumers want ongoing conversations with companies and brands. 89% said they would feel more loyal to a brand if they
were invited to take part in a feedback group. We as a team suggest some SOCIAL MEDIA STRATEGIES AND EVENTS TO DRIVE LOYALTY, ENGAGEMENT and
REVENUE
Facebook apps 4 Customer Care APP: (KOTAK MAHINDRA CUSTOMER CARE: “WITH
YOU, FOR YOU” )
We suggest the increase in apps on FB to 9 from 1 as of now  FACILITIES (Promise to get back within 7 working days)
 Click on the Customer Care app and you are taken to a page with
the following options:
Login into bank account app on FACEBOOK
1 1. Check balance
1. Online form: The customer fills in his details and
elaborately describes the problem
2. Check transaction history
2. GUI: Enter location in dropdown menu to get free hotline
Gives flexibility, ease and choice to consumers. They decide the
nos. of the customer care of that particular city
way to log into their bank account
Customers do not have to search on the internet for
specific city nos., they can go to Facebook and easily find
KOTAK MAHINDRA ASSISTS: A page where information about out. Better service + Flexibility
2 banking, ATM banking and all other functions/basic information 3. Give the name of a customer care officer and her/his
are explained as FAQs. The page will also contain information email id and ask customers to write to her
about Kotak’s various products and services 4. If not satisfied someone higher in authority (Name, email
 Simplifies banking services for consumers and designation)
 Promotion about their own services: FREE More personalized services; shows that Kotak cares more about the well-
being of their customer and how highly they are valued
Payments APP: Currently present only through net banking  DEDICATED “ASK_KOTAK” TWITTER PAGE: Customers to ask or
3 extend to both mobile banking and Facebook i.e. both the note down their grievances against Kotak Mahindra
mobile app and Facebook app to contain payment options  They can track problems of customers as and when tweeted.
 Rationale: gives the consumer more flexibility and Replying with a solution helps in building a better image in the
choice. Becomes so easy for a customer to pay bills minds of the consumers  TWITTER still untapped by banks
from wherever he/she feels comfortable from.  LIVE CHAT (CONSUMER SERVICE)
 Mobile banking payments will allow him to pay bills 1. Through facebook
on the go as and when remembered 2. GOOGLE+ HANGOUT
 Same footing as other competitors All Kotak will need is a dedicated team of about 10 people handling
 App containing different payment options: Enter customer requests who are not even afraid to apologize! Leverage
details and pay “WITH YOU, FOR YOU” SLOGAN
1. Mobile, 2. DTH, 3.Insurance premium, 4.
Electricity, 5. Gas, 6. Taxes and 7. Mutual funds
Detailed comparisons of banks: Social Media Page Appendix

8. SOCIAL MEDIA STRATEGY Link the current communication strategy on SUBBU’s saving tips to offers
and apps on Facebook
Get deals APPs: (discounts or cash back offer) BUILD AND
5 IMPROVE UPON THE ALREADY PRESENT SERVICES
 dining : Select outlets e.g.
 Make a status update
 Tag us
 Enjoy upto 30% savings on restaurants
etc. Now
 shopping : Online shopping through ecommerce
portals
 Offers + mobile service e.g. Earlier
1. Make a purchase
2. Register like get jabong 5767676
and get vouchers
 Travel: Railways, buses and air. Tie ups with travel
booking sites like make my trip and Expedia etc.
 Entertainment : Movie and concert tickets
 others(gifts) The figure on the right side shows the current marketing campaign highlighting the great offers on
The Deals are primarily directed at the Loyalty Program E-Commerce platform earlier Subbu advised to shop online now Kotak is giving the same
Increasing the offers on display to drive loyalty offers only to save MONEY
Using Social Media to promotes such deals and Linking the 2 communication easy building and leveraging the successful campaign using
encouraging use of mobile app and SMS increases SUBBU as an advisor
engagement
6 App to calculate savings
1. Anti-smoking campaign: Calculate the amount
you can save on cigarettes link to Subbu’s
Saving tip
2. Save electricity campaign: link to Subbu’s Saving
tip
Subbu is used in marketing communication to talk about
savings. Leverage the same to promote about social and
environmentally relevant topics. Creates better brand image
The figure shows the transition  communication earlier on the FB page to now
Same message and source to highlight relevant issues

9. SOCIAL MEDIA STRATEGY OTHER PROMOTIONS
• Announce new branch openings on Facebook
7 Find us/Store Locator
• Giving away Monthly vouchers worth Rs 1000
– Login to Kotak Mobile during the offer period
Apply for recruitment: easy way to screen and inexpensive – Do any of the following transactions and stand a chance to win*:
8 • Transfer funds, Recharge pre-paid mobile, Pay utility bills or
Pay credit card bills
9 Video repository showing usage of ATMs and other basic • Weekly contests on Facebook
needs – Play a movie quiz every Wednesday to win couple movie tickets for
every new Friday release
FB CONTESTS to drive engagements and Revenue
“SPENDING IS FUN” contest!! KOTAK MAHINDRA “Time to keep playing” Contest!!!
 Create a special app for a monthly contest: • Target audience: 18-25 year old males!!
 Duration 3 months; Customers tor register on the • Rationale: A lot of youth open bank accounts at this stage and are well aware
application of offers and tech savvy too
 Customers have to start spending with their Kotak
• What is it?? : An online communities of youth where they take part in a variety
Mahindra Bank debit card to collect coupons. The app
of events such as discussions, quizzes, polls about banking, problems they are
will be interactive to show the no. of coupons collected
facing, changes they want etc.
 Every Rs500/- spent in a single transaction gives you a
coupon. Every incremental Rs500/- on the same receipt 1. They get funds for each such activity which is measured by a tracker in the app.
gives you another coupon. Every 6 such coupons gives a 2. There will be a referral option where one can refer the app to his friends and
chance to win one of 8 Samsung Galaxy S2/ Nokia Lumia post on their walls. If his friends register, the customer gets 500 points as funds
800 smartphones to be given away monthly for every such referral.
 Collect 12 such coupons to complete a card. The 3. With the funds one can redeem a prize like Xbox 360s, PS3s. Samsung Galaxy
customer with the maximum no of cards will win a laptop S2s, Nikon DSLRs
or an IPAD. 4. Every participant with over 10000 points are given a free account with the
 One can earn extra coupons by inviting friends to sign up bank
and spend using their CIMB Bank debit cards. Customers
Serves as a community/forum. Helpful to get new ideas easy and inexpensive
will also get bonus coupons at selected merchants.
way of market research Gets many people on board reach increases and so does
 ENGAGEMENT on Playing, REVENUE generated from the
awareness. INCREASES ENGAGEMENT AND CREATES BRAND AWARENESS
spending and LOYALTY from the OFFERS + ADVOCACY

10. CREATING VALUE: Dedicated Customer Loyalty Program: Both a Challenge and an opportunity
We suggest 2 loyalty programs
 Cutting measures due to financial pressures has made it more
important to closely monitor customer experience. “ ” : Kotak’s new Loyalty program (overview)
 Increasing the share in the customer’s wallet is the new mantra
 Will emphasize majorly on creating a relationship with the
 Customers expect same level of service across all the touch customer at all the touch points (including online and
points and expect a fair and transparent treatment. offline)
 Today’s banking customers are spoilt for choice. With few  Will reward customers for their relationships in entirety:
barriers to entry, customer preferences have become and not just on the number of transactions and usage.
increasingly mobile.
 Kotak would consistently value its customers irrespective of
 Customer loyalty is a precious commodity which must be the revenues they bring
safeguarded at any cost
 Inclusive Loyalty Program: Less stringent criteria to qualify
How? for loyalty rewards in this particular program
 Visibility is extremely important when it comes to a loyalty
 Rewarding longevity: offering greater rewards to customers
Program.
that have stayed with the bank for the longest length of time
 Banks need to have a dedicated loyalty program in order to or made repeat purchases
differentiate in an industry of similar financial products and
services “Lasting Accord”: Special Loyalty Program for
premium customers (overview)
Kotak Mahindra Bank’s current position in terms of a loyalty  Special admiration given to the “premium customers”
program through this reward scheme
 KMB offers its major loyalty offerings currently by discounts and  These customers made aware that they are a high value
cashbacks on platforms such as makemytrip.com, CineMax
asset for the bank with interaction programs
, Dining offers and similar offers with Nokia and eBay
 A premium customer should be highly visible in a lot of all
customers- added value
 Kotak appears to favour product usage or transaction frequency.
 Bank to reward premium usage such as flying business class
 Since banks’ businesses are hugely relationship oriented, their
by corporate clients, 5 star, resort booking with a specially
loyalty programs must also be of similar persuasion
designed KMB’s credit card only for its premium customers
 customers need to be rewarded on every aspect of the
relationship (not just on number of transactions) Detailed Comparison of loyalty programs: Check APPENDIX

11. Delivering Value: Launching Kotak Mahindra Bank’s dedicated Loyalty Program
“ ” : (detail)
Salient Features
 Encouraging the use of latest mediums: Each time a customer uses mobile or Internet banking, subscribes to alerts via SMS or visits an ATM instead of a
branch, he or she is awarded reward points
 Kotak will create “Customers are Owners” network which will aim to reward customers for “everyday banking”, and acknowledge the importance of both the
depth and monetary value of customer relationships
 Automatic membership to the program as soon as a customer opens a bank account with Kotak: creating a pull
 By rewarding the full scope of relationships ranging from checking and savings to loan applications, the program encourages customers to do more with
Kotak, and also with their cards
 Inclusive loyalty program: This program will include all the Kotak bank customers and while this may create a “feel good” factor for the customers, it would
create a sustainable relationship with each and every customer of the bank
 Redeem the reward points for a number of inbuilt online features and schemes over a wide range of products and services
PRINT AD 1

12. “Lasting Accord” : For premium customers (detail)
Salient Features
 Reward points offered on a special premium credit card called “superioron” offered just to premium customers identified by Kotak- points
earned on every rupee spent with predefined merchants both online/offline. Customers to earn up to 10 points on every Rs 150 spent
 Option of redeeming the points with cash back, e-vouchers for major fast food outlets, fare reduction with major airlines
 Redeem your points online
 Log into internet banking
 Click on ‘Premier Card’ within the ‘My Accounts’ section
 Click on ‘Superioron Rewards’
 Redeem your points by phone
 Have your Kotak Premier Credit Card account number to hand
 Place your order with the specially dedicated Kotak Premier team
 Kotak will create “Premium ownership” network which will aim to reward premium customers for “everyday banking”, and portray the
estimation of the premium customers’ importance for the bank
PRINT AD 2

13. TECHNOLOGY IS KEY!!
PROMOTE NEW FEATURES OF TECHNOLGY OR MOBILE BANKING ON Online Account opening: 3 DAY GUARANTEE!!
FACEBOOK
 MOBILE SERVICES: With your User ID and password in place
online banking is smooth, convenient, easy . Easy way to Kotak Mahindra provides links to download the forms which can be filled and
remember net banking id, next time you are shopping online submitted in the nearest branch to open account.
 Sms “userid” to a no like 567676  IMPROVEMENT POSSIBLE
 Mobile recharge for DTH and cellphone: Type KOTM <mobile Customers on filling the form online would be sent a welcome kit , cheque
no><operator><recharge amount><last 6 digits of the debit book including a working ATM/debit card within 2 days
card (net banking user id)> very innovative and adds VALUE A banking correspondent would deliver it.
as it removes the need of internet, sure to garner huge He will take the signatures and other proofs from the doors tep
interest and adoption The account will then be activated in 24 hours.
Promote usage of Mobile banking with offers: ”Kotak Mahindra brings to
you banking anytime anywhere. Transact using the Kotak Mahindra
Thus from the form fill-up to account opening duration =3 days flat
Mobile App and get a chance to win Flipkart vouchers everyday!!”
The option of opening a bank account will be available through
Easy to use, people know how to SMS- more convenience and flexibilty Internet, mobile as well Facebook
to consumers SUGGESTION KEEPING CONSUMER NEED IN MIND ADDS VALUE
Complete Branchless Banking
Cash acceptor
RFID for personalized service
The Need for Personalized service What is the Need? What is Branchless Banking?
• Although employees can not know the • One of the main hindrances to • Branchless banking means you do not
names of every customer who comes complete branchless banking is the need to go to the branch of the bank to
through the door, many clients may limitation that deposits have to be open an account. Its all done online. All
expect them to do so, and do not want made at the branches only. transaction are also online. If you need a
to announce their own names However, with the help of cash demand draft or a cheque book, it will be
How will the bank leverage? acceptors, this limitation could be delivered to your home. The advantage is
overcome. convenience of banking, lower
• When the customer leaves the
What it is? transaction costs and higher interest
bank, the readers again capture the
card's ID number, indicating a • The machine called cash acceptor — rates.
transaction has been completed. The that looks like an ATM — where you
bank can evaluate how long customers can deposit cash. The machine not
waited before being selected by only counts the cash, but also
someone from the relationship- authenticates the notes and credits
management team, as well as how long the money to your account in real
the client took to complete a time.
transaction. Makes life easier for consumers

14. INNOVATIVE SERVICE Differentiation  INTRODUCE PREPAID CARD
 Purpose of the card is to check spending: in line with the advice given by SUBBU (leverage Subbu for marketing communication of Prepaid Cards)
 This Prepaid Card is a smart solution for small businesses or families looking to manage their day-to-day finances
HOW to USE? ADVANTAGES
LOAD
It's If the Card is
• Add money online or by phone, from a bank account or No prepaid, so lost or stolen
with cash. Protection if
overspending, you can only you won't be
the Card is
no overdraft spend what's responsible
SPEND lost or stolen
fees preloaded on for fraudulent
the Card.. charges
• You, or the people for whom you've ordered the Card, can
use the Card at millions of locations around the world: in
stores, online, and at ATMs.
OTHER VERSIONS: Liberty Prepaid card
REPEAT
For: School Children
• You can reload the Card as often as you wish either online
or by phone. Plus, you and the people for whom you've School Children Use
Parents Load It It Both Track It
ordered the Card can set up an online account to check
the Card balance, view transactions and set up alerts. Parents can add Use it at millions of Both parents and
Maximum and monthly load limits apply money online or by locations around children can log in
phone, with a bank the world: in stores log in to check the
account and online, ATMs Liberty Perpaid
, movie Card balance, view
theaters, restaurant transaction history
OTHER ADVANTAGES s and more. and set up alerts.
BENEFITS:
Permanent Card-members can:  No account required
 View real-time transaction history and monitor spending.  Brand awareness amongst youngsters: Chances of being loyal when they grow up
 Receive email or text alerts for low funds or notifications when  Parents do not have to worry about their children carrying cash or debit/credit card
a transaction has occurred. (Check with your mobile service
OTHER VERSIONS: Campus Connect card
provider for fees that may apply to text messages.)
 Disable/enable ATM access for the Card.
 Inquire about Card balance 24 hours a day/7 days a week. Specifically for college going students
 Schedule reloading of funds automatically. Resident Programs
Spend thrift, good way to attract
USE SUBBU SAVING TIPS FOR COMMUNICATING THIS SPECIFIC CARD
INNOVATIVE PRODUCT IN NATURE DELIVERS VALUE CREATES BRAND AWARENESS

15. APPENDIX
 Primary research findings with graphs
 Competitor Analysis- Social Media Page
 Comparative Study: Offers of Banks
 LOYALTY PROGRAM COMPARISON OF BANKS
 Other technologies suggested

16. Results of the Primary Research: Survey
Number of respondents – 79 Males – 74%, Females- 26%
Income range: <5 lakhs – 19%, 5-10 lakhs – 48%, >10 lakhs – 33% Age group: 21-25 yrs – 24%, 26-30 yrs - 35%, 31-35 yrs - 21%, >35 yrs – 20%
bank shift Selection of new banks: factors
24%
Bank loyalty is high in consumers.
Others 6%
Most customers are unwilling to shift
Came across a promotional campaign in the city/mall/stores etc 6%
Yes from/change their current bank. But
poor services can woo them away My previous experience with the new bank was good, so opened … 38%
76%
No Saw/Heard ads in TV/Radio/Movies 6%
Saw ads in print media 6%
Friends/parents/reference group suggested 45%
Trusted brand name 42%
Information Sources
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Online Personal networks/trusted communities 3.55
Competitor advertising 2.88 When it comes to money, trust is the most important factor to decide which bank to
Media reports 2.95 open an account in. Previous brand image and an expert opinion plays a pivotal role
Financial advisor 3 here
Financial comparison webistes 3.71
Face-to-face discussion with friends, family and colleagues 3.87 Social Network Find out more about their products
21% and services
0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 Access my account
39%
Share budget and spending patterns
17% Share great offers related to
Secure and trusted opinions count for banking customers. Personal Networks
banking
and trusted financial communities are the most trusted source of info to be 7%
Comment on the level of service I
updated about bank offerings 16% have received
Customers like more interactive platforms.
expectations in terms of paying Social media is the most used platform for knowing a bank’s products and services
Prepared to pay for advice on complex products if the
12%
advice was completely independent
17%
Improvements
Prepared to pay for basic services if the services are
62%
improved
38%
Prepared to pay separately for advice on complex Communication clarity
24%
products
21% Standard terms and conditions
Expect advice on complex products to be a part of the
76% Service quality
standard service that the bank provides
Personalization
0% 10% 20% 30% 40% 50% 60% 70% 80% 24%
Customers need more value in use. Improved Marketing mix plays an important role.
Most consumers seek expert advice on complex products as a part of standard Communication clarity is the most important factor to improve satisfaction among the
service offering customers

17. Switching: Loyalty Program
Branchless Banking
If you actively use three or more products from a 24%
bank, that loyalty should be rewarded with lower fees
or higher rates on deposits 66%
Yes
If you actively use three or more products from a
bank, that loyalty should be rewarded with better 58%
76% No
service
54% 56% 58% 60% 62% 64% 66% 68%
Consumers are changing their banking services usage platform.
Most consumers (approx. 76%) prefer branchless banking (entirely online).
Loyalty programs are of utmost importance. Niche customers want their loyalty
to be rewarded by premium offerings (something different from standard)
Factors affecting loyalty
Loyalty Program Services Price reductions on bank products and services
Behavior of employees 74%
Gifts Schemes and offers. 73%
8% Instant response to its customers 76%
21% 6% Cash-back on credit/debit cards Interest Rates 75%
Nothing, I don’t pay any attention to Ease of Use 75%
loyalty/rewards programs in banks Quality of Advice 72%
Premium services from the bank Accessibility / Convenience 78%
29%
23% ATM Locations 76%
Price reductions for partnerships
(cinema, retailer, etc.) Branch / Bank Locations 74%
10% 3% Air miles/hotel points Personal Relationship 76%
Brand Image / Reputation 69%
Rewards / Loyalty Programs 73%
Recommendations 74%
People are more willing to accept rewards in form of cash back rather than in 64% 66% 68% 70% 72% 74% 76% 78% 80%
kind. Major consumers value cash back on credit/debit cards as a main source of
rewarding their loyalty Accessibility (presence of ATMs included) and personal relationship are the
most important factors in keeping loyalty with a bank
Factors: Internet Banking
Factors influeincing banking experience Internet banking
General assessment about the service 74%
Variety of transactions 79% Mobile banking/payments
Speed of page loading 80% 91%
68% Social media
89% 82%
Ease of use/ Navigation 82%
Telephone
Page Setup/ Menu Flow 76% 65% 63%
ATM
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Branches
Nowadays consumers want things to be as simple as possible, so that they do not Internet banking and ATMs are the most influential banking experiences
have to put in much efforts
LINK OF SURVEY: https://qtrial.qualtrics.com/SE/?SID=SV_0wW4X4FBLza9n5X

18. Competitor Analysis- Social Media Page
Axis Bank ICICI Bank Yes Bank HDFC Bank Citibank
Facebook page?
If yes, no of Likes Yes, 588489 Yes, 822408 Yes, 39303 Yes, 337852 Yes, 474195
Twitter page?
If yes, no of 52 6028 885 4385 11646
followers
No of facebook
apps
9 8 7 3 7
• Mere zindagi ki picture
– create your own • Your Bank Account – • Cash Back
What are they? • Locate us
personal movie on Facebook, lets you
• Customer care – Yes • Weigh your wallet –
• SmartBuy offers -
celebrating the moments check your account get to know who you
Touch Service exciting deals and
• Mere zindagi ka safar – details, get e-
• Product Suite – are when it comes to
discounts on HDFC Bank
reliving the journey of statements, Upgrade money
savings account, global Credit Cards with
your life debit cards, request
Indian banking, wealth • My Citibank
SmartBuy –
• Plan your money – cheque books
management privileges –
computers, electronics,
cigarette • iArena – the gaming Personalized Offer
program, senior citizen mobiles, watches, appare
calculator, power of 1000 application Recommendations
program, fixed deposit l, jewellery, books, gifts, t
calculator, eating out • Khayal aapka photo from Citibank
• Money Monitor – ravel accessories
calculator, mein contest • Connect – Access all
personal finance • Products – Accounts
banoonga crorepati • Product Suite your account
tracking tool and Deposits, Credit
calculator • Bank-on-the-go information on
• Events Cards, Loans, Service
• Customer Care • Offer zone Citibank Online
• Offers and Privileges • Twitter
• Axis Bank Branch • Customer care • The Delight of Delhi
• Twitter
• A to Z offers • Locate us •The magic of Mumbai
• PicBadges •Global – continent
• Buy Tickets wise global reach of
• Axis Speedpay – pay all Citibank
your bills instantly
Kotak meanwhile has only 16868 followers on Facebook and 2 meaningful Fb apps about offers and donate for a cause

19. Comparative Study: Offers of Banks
HDFC AXIS ICICI CITI BANK YES BANK INDUSLAND SBI KOTAK
Banks MAHINDRA
Online Shopping Online shopping shopping at many Air, Rail travel Visit any of the Debit to No specific Accessories, Apparel, Artefacts &
offers on Mobiles, major Online stores, Vouchers, holiday mentioned websites savings/current catalogues on their automobiles, books, Collectibles, Astrology
other electronic get to know about packages, electronic and buy through accounts covering site, just IndusInd consumer electronics, Ayurvedic Products,
devices, jewellery, the current special gadget purchase reward points categories Bank e-Secure entertainment, Books & Periodicals
watches, gifts and offers/discounts and offer, books, toys and like Apparels, Hotels,, confirms your identity finance, gifts, Education, Electronics
travel accessories get a preview of the games, Dining and Gifts, Florists, through a simple jewellery etc. One of & Household Items,
new items added on culinary treats Electronics, etc check process when the largest catalogues Florists, Gifts, Hotels
to the shelves by you make online in the industry
these online purchases
retailers/service
providers
Bill Payment Postpaid and prepaid Electricity, Gas, Discount on Postpaid mobile, Insurance, donation, Telephone Bills, SBI e-PAY- pay for E- MTNL, BSNL, Airtel &
mobile payment .DTH insurance, mobile and bookmyshow bill insurance, DTH, charity, subscriptions, Electricity Bills, ticketing, e-tax, telephone/mobile
services of TATASKY. telephone, municipal payment donations, mutual fund, Gas, Mobile Bills, Recharge telephone bill, bills, Electricity Bills,
Insurance premium taxes, mutual funds subscriptions , Utility, mobile bill your Prepaid Mobile, electricity, insurance, Pay Visa Credit Card
and subscriptions of payment electricity, mobile payment DTH Recharge , credit cards Bills, Pay Insurance
India Today recharge, landline Insurance Premia, Premiums
Gas Bills
Debit Card Benefits on fast food free domestic ATM Earning Payback No additional Debit Attractive discounts Discounts on apparels Cash back on debit Discounts on
outlet payments, transactions, personal reward points for card offers at TGIF stores across to electronics, from cards, pay for shopping at eBay,
Offers hotel booking and insurance, only Debit redemption, cashback the county, 20% dining to travel & purchases, restaurant cinemax, infiBeam,
online movie tickets Card that is well and on mobile recharge, discount on VLCC day, holiday, from bills, hotel bills, firstcry.com, tradus,
booking truly your own, since Bonus Weekend discount on visiting jewellery to wellness airline tickets and discount on Apollo
you even decide how offers; for example resorts other purposes hospital health check
you want it to look. on buying Apple iPad
2 Tablets
Credit card Easy EMI payment Use your Axis Bank Offers on selected Offers on dining, shop online, pay Dining Offers- offers SBI spiceJet card-Cash Domestic Flights-
offers, online mobile Card & Get Rs 250 off dining, cash back on shopping, hotel bills, plan from the leading Back, SpiceJet Rs.250/- caseback per
offers recharge, travel on a minimum fuel purchases, entertainment, travel vacation, pay fuel restaurants, Travel Discount Vouchers, booking ID, Domestic
bookings, special purchase of Rs. 999, entertainment , paying of EMI (major charge, pay shopping Offers- tied up with Excess Baggage Holidays:- 7 % cash
discounts on family Extra 15% Off on all Special ICICI Jet benefits for credit bills, accident the topmost in the Vouchers, Lounge back International
restaurants products exclusively Airways credit card cards only) insurance, lost card airlines, travel and Access & Incremental Holidays 10% cash
for Axis Bank Card (free miles on joining) protection hotel industry rewards on your back on base fare
Holders spends
Other offers Special benefits on relish sumptuous Prepaid cards to Loan on credit card, YES BANK - BAJAJ All IndusInd Debit Royale Signature Card
shopping from eBay meals at a famous purchase anytime Redeem Reward Allianz Jiyofit Card holders will get 2% discount to all on -Access to 600 VIP
India and Yatra.com restaurant or get the and anywhere, Points in return of air Programme | A Zero a discount for sale of gold coins of 500 Airport Lounges
choicest of consumer corporate cards for travel miles, cash Balance Savings different travel grams or more at any Worldwide
durables in super business travel and back and other gift Account with various services availed at one time . Holidays and Fuel Surcharge waiver
discounted prices vendor payments vouchers health benefits Yatra.com by using Hotel Booking for SBI Exclusive dining
with zovi.com and their IndusInd Debit Credit Card Holders benefits at the Taj
tradus.com card.

20. LOYALTY PROGRAM COMPARISON OF BANKS (1/2)
Bank Name HDFC ICICI Bank Kotak Mahindra CitiBank Axis Bank Yes Bank
Different Loyalty Titanium Rewards Debit BAJAJ Allianz Jiyofit
My Rewards Payback, Hand picked Rewards Suvidha
Programmes Kotak Card Benefits Card, Gold Debit Card Programme
A Zero Balance Savings Account
with various health benefits. This
Earn while you spend with our program looks to promote a
exciting reward program. Get 1 proactive and preventive approach
reward point for every Rs 100 of towards improving one's health &
POS usage on your Titanium fitness.
Rewards Debit Card. Reward
Card member must
points can be redeemed against With the Jiyo Fit Debit Card, you
accumulate a minimum of
exciting gifts, merchandise and have the power of healthy options,
General Terms 500 points to be eligible
gift vouchers, need to collect 400 all in the palm of your hand. Get
and Conditions for redemption of Reward
points before starting to redeem Health Insurance cover, and gain
Points in the MyRewards
healthcare benefits such as
redemption program
discounts & special offers at gyms
& fitness centres, health-food
restaurants & stores, chemists,
spas, and lots more.
makeMyTrip:Domestic Flights: Reward program, enhanced limits
Rs.250/- cashback per booking Using Citibank Suvidha for cash withdrawl, flexibility of Obopay - Mobile Money Services -
Reward points offered on
earn PAYBACK points on purchases ID, 5% cashback on domestic Account, the more banking usage, fuel surcharge waiver, This service will enable consumers
different types of credit
from ICICI Bank Credit Cards and holidays, 7% on international,services you use, the more insurance, access to airport to transfer money to other
cards- points earned on
Debit Cards. 10% cash back on base fare of Suvidha Loyalty Points you lounges, online payments, individuals, pay utility bills as well
every rupee spent with
the international flights earn. worldwide reach, customer care, as recharge prepaid SIM cards (top-
pre-defined merchants
Earn even more points at HPCL, etc ups), by using their mobile devices
both online/offline.
makemytrip.com and many more You can redeem your
PAYBACK partners in your city or CineMax: Buy 1 Ticket and Get Suvidha Loyalty Points Axis Bank has announced the
Regalia, Infinia- special
online and redeem your PAYBACK 1 free on Saturday and Sunday online for a wide range of launch of Swipeon, a mobile
type of credit card offered
points for fabulous rewards at www.cinemax.co.in. gifts phone based card acceptance
to the premium
Feautures customers to earn up to 8
service which will convert any
Redeem Hand-picked Rewards against Wine and Dine Delights: Save mobile phone into a card
points on every Rs 150
a wide range of exclusive options. up to 20% * on dining across acceptance device by simply
spent
Choose from fashion to fragrances, 120 restaurants, similar attaching the Mswipe card reader
dining experiences to holidays, home discount options with Nokia to the phone.
entertainment to hi-tech gadgets and and ebay
a lot more. Each item has been
carefully hand-picked to ensure that
our card members* get only the best.

21. LOYALTY PROGRAM COMPARISON OF BANKS (2/2)
Citi Mobile- Simplest and most
Mobile Banking: Menu driven convinient way of accessing the banking
service - no need to rememberservices while on the move, regular
iMobile- ICICI Bank's mobile complex codes updates on the dining offers across the Mobile based card acceptance is
Android App-This
banking application. Easy, city expected to benefit merchants with
application helps you
convenient and secure to use, home delivery services, cash-on-
check your account
iMobile lets you transfer funds, Use CitiBank Online (on a mobile delivery agents, taxi drivers and
balance, transfer funds,
pay bills, book travel or movie browser) to check the balances in your others as they can easily accept
pay your bills and conduct
tickets, recharge your prepaid linked accounts—checking, savings, card payments on the go, with very
many other transactions
mobile and DTH, locate an ATM credit card, home equity or personal small investments on their part.
while on the move
Mobile Apps etc lines and loans, and mortgages
Enjoy surcharge waiver on fuel
and other ngpay App- you can bank
Pay bills and track payments spends at all fuel stations across
feautures on the move. With ngpay
India with your Axis Bank Titanium
you get a range of services
Deposit checks into your personal Rewards Debit Card. There will be a
from a network of
checking account using your mobile cap of Rs. 200 on the monthly
partners. Book tickets,
device amount of fuel surcharge waived
shop or transfer funds,
and no reward points will be
there are so many
See recent activity awarded on fuel purchases
possibilities.
Transfer money between your Citi
accounts
Send money to other people with
Popmoney
Check your account balances
for Current, Savings & Term
Deposit accounts
Transfer funds between your
accounts or other accounts in
Kotak Bank
Yatra.com
Send and receive money from The Titanium Rewards Debit Card
10% Off on Domestic
your mobile instantly via grants you access to premium
Flights subject to
Interbank Mobile Payment airport lounges in
maximum of Rs. 200
Service (IMPS) Delhi, Chennai, Kolkata, Mumbai
10% Off on International
Make payments to selected and Kochi. Discounts & Special Offers from
Flights subject to
merchants via IMPS Merchant Gyms, Spas, Beauty Clinics,
maximum of Rs. 500/-
Payments No more waiting in long queues. Diagnostic Centers and Retail
Discounts and Pay your telephone, mobile or Chains
10% Off on Domestic
other offers Purchase & redeem Mutual utility bills, book movie, train or Cashless admission to Bajaj
Hotels subject to maximum
Fund units flight tickets or shop online from Allianz networked hospitals just
of Rs. 500 on ebay
Report loss/theft of Debit the comfort of your home using by producing the Jiyo Fit card at
Card and request for your Titanium Rewards Debit Card. the counter
Credit Card Shopping- 5%
replacement nstant & Hassle-free claim
Off
Travel Vouchers with goibibo.com Check status of your Cheque Extra 15% Off on all products preauthorization and re-
Debit Card- 5% Off
Cashback on booking with instruments exclusively for Axis Bank Card imbursement using the Jiyo Fit
Net Banking- 10% Off
makemytrip.com Request issue of new Cheque Holders Card
Discounts at selected outlets book Use your Axis Bank Card & Get Special Offers from Brands,
Pay Utility Bills to over 150 Rs 250 off on a minimum purchase Airlines, Hotels and Restaurants
15% Discount at dining at selected service providers of Rs. 999 by using Promocode Earn and Redeem loyalty points
restuarants AXIS250. at Partner Outlets