Changes in the banking industry are creating disruption. New technologies, new channels and strategies are forcing BFSI marketers to be agile. Several financial marketers are increasingly using predictive lead scoring, deploying real-time trigger campaigns to deliver dynamic content at every phase of the consumer journey.

SBI Life initiative

Like what SBI Life Insurance has done with its new, digital initiative for breast cancer. SBI Life teamed up with WatConsult, digital agency from Dentsu Aegis Network, to leverage multiple digital platforms.

Supported by Tata Memorial Hospital, SBI Life launched a ‘Thanks A Dot’ self-detection tool, designed using real breast cancer mammograms to recreate breast cancer lumps with a special algorithm and 3D printing.

The lump shapes are put on a learning card in the form of a language inspired by Braille. Users solve puzzles and quizzes using the special language (present on the learning card), and can carry out early detection. The digital initiative helps improve tactile (touch) capacity in women to detect early signs of lump formation.

Rajiv Dingra, CEO, WatConsult, said that taking inspiration from Braille language and using the power of touch to inculcate a habit of self-examination, “we created an innovative product”.

Digital tools

Many banks are also using data and advanced analytics to build more personalised communication. Digitisation has also got financial institutions adopting digital tools quickly to stay relevant and ahead of competition.

Fintech company i-exceed has partnered with banks such as Canara Bank, Karnataka Bank, Vijaya Bank, HDFC Bank, and global banks like DBS, and the International Commercial Bank, to help ensure faster time-to-market, reduce cost and easier integration with its platform Appzillon.

Marketing influencers

Yono, SBI’s integrated digital banking platform, used marketing influencers for the first time. Now, the bank also uses platforms like Tiktok, Instagram, Facebook and Twitter to reach customers.

Dinesh Menon, Chief Marketing Officer, SBI, said Yono, a digital-only platform, took to influencer marketing, and Twitter First view, among others.

Other major players such as HDFC, ICICI, ING Vysya, and Axis Bank are also active on digital and social networking channels.