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29 March, 2024 17:18 IST
Financial Planning
   
The Universe of Hashtag Banking
Source: IRIS (29-JUL-15)

Many banks are experimenting with 'social' but in a very limited way. India has about 148 million active social media users (as of April 2015), of which 100 million are mobile users. Driven by the need to offer personalized services to younger and technologically advanced customers, social banking or hashtag banking, is becoming the latest buzzword amongst major private banks.

Change the Way People Bank through Social Banking

It has been observed that social media banking could help banks turn things around and engage with customers in a better way. Kotak Mahindra Bank is one of the early birds offering social banking services over Twitter and Facebook to keep up in this competitive market. Kotak recently launched its Twitter banking service which allows customers to carry out banking transactions via Twitter.

Hashtag Banking

Hashtag Banking is created for the new generation who love operating their bank accounts using their social media accounts without having to worry about security. You can instantly get updates on your account balance, transaction history, and send cheque book request, Net Banking PIN request and carry out many more account activities, with a simple tweet. You can also recharge your pre-paid mobile & DTH accounts using Hashtag Banking. The responses come to you as a DM (Direct Message) so only you can view them.

With Hashtag banking, consumers can send instructions to their bank account using hash tags on Twitter. This bank account will be linked to the customer's Twitter handle which implies that the customer doesn’t have to enter his bank account number or card details.

Tweet to Order

Not just banking, all registered Hashtag Banking customers can also order books by tweeting. The customer just needs to tweet to order or send a DM for the following books - For Scion of Ikshvaku tweet #Book Scion 262 @KotakBankLtd b. For The Making of India: Game changing Transitions tweet #Book MakingOfIndia 385 @KotakBankLtd.

Today, consumers spend more time shopping at malls rather than visiting specialty stores. Similarly, people do spend more time on social media sites rather than visiting independent websites for any information. Thus, in order to engage with the new-age consumers, Kotak Mahindra Bank felt that it had to be where the consumers are, rather than try to drag them to the banking websites to carry out transactions. This way, the odds of them remembering to transact improves drastically with Twitter Banking.

Kotak Mahindra Bank intended to make banking transactions seamless. Hence, Kotak Mahindra Bank chose to build an interface where people can apply to open an account and carry out simple banking transaction right where they were advised by friends on which one to open.

(By Rachita Kotian, an independent blogger)


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