Brand management _SBI Bank
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Hypothetical situation of acting as SBI brand consultant
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Brand management _SBI Bank
- 1. Proposal for Our Client By Brand Consultant- Shubham Gupta
- 2. Current Market Standing Leading with 27.6% share in home loan category of the domestic Indian banking market in July 2016* Ranked 232 on the Fortune Global 500 list of the world's biggest corporations as of 2016** Market leader with 35.5 % market share in mobile banking services in India for 2015-16*** *http://economictimes.indiatimes.com/industry/banking/finance/banking/Private-banks-eating-into-retail-loans-market-share-of-PSBs/articleshow/53195786.cms **http://beta.fortune.com/global500/state-bank-of-india-232 ***http://www.sbi.co.in/portal/documents/41076/60023/Annual+Report+2015-16.pdf/3985f755-6cec-46f4-a79c-9233c4d92237
- 4. Past Brand Strategies Awareness-read India campaign, donation of water purifier and recent Clean Ganga Campaign Association- "PURE BANKING, NOTHING ELSE", "WITH YOU - ALL THE WAY", "A BANK OF THE COMMON MAN", "THE BANKER TO EVERY INDIAN", "THE NATION BANKS ON US“ Brand equity-SBI is continuously trying to build an image of technologically advanced bank by innovating new products and providing quality service to the customers. It was the first bank to provide loans to farmers and education loans.
- 5. Segmentation Geography • Rural and Urban • Metropolitan Psychographic • Trusted bank image • New generation banking
- 6. Age groups(in Years) Financial situation Banking needs 15-26 Low financial burden Auto-loan, credit cards 27-40 Housing loan needed Mortgage, credit card 41-59 Good financial position Home improvement lines, equity credit lines, money market deposit accounts Investment services 60 and above Less income Monthly income checks on CDs direct deposit of social security Segmentation (continued)
- 7. POP and POD Point of Parity SBI INCUBE E-Smart SM Point of Difference SBI In touch Mingle
- 8. “BANKER TO EVERY INDIAN “ POSITIONING
- 9. Communication Strategies What-Message strategy How –Creative strategy When and where-Media Strategy
- 10. Old Logo
- 11. Current Logo
- 12. Print campaigns
- 13. SBI Card became one of the first Indian credit card brands to install a Holocube to strengthen their marketing programme. OOH
- 14. DIGITAL MARKETING Video content on YouTube like SBI tutorial videos Twitter- campaigns #DidYouKnow, #SafeBankingTip SBI tech learning Centers (TLCs).
- 15. Why do we call SBI a STAR Performer ??
- 16. Critical observations Good Network Trust factor Innovative Customer service management Popular Service
- 17. Analysis of the observations • Toughest competitor – ICICI, HDFC • Personality – Brand legacy • Survey result – Highly oriented towards internet banking and card facility.
- 18. Branch Visit in Nagpur
- 19. Consumer Insights Long queue in Retail banking Saurav Dey,Male, 25 Years Password is difficult to reset and OTP comes late Gayatri kapoor,Female, 50 Can SBI offer services to track my money ? Anshita Agarwal,Female,25 CDM outside every branch Shailesh Khapekar,Male,40 Years
- 20. RECOMMENDATIONS Of Line /Brand Extension My Money Map Teller Dash Board We-Care
- 21. My Money Map • What is it ?
- 22. Basic Project Timeline Sept’16 Oct Nov Dec Jan’17 Feb March April Task 1 Task 2 Task 3 Task 4 Task 1 Preparation of Management development tool Task 2 Training to Employee Task 3 Customer awareness Task 4 Launch on the Net banking portal
- 23. Investment Plan Particular Estimated amount in INR Preparation of Management development tool 5 Lakhs Training to Employee 1 Lakhs Customer awareness 3 Lakh Launch on the Net banking portal 1 lakhs Total 10 Lakh Expected outcome- Strategy to retain old customer and attract new customers as this facility will be availed free of cost by the net banking users.
- 24. Teller Dasboard Teller Dashboard-“TD” is to place greater emphasis and importance on the customer experience at every contact point. The platform aligns customer relationship management (CRM) strategies, predictive analytics and data mining analytics with a user friendly, intelligent interface. By placing the customer as the focus point, Teller-Dashboard will give detailed analysis of ‘What tellers need?’ and ‘What customers need?’, thus simplifying the customer interaction with tellers. The dashboard will consolidate screens and workflows as well as streamlined operational processes enabling tellers to access the information they require promptly, while providing consistent customer service, regardless of the banking channel the customer is using. The deployment of the dashboard will reduce operational efforts and increase sales. TD will also identify any missing data and documents about customer, instanteously monitor ongoing transactions, complete such missing data and documents while the customer is the teller, propose any products the customer might need to support sales operations and track his daily sales as well gauge teller performance.
- 25. Basic Project Timeline Sept Oct Nov Dec’16 Jan’17 Feb March April May Task 1 Task 2 Task 3 Task 4 Activity Legend Task 1 Preparation of Database Task 2 Training to Employees Task 3 Media and Non-Media Campaigns Task 4 Launch of Teller Dashboard
- 26. Investment Plan Particular Estimated amount in INR Equipment/Start up 50 Lakhs Training to Employees 10 Lakhs Promotional Expenses 100 Lakh Miscellaneous Expenses 10 lakhs Total 170 Lakh* *This costing is limited to only in Metro cities in India Expected outcome-Focus on Investors and Expected rise in market share of 5%
- 27. FUTURE BRAND STRATEGIES Continue focus on enhancing mobile banking facility Efficiently use the resources after the merger
Editor's Notes
- This is an assignment given as an Hypothetical situation of being a brand consultant
- SBI network boasts over 20,000 branches in India and 191 offices in 36 countries globally India's most valued banking brand About the Brand:-Preferable skip the below points(all stats are of different time period) 1.State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. 2.As of 2014-15, it had assets of INR 20,480 3. It has 14,000 branches, including 191 foreign offices spread across 36 countries 4. For December, 2015 –SBI remains a leader in digital banking in the country in both volume and value terms, handling over 38 % mobile banking transactions a month.
- Competitive advantage of SBI over other brands-(yeh sirf heading dalna) Brand Equity:- 1. BRAND LOYALITY 2. BRAND-AWARENESS 3. PERCEIVED QUALITY 4. BRAND ASSOCIATIONS
- Awareness-read India campaign, donation of water purifier and recent Clean Ganga Campaign Association- "PURE BANKING, NOTHING ELSE", "WITH YOU - ALL THE WAY", "A BANK OF THE COMMON MAN", "THE BANKER TO EVERY INDIAN", "THE NATION BANKS ON US“ Brand equity-SBI is continuously trying to build an image of technologically advanced bank by innovating new products and providing quality service to the customers. It was the first bank to provide loans to farmers and education loans.
- Demographic segmentation
- Point of Parity SBI INCUBE-In February 2016, the State Bank of India Lunched SBI in Cube in Bangalore, a branch that specifically caters to start-ups. From personalized advice to start-up founders to solutions to optimize the cash conversion cycle, an SBI in Cube relationship manager will be there to help you at every step of your entrepreneurial journey. E-Smart SM- is a working capital loan offering for sellers on e-commerce platforms. The sellers can apply for loan online and get immediate sanction. Some of the important features of the product are as below: Exclusive & easy finance Quick online sanction with KYC documents Lowest Interest Rates Collateral free loan up to Rest. 10 Laces under MUDRA 0.399% Processing Fee Concession of 0.25% to Women Entrepreneur Point of Difference SBI Intouch a new type of digital-banking branch, mostly located in urban areas, to help connect with these younger customers. As a result, customers can open accounts and receive debit cards in 10 minutes. Mingle Mingle will make banking easy for the Facebook and Twitter users by hosting services on these social platforms as per their own satisfaction. SBI INCUBE India Lunched SBI in Cube in Bangalore, a branch that specifically caters to start-ups .They give advice to start-up founders to solutions to optimize the cash conversion cycle. E-Smart SM is a working capital loan offering for sellers on e-commerce platforms Some of the important features of the product are as below: Exclusive & easy finance Quick online sanction with KYC documents Lowest Interest Rates Collateral free loan up to Rest. 10 Laces under MUDRA 0.399% Processing Fee Concession of 0.25% to Women Entrepreneur
- Follows value proposition –within 3 to 5 words , does not use difficult words and tells what is in it for audience Get rid of ‘old public sector image’ Positioned as pure banker nothing else
- Loyalty- SBI has introduced number of loyalty programs which has created strong loyalty among the customers. Innovation- The bank has been at the forefront of innovation in banking, a few marquee initiatives: - SBI’s new mobile wallet – SBI Buddy Instant loan decisions through first-of-its-kind tie-ups with e-commerce players New digital branch formats – SBI In touch branches Brand as a product- Interest based and Fee based strategies- 27 percent. Technology based activities- 45 percent. Fee based activities- 28 percent Cards – The products under this category include Travelling cards, Debit cards and Credit cards. Consumer banking – This includes special accounts for teenagers, accounts for senior citizens, Recurring accounts, Saving account and fixed deposit account. Investment banking – The products under this category include Foreign Exchange services, Tax Saving Bonds, Investments related to Pure Gold and Mutual Funds. Loans – This category includes all kinds of personal loans, Medical loans, loans for buying equipment’s and loans against securities. Internet banking – Under this category internet facilities are provided to the interested customers. General insurance – According to a new scheme launched by the prime minister every citizen who will open his account henceforth is liable for a general insurance of INR one lakh from the bank. Corporate banking
- This was the first logo of State Bank of India when it was founded on July 1st, 1955. The Banyan Tree in the logo says that the bank has strong roots and is capable of propagating and growing in all directions. Later this logo was abandoned as it invited criticism that a Banyan tree does not let any other plant grow within its space.
- It was inspired by Kankaria Lake at Gujrat The tagline of State Bank of India is "With You All The Way" and "The Banker To Every Indian. The logo of SBI is a blue circle with a small key hole, the small circle in the center connotes that despite the bank’s size, and it’s the small man who holds the center of the bank. Blue color signifies vastness. It has devised various slogans as the time changes these are “WITH YOU – ALL THE WAY”, “THE BANKER TO EVERY INDIAN”, “THE NATION BANKS ON US” “PURE BANKING, NOTHING ELSE”, “A BANK OF THE COMMON MAN”. This means that State Bank of India stands with you in good times and in bad. Those who stand by you in times of need are your true friends and State Bank of India is truly right up there.
- How –Creative strategy (Shown via various print ads) and When and where-Media Strategy Promotions through the Visual and print media through hoardings, radio, theatres, movies, TV advertisements and newspapers have become very necessary so that an awareness can be created. The various advertisements emphasizes on the modernization of the banks, its branches and its various facilities. Special mention is given in the ads to the impeccable services provided by the bank. TVCs- EMI HUA KUM, GHUMNE CHALE HUM- Middle class plans family holiday because of LOW EMI. State bank of India- with you all the way- PURE BANKING, NOTHING ELSE- Showing SBI present in each and every state and used by people all over India- “Har Rajya mein, har modh pe SBI ka saath hai”. PROUD TO BE AN INDIAN and BANKER TO EVERY INDIAN CAMPAIGN: SBI believes in nurturing the pride in India. Through this campaign, they are trying to emotionally appeal the customers and position the brand as patriotic and serving the countrymen since pre-independence. It is not required for a bank like SBI which is among the top 12 in Asia, and the top 100 banks in the world, owns the largest amount of commercial property in the country, holds deposits of Rs 3.67 lakh crore, pays a dividend of 125 per cent, and has taken over banks in Indonesia and Mauritius, to be so diffident. Campaigns like these prove the insecurity of the brand because of private banks like ICICI bank, HDFC bank etc.
- SBI Card invested in this innovative technology as part of their promotion plan for the Air India SBI Card. The strategy behind this unique installation was two-fold: 1) increasing business queries by reaching out to target consumers and decision makers at locations where the brand gets a captive audience; and 2) enhancing the brand and product imagery via a disruptive idea that uses the latest technology in an interesting manner.
- Twitter- #DidYouKnow,#PledgeForParity,#InOurhands,#FinanceGyaan,#SafeBankingTip SBI tech learning Centres (TLCs), where customers will come to know what is the propriety of various digital platforms of a bank and how it is beneficial in a day to day operation/working. Various Apps were developed like- Any Where Banking app, SBI Buddy app, SBI Mobile Banking app, State Bank Freedom, State Bank Samadhan app, SBI Mingle etc. Digital Marketing- Website is updated with latest trends to cater different demands of N number of customers Facebook Newsfeed ad Video content on YouTube like SBI tutorial videos Twitter-campaigns #DidYouKnow,#PledgeForParity,#InOurhands,#FinanceGyaan,#SafeBankingTip Various App were developed like- Any Where Banking app, SBI Buddy app, SBI Mobile Banking app, State Bank Freedom, State Bank Samadhan app, SBI Mingle etc. Green Pin Initiative by promoting paperless banking through alternative channels (specifically Digital Channels). SBI tech learning Centres (TLCs), where customers will come to know what is the propriety of various digital platforms of a bank and how it is beneficial in a day to day operation/working. Result of Digital Marketing Because of this Digital Platform, today the accessibility of various banking services of SBI becomes easy or we can say services are easily accessible at the touch of customer’s fingertip through their Smartphone. Technological up gradation, Customer Education Initiative, Specific Demand Centric App, & Virtual Platforms brings operational cost at its low. Customer base increased due to anywhere & anytime accessibility of Banking Services. It helps a lot to enhance credibility among larger customer base, as well as Brand reputation. Online feedback and grievance redressed system helps to improve the operational functionality of SBI
- What’s good about the brand ? 200 years of brand legacy Constituted under separate act so enjoys special privilege. Biggest branch network in the country. First public sector to move to Centralized Banking System. Being a Public sector bank it enjoys trust of the public. It charges lowest interest rates on home loans. It has 66% of branch located in rural area whereas 34% are located in urban areas. Merger of 5 Associate banks- The amalgamation of five associate banks of the State Bank of India (SBI) with the parent is the biggest merger in recent times. It will make SBI—already the country’s largest commercial lender by assets and deposits. State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Mysore (SBM), State Bank of Patiala and the State Bank of Hyderabad will merge with SBI. Integration of over 70,000 employees (34 per cent of the parent’s workforce; size of business is 25 per cent of the parent’s) will be a key challenge. Cost savings on account of treasury operations, audit, and technology, among others, will lower the cost-to-income ratio in the long term. SBI LOANS Assets increase to Rs 37 lakh core from Rs 28 lakh core currently and SBI will get fixed assets worth Rs 4,000 crore from the books of its subsidiaries. The management expects its cost of funds to come down by 100 basis points within a year, as the subsidiaries currently have high deposit rates, less of current and savings accounts, and higher dependence on wholesale funding. Employee costs would go up by Rs 23 crore a month. Digital experience can be enhanced through: SBI-Flipkart Partnership: Under this deal, if one shops for a minimum of 5000 Rupees on home-grown ecommerce giant Flip kart, they will get an offer of pre-approved EMI Facility on products they purchase. SBI Digital Villages: Under this scheme SBI will adopt the village and transform the village into cash less eco system. In the first phase of the project, SBI will take 21 villages and move them on the digital platform.
- Your Words(Do the changes in points and notify me)-Highlighted words ni aa pa raha tha Good network – No ATMs = 49,577 (As of 31 March, 2016). Bank Buddy app. Employees feel understaffed. SBI offer their customer security but coming generation need growth. Over whelming response of In Touch SBI in Nagpur around 3 more branches will be opened soon. Total 122 sbiINTOUCH branches and growing. ‘Green Banking’ – GCC (Green channel counter) service is unique which provides services like cash deposit, fund transfer & cash withdrawals using POS (Point of sale) device. Among the customers we surveyed their preference for using SBI bank service is due their good network (in terms of maximum number of ATMs- As of 31 March 2016, SBI has 49,577 ATMs) SBI customers find SBI as very friendly, the employees are willing to help, Very knowledgeable and quick and efficient. Bank Buddy scheme has high awareness among customer .Approx. 80% people said that they will recommend SBI to their friend. When surveyed the employee they said USP of SBI is being innovative and authentic. Employee feel understaffed due to which there is delay in answering the queries of customer. SBI bank offers their customers security but the coming generation need growth. If we compare SBI with other private banks, the employees cover majority of young generation and tech friendly though SBI also have young generation but not balanced. SBI employee also do cross selling of Products depending upon the customer requirement such as health insurance, demat account, Cards (SBI-life-SMART MONEY BACK GOLD). Investment plan etc. In conversation with Miss Swati Dnyaneshwar, Branch Manger, and Ajni Square, Nagpur –There is over whelming response of In Touch SBI in Nagpur around 3 more branches will be opened soon. The In Touch branch offers multiple facilities such as account opening in 15 in minutes, E-lobby 24* 7, Education, auto, hosing loan. Off the total customers handled in a day around 30% enquiries. More home loan customers are there since the interest rate is 9.35% for males and 9.30% for females.
- Addition to existing base and can give way to old customers Map your own financial plan and see your finances in a whole new way. With one click, you can track your spending, budgeting and savings in easy-to-understand charts. Establish short- and long-term goals and budgets. Your information is automatically updated, so you can monitor your progress and adjust if needed through my spending report, Budget watch, My Saving Plan, resource library, etc. Timeline for Implementation Performance management tool development-September’16-March’17 Launch phase-April’17 Expected outcome Strategy to retain old customer and attract new customers as this facility will be availed free of cost by the net banking users.
- Operating expenses on advertisement and Promotion were of Rs 30,76,406,000(as on 31.06.2016)
- Teller Dashboard-“TD” is to place greater emphasis and importance on the customer experience at every contact point. The platform aligns customer relationship management (CRM) strategies, predictive analytics and data mining analytics with a user friendly, intelligent interface. By placing the customer as the focus point, Teller-Dashboard will give detailed analysis of ‘What tellers need?’ and ‘What customers need?’, thus simplifying the customer interaction with tellers. The dashboard will consolidate screens and workflows as well as streamlined operational processes enabling tellers to access the information they require promptly, while providing consistent customer service, regardless of the banking channel the customer is using. The deployment of the dashboard will reduce operational efforts and increase sales. TD will also identify any missing data and documents about customer, instanteously monitor ongoing transactions, complete such missing data and documents while the customer is the teller, propose any products the customer might need to support sales operations and track his daily sales as well gauge teller performance. Time-lines for implementation; Preparation of Database- September’16 –December’16 Training to Employees-January’17-April’17 Launch of the TD-May’17 Investment plan for implementation of the brand strategy; All are estimated values in INR Equipment /Startup- 50 lakh Training to Employees- 10 lakh Marketing cost –1 core Expected outcome could be increase in the market share of 5%
- Operating expenses on advertisement and Promotion were of Rs 30,76,406,000(as on 31.06.2016)
- Relate to brand summary Consistent with positioning Consistent with Marketing Mix Deliver value Continuous relationship Platform for Innovation and differentiation