Kotak Mahindra Bank has launched ‘Save with Subbu’, a campaign where users can co-author a ‘Smart Savings Book’ along with the brand mascot, Subbu by sharing their saving tips through Facebook or Twitter.
Ever since RBI has deregulated savings account interest rates, Kotak Mahindra Bank has been on a perpetual promotional campaign emphasizing about its 6% interest rate, which is 50% extra as compared to the existing rate of 4% in other banks. The bank had roped in Vinay Pathak to play the know-it-all “Subbu” who seemed to have an interesting investment advice for everyone, through a series of TV and print ads.
Strengthening this message further, the bank has launched a campaign ‘Save with Subbu’, where users can share their smart saving tips with Subbu and the best tips will be featured in the ‘Smart Savings Book’.
Save With Subbu on Facebook
You can begin sharing your smart saving tips either through Facebook or your Twitter account. You need to ‘like’ the Facebook page to be eligible to participate, if you chose to share via Facebook.
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Once you like the page, you are welcomed by the home page of Save With Subbu app. An array of tips submitted by fans is displayed along with the names and the category it has been submitted under. These tips can be re-tipped, liked or commented upon. The entries can be sorted by most recent or most re-tipped or most liked.
The entries can be further filtered by categories too. You can filter tips by Subbu’s tips, Finance Management, Entertainment or Shopping amongst many others. You can add your own tip through the tab ‘Add tip+’. The tips you submit will be published only after approval. ‘How to participate’ is a visual representation of the steps to participate.
‘My account’ at the top helps you keep a track of your tips, re-tips, likes and your score. Your score is a sum of your tips, likes, re-tips and also the likes and re-tips you do for others’ tips. Once you have 10 smart saving tips, Subbu will look into your entries and favourite some if he likes them. And every ‘favourited’ tip wins a T-shirt and might also feature in the Smart Savings Book!
#SavewithSubbu on Twitter: You can share your tips through Twitter too. Just include #SavewithSubbu and @kotakindia in your tweets. There is no need to follow the bank’s Twitter handle. The hashtag #SavewithSubbu had trended on the day of launch i.e. 18th Sept.
How cool is ‘Save With Subbu’?
Save with Subbu is a smart campaign with a well-aligned objective, highlighting the benefits of smart saving and banking with Kotak Mahindra. The app has a neat layout and offers many ways to filter the tips based on the required category. Being a ‘like’ campaign, it will help build the fan base, but it could have also included ‘following’ the Twitter handle as a mandatory step to participation through Twitter. This would ensure the brand’s growth on Twitter too, but again it is a brand call as to how it plans to employ Twitter. I would suggest banks to use Twitter for customer care alone.
Recently, the bank had engaged with Facebook fans through the ‘Sabse Smart‘ campaign that was a test of finance quotient. Sabse smart was again a ‘like’ campaign around a quiz contest with 3 types of finance related questions with 5 questions each. The contest saw 10 weekly winners win Flipkart vouchers worth Rs. 250. While the gratification might sound a tad lesser compared to the efforts a user has to put in to answer 15 finance related questions, the concept was executed well.
With the latest ‘Save with Subbu’ campaign, the bank has only broadened its participation base as users are more likely to participate in a simple tip-sharing initiative rather than a complex 3-level quiz.
Banks seem to be battling it out on the social media field especially Facebook. Last month Yes Bank came up with ‘Saat ka Sikandar’ quiz contest on Facebook that tested a fans movie quotient. The 7 questions and the overall emphasis on the number 7 throughout the campaign was a good move to highlight the 7% interest rate offered by Yes Bank.
While mid-level banks continue to promote why banking with them is smarter, the bigger banks are building communities for the long term. Nevertheless, banks have begun to experiment in the social media space and that is good news!