Banking on Social Media and Education to Get More Clients

Messaging apps now used in banking.

Ever thought of tweeting for a mobile recharge? Or Facebook-ing for a fund transfer? Banks are making advents in social media banking with an end to easing transactions for customers reports Times of India. 'iMobile SmartKeys,' launched by ICICI Bank last week enables customers to pay bills, transfer funds via chat, messenger, email or games without having to exit their current application in their smartphone.Customers need not switch tabs or applications to access 'iMobile' making for faster transactions.

And the fact that social media banking has its adherents is proved by the user base of "Pockets by ICICI Bank," which lets you transfer money to a friend, buy movie tickets, recharge your mobile via Facebook Messenger , SMS or Gmail. "We have had more than 4 million downloads at ICICI Pockets since our launch last year. One doesn't need to know the account number, bank branch or IFSC code to send money to any contact on social media. How it works is -you send a e-coupon in their name, which they can redeem in 3 days," says Abonty Banerjee, senior general manager & head -Digital Channels, ICICI Bank.

"Once you send the e-coupon via Facebook, email or SMS, they can enter their bank credentials and redeem the coupon. To redeem the coupon, a passcode will be sent to the registered mobile number, which can be shared with the friend to whom the money is being transferred to," adds ICICI Bank's Banerjee. For opening FDs, checking account balance or recharging your prepaid mobile, one can also tweet to ICICI Bank.

Times of India also reports that Every night before going to bed, 22-year-old Tanvi Sharma (name changed), a professional gamer, spends up to an hour on Indian fintech blogs and education platforms learning about new investment tips and how different funds work. Fintech players across sectors, including financial marketplace BankBazaar and SME Lending player Capital Float, are increasing their focus on setting up education platforms and blogs as a long-term user acquisition strategy. They are increasingly focusing on educating users and disseminating information in the areas they specialize in. Online discount brokerage firm Zerodha has set up an education platform.

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