Time to change old marketing practices; Case of ICICI Bank

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ICICI bank, the leading private sector bank in India, changed the way of marketing of services by targeting an unexplored market having around 100 million customers
ICICI bank, India’s largest private sector bank,  has launched a Facebook application  ‘Pockets’, enabling  customers to do banking services  directly from Face book site.
Understanding the need of their target customers especially  the youth and the gen-next, the Pocket  app is providing all banking services including  money transfer, mobile & DTH recharge, booking of movie tickets etc. from their Facebook pages without any additional surcharge of using this payment gateway.
The app also allows the customers to split and track group expenses and share them with their friends on the social media site. For pending payments, even reminders can be sent to friends via the app. To make the transaction very secure, the bank sends one-time password for every new transaction.
According to Ms. Chanda Kochhar, MD and CEO of the bank, this app will enable young customers do their banking transaction without leaving the face book page.
ICICI bank knows that majority of their customers are below the age of 30 and they prefer either playing games on their mobiles or to be active on Face book. Approximately, there are  95 million facebook users in India and more than  65 million of them are below the age of 30. 
Report of comScore, title  “2013 India Digital Future in Focus”, 86% of internet  users visited  Face book & spent approx 217 minutes”.  ICICI was the first bank to target this market where maximum numbers of customers are available.
Earlier also, ICICI Bank had launched the Face book app ‘Your Bank’. The app allowed the customers to view their saving account details and statements on the Face book site and also can order cheque books.
Although most of the public sector banks are mostly resting on their laurels, private banks are trying their best to grab all opportunities present to achieve service excellence. 

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