Extending the engaging, personalised aspects of social media, that promotion is an example of the brand’s willingness to try new and different marketing concepts.

Amex is very active on Facebook and Twitter. Its experiments with the two platforms are worth watching.

After all, what makes social media so tricky for brands? If a business has any hope of meeting users online, it needs to offer the right kind of incentive. ‘Follow us now’ just isn’t enough.

Equally challenging is measuring ROI. How does a company know what works? How can they be sure their efforts mean anything to consumers?

A new idea from Amex seems to cover both the incentive and the ROI questions.

It all involves linking special offers to Twitter #hashtags. Now cardholders can ‘tweet their savings’ by synching their card with the promotion.

Once a customer has signed up their details they just tweet about the latest deals. This adds the promoted offers to the card involved, which can be redeemed when a purchase is made online or in store.

Participants follow specific brands to check for offers, or find what they like on the Amex favorites page.

For those comfortable with Twitter this is a very easy way to access special offers – something that should be appreciated.

For its part, Amex can easily track exactly how many users are getting involved, making its social media presence tangible and its investment measurable.

Still, we have to wonder if Twitter in danger of being taken over by big business. As much as users love saving money, will they come to see the platform as just another advertising space?

Amex might be making itself relevant online, but there’s a fine line between ’social’ and ’self-serving’. Is the payment provider getting it right? Let us know what you think!

Consider a new advertising initiative from American Express. This week, the payment provider’s UK customers really can be featured on an Amex billboard. It’s all happening in London, at the capital city’s busy train stations.

The promotion involves something from JCDecaux called a ‘Transvision’ screen – which, as the name suggests, is more or less a big interactive display.

Those who want to generate an ‘insider’ tip for getting around London can SMS their name to the number shown. This generates a personalized message on the Amex billboard – for example: ‘A Tip for Tim: Stroll down Bishopsgate and see if you can spot the smallest church in the city’. (See the picture below right).

Along with the broadcast message, the user receives an SMS response direct to their phone.

These screens were created by a production company called Grand Visual, which worked with OgilvyOne UK.

This is an unusual promotion for Amex, but one that does fit well with the company’s ‘Realize the Potential’ campaign.

In a simple but noticeable way, the brand is indicating that it wants its customers to get the most out of their travel experiences, whether overseas or right in their own neighbourhood.

The public should have fun with the idea, but we do wonder if it’s a concept with longevity or more of a one-try gimmick. What do you think?

Seeing that we mentioned social media, it’s worth pointing out that Amex is very active on this front. Last month the company started making interesting use of its Twitter presence by tying deals to #hashtags. Customers can now synch their card details with the platform and benefit from using their Twitter-connected card.

We had to wonder which banks were getting it right, considering the fact that so many women feel dissatisfied by financial institutions and their male-centric advertising ideas.

A new initiative from Citigroup looks like a great example of how to connect with this customer base, and how to make interesting use of social media.

Citi has just announced a venture on LinkedIn, called Connect: Professional Women’s Network. This concept is a forum designed to help women become financially savvy while they share thoughts on money and workplace decision making.

The platform will feature articles, polls, and related links. Basically, Citi hopes that its female customers will see the service as a helpful resource; a guide for questions on everything from launching a start-up to balancing family with a professional life.

Citi is also responsible for Women & Co., a financial education website for women. This site covers everything from managing budgets to planning for retirement – users can also access money management tools. Connect: Professional Women’s Network will link to Women & Co.

We imagine that the new LinkedIn service will be an equally handy resource for Citi. What better way to understand what women want than to listen in on what they’re talking about?

This looks like a very convenient marketing strategy, one that offers up actual customer conversations.

Even if that’s a more cynical take on things, it does seem like women will benefit from the new platform, which also suggests career networking opportunities. Citi and LinkedIn plan to carry out regular surveys to ‘check the pulse’ of the group. Citi says this will help with additions and new ideas for the growing community.

Visitors to CitiSalutes.com are able to access information categorized into three areas:

- Careers: Citi’s current job opportunities, which include mentoring programs, flexible hiring processes, and accelerated promotion tracks.

- Manage Your Money: Citi’s financial capability programs as well as products and services specifically developed for military customers.

- Community: Citi’s engagement, led by Citi Community Development, with leading VSOs and community organizations to advance key initiatives in areas like jobs, financial education and housing.

Hiring military veterans has been a longtime priority for Citi, which was named among the top 10 “Best for Vets” Employers for 2012 by Military Times EDGE.

In June of 2011, five of the top banks came together and organized themselves as an organization called Veterans on Wall Street (VOWS).

These banks are:

Bank of America
Citibank
Credit Suisse
Deutsche Bank
Goldman Sachs

This effort was mainly focused on hiring veterans for the retail banking business for Bank of America and Citibank, and back-office and middle-office functions.

There are definite Public Image Building that motivates the this venture, however, the fact is that providing opportunities to the armed force personnel is commendable. We would like to see this in India too beyond the offerings as a “security guard”, which is below dignity of most officer-level army personnel.

Unfortunately, this is all a little idealistic, because for banks, paperwork is still part of the process. A new report from Javelin Strategy and Research points out that it’s time to make some serious changes, and to design services around a ‘consumer-driven architecture’.

Let’s break down what that means. The study says that it’s not just about getting rid of paper, or even replicating paper. It explains that financial institutions need to find the one-up, and make something that’s genuinely better.

How can they do that? Javelin has defined seven aspects of digital consumerism, suggesting that if banks see and understand these ‘phases’, they’ll be ready to think up services for the modern customer.

The points are -

1. The customer is always switched on, thanks to anytime, anywhere account access
2. Connections between bank and customer happen in real-time
3. Connections are far more transparent
4. Users expect to customize the management of their information
5. All data is more integrated
6. Security is a key concern
7. Users expect a ‘goal-fulfilling’ relationship with their financial provider

This last point is probably the most interesting. Customers now want a more beneficial, mutual relationship with their bank – they want to go beyond simple saving and really understand what’s in it for them.

It’s been suggested that non-traditional institutions will recognize this need, and come up with new ways to support financial goals. Imagine a phone app that can track spending, pointing out how unconscious purchases get in the way of a holiday plan, for example.

The point is that banks need to keep up. Understanding today’s digitally conscious saver is the first step to that.

You can take a look at the Javelin report here. What do you think? How can our financial institutions cater to tech-savvy consumers?

Now O2, a UK based mobile service provider, has come up with its own spin on the mobile wallet concept. This offering allows users to make payments and even shop with their phone, elements that put the service up against PayPal and Orange.

Let’s take a look at what this latest set up involves. To start with, it can be accessed by both customers and non-customers. Users just need to enter their card details to organize credit, which is then used for e-commerce and money transfers.

Here’s where it’s like Barclay’s Pingit – users can send payments by entering the receiver’s mobile number. This is priced along the lines of a text message.

Where it differs is the addition of a barcode scanner. Using this app, customers can search online for purchases, and even compare the prices offered by different retailers. With established UK chains like Sainsbury’s and Tesco participating, and a promise of daily discounts and deals, this aspect of the offering should be appreciated.

According to O2, there are plans to incorporate public transport, thanks to an upcoming train-ticket add-on.

The network provider’s service has been designed to work equally well on BlackBerry, Android and Apple phones. It can be used on Apple’s iPad, and Near Field Communication (NFC) technology should be part of the package soon.

As always with payment services, the security question is unavoidable. At the launch of its mobile wallet O2 was careful to explain that access involves two PINs and that no sensitive data stays on the device used – everything’s stored on a separate, third-party server.

We’ve blogged about Google Wallet, and the various hiccups it’s faced so far. Google Wallet hasn’t been introduced in the UK yet – it will be interesting to watch the response to O2’s concept.

The initiative was connected to a nation-wide organization called Teach Children to Save, which has been around since 1997. This group claims that its programs have educated over 3 million children, an effort made possible by volunteer banks.

For its part, Citi seems committed to financial education. In 2011 the provider contributed more than $25 million to nonprofits working with low-income adults on things like savings, debt management, and credit.

$13 million of this stayed in the US, but the remainder was invested in global organizations.

Coming back the provider’s recent work in California, the campaign involved six cities and eight schools, and it was run by Citi employees. These participants were all volunteers, and they reached over 700 third to sixth grade students.

The sessions were about responsible saving, demonstrating how the right money habits can influence the future.

Citi has been connected with Teach Children to Save for 13 years now, and in that time – according to the bank – over 3,500 employees have taken part.

There’s no doubt that a strong financial skill-set is an asset. Managing money is only getting more complicated, and whatever a child’s situation – whether they’re in the US, whether they experiencing a privileged or underprivileged upbringing – understanding the financial world is hugely beneficial.

How can banks here in India extend financial literacy? We’ve already taken a look at FLAME – are there other examples of banks doing something for their customers of the future?

Because, after all, that’s what children are. Even if it’s a more cynical viewpoint, it’s true that Citi’s school involvement can only help to extend its brand.

What do you think?

The insurer, a Rajasthan Royals sponsor, has taken an interesting approach to its latest promotion, launching an on-ground initiative across seven cities.

With a focus on malls and families, the campaign involves cricket playing zones, where participants take part in a ‘Game of Pride’ – an inventive kind of financial cricket. The provider’s philosophy is ‘insurance helps consumers live with pride’.

Participants enter a competition for match tickets, and those keen to play are given a rules explanation. Everything relates back to insurance plans.

Here’s how it works. There are three ‘overs’, ‘protection plans’, ‘retirement plans’, and ‘child plans’. The family taking part chooses their batsman (who gets to wear a Rajasthan Royals jersey), and an ‘over’.

Then it’s all based on the theme, with the fielders handling the challenges that make life tricky, from education fees to inflation. Basically, it’s these difficulties that get in the way of the batsman, demonstrating the value of insurance.

HDFC Life plans to run its promotion throughout the IPL Season across malls in Mumbai, Delhi, Kolkata, Jaipur, Chennai, and Bengaluru.

Launching the campaign last month, the insurer explained that for Indians, cricket is a fundamental aspect of life. Loved as more than just a sport, it works well as a metaphor, and it won’t be hard for consumers to see the links between financial plans and a shopping centre game.

This experience should be enjoyed by mall-visiting families, and while HDFC Life plans to explain its products via bat and ball, it’s likely that the simplicity of the experience will be enough.

We think customers will notice the effort, reinforcing brand recognition and even appreciation.

The article agreed that the change would take a generation, but the idea was provocative enough to stir up some serious debate.

It might not be worth jumping into that particular discussion, but the role of women in the financial world – and how they should be recognized and marketed to – is worth thinking about.

A 2009 survey carried out by the Boston Consulting Group (BCG) showed just how far the financial world is from understanding women.

The study might be a few years old now, but it took in the responses of 12,000 females across 22 countries, shaping up an interesting international perspective. (You can read more here).

What was the result? 47% of the respondents were dissatisfied with their bank, and 45% felt disappointed by life insurance options. Significant figures when you consider that BCG also found that 77% are responsible for their household’s administration.

The research estimated that women are increasingly at the economic centre of their families, spending close to 70% of consumer dollars, worldwide.

Unfortunately, it doesn’t look like financial providers are keeping up. Think about retirement ads – most of the time, we see a happy couple. The husband is taking care of the situation, the wife smiles on adoringly.

This is a generalisation, and we’ve noticed some great insurance commercials, both in India and overseas, but we have to ask how it can all be done better.

Should we have more marketing that speaks directly, even only, to women? Should the women holding our bank’s leadership positions be more visible?

Obviously, a woman’s role in her family is complex. Not only does she work, she often handles her household and children’s needs. But maybe it’s as simple as speaking this language. Rather than a bank asking ‘what do you do?’ it might need to ask women ‘what are you responsible for in your family?’

Where do you think the financial world gets it right? And wrong? Let us know your thoughts…

Unsurprisingly, the findings have a lot to say about the underprivileged – according to the data, three quarters have no bank at all. The reasons go beyond poverty too, with respondents citing paperwork and travel distance as the most difficult obstacles.

The World Bank questioned close to 150,000 adults in 148 countries for its study, and the results point out significant gaps between the wealthy and the poor, and even between men and women. The figures collected show that in developing countries more than half of the population does without a formal bank account. In ‘rich’ states, the same figure is just 10%.

Coming back to developing countries, 37% of women have an account, compared to 46% of men.

The World Bank says that of those earning under $2 per day, 75% are unbanked. To put that in perspective, it amounts to over 2.5 billion people.

So what do all these figures mean? Those without a bank account have no formal access to more complex financial tools, like insurance or credit. They struggle to save their money, which compromises everything from housing to the education of children, and they often need to resort to more risky options, like keeping cash or giving it to informal associations.

Financial providers clearly need to address the ‘red-tape’ issue and become more accessible. For instance, in Ghana, 70% of adults have no bank account, despite the country being home to 26 universal and 110 community banks.

The World Bank’s research shows that options like mobile money transfers could go a long way, seeing that they cut out the travel problem and often don’t require a formal bank connection. Kenya is a good example of this – the survey findings show that 68% of Kenyans have used their phone for a money transaction.

How should banks reach out to the underprivileged? Let us know your thoughts!