Union Bank of India has joined the league of public sectorbanks that have invested in a ‘brand make-over’ in the recent past. The bankimplemented a new logo in 2008 heralding the new face of the bank and has eversince positioned the bank as a ‘partner in one’s dreams’. The positioning workswell with a bank that caters primarily to the working population of the nationand with most bank borrowings drawn to fulfil one’s dreams, the brand messageis a ‘nail on the head’. The bank has evolved its strategy over time and in itslatest campaign talks about the silent faces behind well-known names such ascricketer Sachin Tendulkar, musician A.R. Rehman and chess grand masterVishwanathan Anand.
With public curiosity about personal lives of celebrities,the campaign holds viewer interest long enough to promote the brand. Incomparison to the recent campaign (read here) of Kotak Mahindra bank, the campaign strikesa good chord with the viewer. Retail banks need to position their brand toinspire trust, a pro-customer approach and attractive offers.
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With strictregulations on banks going over-board with promoting offers, there is achallenge in that the advertising saying too little without saying too much. UnionBank of India has done well in its marketing strategy and now should tap intothe social media to build a good customer engagement programme. With most urbanIndians already having an existing bank account, making a switch or even addingone more bank account to their kitty involves much effort. Through multitude ofreasons that campaigns give to motivate viewers to make that switch, a good customerengagement programme becomes that tipping point to get the customer fully in.
Rating: While thecampaign evolves the brand, a good customer engagement programme will enablethose conversions
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