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[Report] Indian BFSI brands on Instagram – Part I

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Aishwaria Sonavane
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In this two-part series, Social Samosa explores the nitty-gritty of Indian BFSI brands on Instagram.

The scenario seems to be altering; the land that seemed fertile selectively for lifestyle or entertainment is now bearing fruits for BFSI Brands too. Profiled vastly to be sophisticated and prim BFSI is personalizing itself through pictures and gone are those lurking days for them on such visually pleasing platforms.

The conventional façade of suited, formal employees with the limited conversation between glasses and well-groomed lobbies might have greeted older generations but the young customers today hope for their financial services to heed people as much as their finances. Achal Deoda Business Head, KRDS nods in agreement and shared how Instagram for BFSI brands is a great opportunity to engage with 21-28-year age bracket.

Going the creative way

YES BANK claiming to be India’s 5th largest private sector bank, became a part of the Instagram family early this year and has earned 236k followers already. Their Instagram handle is rather vivid and vibrant.

YES Bank right from Eid to Lohri celebrated almost all festivals through creatives and also became the brand to enlighten people about #ArmyDay, #NationalYouthDay, World Aids Day and more. The brand dedicatedly showcased their support towards the Indian Premier League by keeping their viewers updated meanwhile staying in the trend and maintaining their presence.

For instance, ICICI Lombard on Instagram creates a rather visual image of what happens when you use their travel insurance. The images are driven by wanderlust and fun trips. Their fans as Roopawalla shared appreciate the way they look at the world and they hope, one day, they'd like to take their Travel Insurance on their next epic journey.

 

 

Similarly, Axis Bank, with 56.2k followers uses Instagram with sugar and spice. One of their recent themes is #FoodVentures – a content series that features lip-smacking food. Additionally, the brand advocates living life king size through their share of thousand words. The brand boosted their #WillSwipeFor by flexibly creating a story-telling experience and utilizing to the utmost the features of Instagram.

 

 

 

Reliance Mutual Funds also banked on creativity for building their Instagram profile on the lifestyle-ish path where they promoted #GiftsThatKeepGiving campaign by uploading on striking images. Along with that, their campaign ‘Ek Kadam Aagey’ was endorsed through a formatted, peculiar bright creative stating their success stories through it.

 

Injustice never prevails. This is proved by a recent account that took place in Punjab. Banks in Punjab had forced some farmers to submit blank cheques and mortgage their property to get their loans sanctioned. Due to the agrarian crisis, the poor farmers were unable to repay these loans. This resulted in many farmers committing suicide. When NGO Youth Kamal Organisation learnt about this injustice they sprung into action. They sought the assistance of the Union Ministry of Finance and Reserve Bank of India as certain banks did not meet the RBI’s instructions regarding issuance of post-dated blank cheques. The banks finally bowed and in an event at Bishnoi Mandir , the NGO returned approximately 200 blank cheques. This pioneering event is definitely #EkKadamAagey in ensuring that farmers of the nation get the respect and protection that they rightly deserve in fulfilling our nation’s nutritional requirements. Source: http://bit.ly/28Ipdcc For more such inspirational stories, visit www.EkKadamAagey.com . #reliancemutualfund

A photo posted by Reliance Mutual Fund (@reliancemutualfund) on

 

HDFC became an environmental supporter on Instagram to celebrate World Environment Day through #SmallGreenStep with attractive creatives, peculiarly like ‘Ek Kadam Aagey’ making it entirely illustrative.

 

 

With over 6k followers, Bajaj Allianz Life Insurance became another brand to create a blend of content covering everything from campaigns, contests to festivities. The brand’s involvement in sports, football to be precise was quite evident through their campaigns, swiftly creating a blend of creative and casual content, the brand made their page more interactive than preachy.

 

Confused about making the right investment? Life Insurance is not as tricky as you think it is. #JiyoBefikar #BajajAllianzLifeInsurance

A photo posted by Bajaj Allianz Life Insurance (@bajajallianzlifeinsurance) on

 

The tried and tested route

While the majority BFSI brands are actively choosing to become more flexible by adapting to classic Instagram traits, some brands are still strolling around the formal zone, keeping their personalities stable.

Stirring away from food, travel, and lifestyle with a classic BFSI tone, yet another content strategy?

According to Deoda, State Bank of India appears to be allocating good media budget for their Instagram - one of the highest numbers in the country. Their content usually is around multi-hued illustrations with a direct mode of interaction and upfront conversations. Through graphical representations, they speak massively about loans, banking tips, and other banking jargons. The brand has 103k followers on Instagram.

#SafeBankingTip A bank or its executives will never ask for any sensitive information. #BankingTip #Tips

A photo posted by State Bank of India (@theofficialsbi) on

 

 

Vijaya Bank too keeps conversations to the point. These brands not only maintained minimalism but also kept their content similar across platforms.

 

 

“The major mistake that BFSI brands make on Instagram is replicating Facebook content on the platform and using it to promote their product directly and posting way too frequently,” added Roopawala.

BFSI brands are consciously using Instagram to establish their brand image the second part of the story will entail how these brands can use the platform to their benefit.

 

BFSI brands on social media instagram social media Axis Bank YES Bank social media BFSI and Instagram BFSI content strategy ICICI social media Vijaya Bank