Image source: www.thenextweb.com

“Snapchat is for young people, how can a Bank make use of it?”

Financial Institutions as brands, have more or less stayed away from Snapchat. The platform has enjoyed greater success with retail, F&B, TV channels, start-up marketers and the like. In my view, there is potential for Banks to use the platform.

Before I explain why I believe Snapchat offers a great marketing connect for Banks and Financial Institutions, let’s look at how big Snapchat really is as a platform:

Snapchat launch date: Sept. 2011
Number of active users: 100 million
Average no. of photos shared every second: 8796
Number of Snapchat daily video views: 6 billion
Percentage of 18-34 year olds who have a Snapchat Account: 32.9%
Average Amount of time 18-29 year olds spend looking at Snapchat: 20 mins a day

(source: www.expendedramblings.com)

Judging by the numbers (and the fact that Facebook wanted to buy Snapchat for $3 billion in 2013 – the Company’s current valuation is $15 billion), this is a pretty big game changer among youth. While other brands (MTV, Cosmopolitan, Food Network, Vox, Mashable) are already at it, it’s time for Banks to step in…

Banks and Snapchat: How can they use it?

Since Snapchat is an ‘in the now’ platform and predominantly for youth, there are a variety of situations where Banks and NBFCs can make use of the medium. To effectively use Snapchat, one must understand the ‘Stories’ feature on the platform. This allows you to compile your snaps and videos and share with everyone. A story is only valid for 24 hours after which it is deleted.

Ways to use Snapchat include:

Behind the scenes filming of TV Commercials – who doesn’t want to see exactly how crazy it is on the sets when filming TV commercials? Funny moments, bloopers, director’s comments, re-takes, all these can be shown to drive Brand visibility
New Product launches – Snapchat can be used to promote teasers, also 24hrs leading to the launch can be highlighted
Recruitment – When conducting campus recruitment, Snapchat can be used for updates, schedules, contests, information dissemination
Group Benefits – telling teens how they should select companies based on benefits provided and what does benefits are
Quick comments – on relevant issues by Senior Management
Contests regarding Personal Loans, Education loans and Two-wheeler or Auto Loans

There is also an older audience (25 to 34) who also use Snapchat, though less frequently. Some Snapchat ideas for them include:

Using Snapchat to promote financial planning (how to invest stories/investing facts)
Mutual Fund/Insurance/Systematic Investment Plan (SIP) awareness drives
Financial quizzes and puzzles
24hr financial deals and discounts
Snapshots of your credit card portfolio and benefits of individual cards

Snapchat and HR

This is not something which has not been thought through as much. Within an organisation, employees can be made to download Snapchat. HR can use the platform in many innovative ways:

Create multiple employee engagement videos
Spread awareness on HR policies
Create employee motivation contests (e.g. best Christmas cubicle decorations contest)
Launch stories for new employee programs
Reminders during appraisal times (conducting performance meetings/announcement of schedules)
New employee profiles (they can introduce themselves)
Speak about charity drives conducted by employees
Sales/Flash/On the Spot contest reminders or announcements for sales teams

Getting your audience on Snapchat

While using Snapchat getting your audience to add you is a challenge. You will need to use all your other channels (your website, twitter, Facebook and Instagram) to build up your initial base. You will need to run a ‘now on Snapchat’ campaign for the same.

As the 3rd highest used Social Media platform among millennials, Snapchat is something you cannot afford to ignore. Use it wisely and watch your brand awareness and recall grow! After all, don’t you want to be one, with the millenials and reach out to them?