Financial Services (105)
Banks get the personal touch
Banco Sabadell employees have a new way to propose improvements to their bosses. “BS Idea” is a social media platform where employees can submit improvement proposals and new commercial initiatives . Any department of the bank can generate these ideas. With this new platform, users have freedom to register new ideas and classify them in some of the 17 different categories the bank has created. There is a voting system to show the most popular ideas which the bank can then choose from to implement.
Why it matters
These kinds of initiatives have dual benefits including, improving financial institutions efficiency and at the same time empowering employees. Can marketers work with this kind of initiative, taking it to consumers to detract from the idea of faceless corporations and bring to life the people behind their bank?
Owing to reports that nearly one in nine employees in London’s banking, finance and insurance sector is gay, Credit Suisse has identified a niche in an otherwise congested market and implemented a bespoke banking service targeted specifically at the City's homosexuals. The service is provided by gay advisors and includes not just traditional banking offerings but also components tailored to such events as adoption and civil partnership.
One of the biggest challenges that poor urban entrepreneurs face is lack of access to capital. Banks and financial institutions are hesitant to lend to these individuals due to credit risk and small money lenders charge almost usurious interest rates. State Bank of India has developed a unique model where small sums (sometimes as low as $100) are loaned to individuals who form ‘Self Help Groups’ that together add up to a significant corpus. The bank benefits because the default risk is spread across multiple individuals in same social circle. Additionally peer pressure helps to prevent defaults.