Tuesday, January 27, 2009

The lure of a wrist watch...

Icici Bank is offering a wrist watch signed by Shah Rukh Khan if one opens a Privilege Banking account or upgrades to a 'titanium , gold or silver privilege account ' . What this basically means is that if you deposit significant money (relative to a regular bank account requirement) with Icici bank you will be rewarded with a watch signed by Shah Rukh Khan . This is supposed to be incentive to motivate a HNI to open an account with a bank ? 

A HNI customer is driving past ICICI bank and sees the hoardings and thinks "wow I'll get a watch signed by Shah Rukh Khan " . The next day he visits ICICI bank and opens an account. This dream sequence would probably happen in a movie (possibly one starring Shah Rukh) .

A wrist watch signed by Shah Rukh Khan may be of relevance in rural banking when seeking to expand the customer base . To offer it as an incentive for Privilege Banking is rather hilarious .
Most banks target male consumers . An educated professional does not see Shah Rukh as a role model ( most men I know can't even tolerate his acting ). Such a consumer will open a bank account for the lure of a mass printed wrist watch with Shah Rukh Khan's initials ?

To ensure that they don't alienate existing account holders this generous offer extends to account upgrades . In my visits to various branches of Icici bank I have almost always seen agitated customers . Folks who have been pushed over the edge due to some persistent problem with or courtesy the bank . Such a consumer will choose to add to his / her woes by depositing even more money with the bank for a mass printed wrist watch ?

Clearly Icici Bank ( and organizations who embark on such promotions ) have money to spend. Putting that into genuine , measurable service improvements will yield far more benefits than such ill conceived , pointless promotions .

1 comment:

Neelakantan said...

Watch? Wristwatch? Are we in 1970? Did the world turn back?

Signed by Shah Rukh Khan? You mean that the dial has a graphic that looks like Shah Rukh Khans signature when you see under an electron microscope? And I will part with an insanely high amount of rupees for that?

Lure me? With an iphone. Anytime.