Doling up for the ‘big boys’!

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2008 saw a flurry of old-school public sector banks rid themselves of their staid persona and adopt a nimbler, stylish image to compete with the private and foreign players in the segment. To be fair, it all began with the largest public sector bank – State Bank of India’s conscious effort to shed its sarkari image in 2006, but the trend caught real steam in 2008 when a series of other banks joined the fray, in preparation for the introduction of BASEL II norms in early 2009. And all this to fight the big boys in the race. Campaigns that led this makeover bug were that of Canara Bank, Union Bank, IDBI and Indian Overseas Bank, among many. Canara Bank and Union Bank, in particular, did not just sport a new tagline, but also went in for a change in logo. Canara Bank’s comunication (devised by O&M) tried to drill home the message that they had changed and that too for the people they love (read: consumers). Union Bank adopted a similar strategy, yet decided to retain its brand promise – ‘Good People to Bank With.’ IDBI, however, did not change its logo, but tried to aggressively position itself in the market place to get the idea across to its consumers that it was one bank that was not just for the big boys! All in all, a year that saw PSU banks doling out crores of rupees to position themselves efficiently!

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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