ICICI Bank Limited, India’s largest private sector bank and the second largest bank in the country, has launched a new and exciting financial product for the youth called iWish. iWish is a flexible recurring deposit account but with a twist – you can share your goals on Facebook with friends and family. So, iWish not only offers the flexibility to choose when and how much to save to meet your goals, but by providing the choice to share your goals on Facebook, the bank creates a platform where your friends and family can contribute to your goals.
The product has been designed keeping the youth and their aspirations in mind, hence flexibility of amount saved and the time has been taken care of. Unlike a traditional recurring deposit, iWish is flexible allowing you to save varying amounts at any time of your choice. To get started, you have to simply log on to your online ICICI account and visit the iWish page. Savings can start with a minimum of Rs 500/- and with a minimum duration of 6 months.
ICICI has also begun promotions on social media channels like Facebook and YouTube. The Facebook community comprising more than a million fans is sharing the website’s link giving detailed information about iWish. In case you do not like reading up information, the YouTube video at the bank’s brand channel gives you a demo of iWish. It explains about the need for iWish and its benefits along with how to go about creating one. The sharing feature on Facebook is also flexible in that you can choose not to share your goals!
A few Indian banks have evolved immensely on social media in this year, with ICICI bank showing promising signs. Aligned with the bank’s strategy of ‘Khayaal Aapka’, iWish manages to gel with the huge numbers of youth, typically on the lookout for products with higher returns and flexible on time. It also helps that the product is integrated with Facebook making it even more favourable to the 18-35 years, social media savvy consumer segment.