Online Strategies of Banking and Insurance Companies in the BRIC Countries

Internet banking has become increasingly popular in Brazil and the country’s banks have begun to offer various online services, ranging from checking account transactions to making investments and even paying bills on the internet. There were 37.8 million internet banking customers in Brazil in 2010, who together conducted 12.8 billion online transactions.

Most Russian banks and insurance companies are currently seeking to develop English language websites in order to attract more international customers. Russian customers are generally very apprehensive of shopping or conducting banking activities online. Due to this, Russian banks have focused on improving the security of their websites. For example, Rosbank uses multiple software programs to ensure the complete security of their customers’ transactions.

Internet banking has become an integral part of the Indian banking industry, although online insurance sales only started in the country in the late 2000s. Most Indian banks have developed mobile applications as a strategy to attract young customers. Banks in India are expected to extend the scope of their mobile banking channels to offer a broader array of products and services over the forecast period. Indian banks also use social media sites to provide basic information and market their products and new offers. It is expected that banks will incorporate consumer grievance redressal mechanisms into social media networks over the forecast period.

Banks and insurers are increasingly utilizing the online platform to market their products and services. Companies are attracting customers by providing an all-inclusive online service network. The Bank of China launched a special online service for its small and medium-size enterprises (SMEs). Chinese banks also offer an online banking platform for their overseas customers. To attract domestic and international customers, the Industrial and Commercial Bank of China has launched cross-border foreign exchange remittance and global account management services. Similarly, the Chinese insurance company PICC introduced a special online website (www.e-picc.com.cn) to offer online insurance and other value-added services to its customers. Meanwhile, Ping An Insurance introduced an online shopping model that offers insurance services.

Scope

• This report provides an extensive analysis of the online strategies used by banking and insurance companies.
• This report provides an extensive analysis of online marketing strategies used by banking and insurance companies in the four BRIC nations – Brazil, Russia, India and China.
• The report provides a detailed understanding of how online platforms are being used by banking and insurance industries to identify new markets, launch products, gather customer feedback and monitor brand performance.
• The report also provides insights into evolving social media market sizes for each country.
• It also provides insights into future online marketing strategies adopted by players in each industry to strengthen market position.