Financial Services Providers Analysis

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Financial Services Providers Analysis

Key Takeaways

  • The eight companies offering customization in packaged bank accounts, insurance, mortgage, and credit cards include, Marqeta, eFinancial, Chubb, ICICI Bank, Quicken Loans, Ideal Home Loans, IDFC FirstBank, and HDFC Bank.
  • Marqeta's key products include CreditCard, Debit cards, and prepared cards.
  • Marqeta has a social media presence on three platforms, including Facebook, Twitter, and Linkedln. The company promotes itself as a company that brings speed and efficiency to "card issuing and payment processing with the world's first open API platform."

Introduction

The research brief contains eight financial providers offering customization in packaged bank accounts, insurance, mortgage, and credit cards. The eight companies providing customization in the areas provided include Marqeta, eFinancial, Chubb, ICICI Bank, Quicken Loans, Ideal Home Loans, IDFC FirstBank, and HDFC Bank.

Marqeta

Key Products/Services

  • Marqeta's key products include Credit Card, Debit cards, and prepared cards.
  • The company offers options for customers to design credit cards tailored to their unique client choices with customized offers, card controls, and rewards.

Marketing Strategy

  • The company markets itself through its official website. They have explained details about their customized credit cards on their website.
  • Marqeta has also used its social media platforms such as Facebook, Twitter, and Linkedln to market its products to clients.

Message Used

  • The company promotes itself as a company that brings speed and efficiency to "card issuing and payment processing with the world's first open API platform."
  • They also market themselves as a global company with extensive partnerships with multiple banks and card networks such as Visa, Mastercard & Discover, and their solutions are used by innovators such as digital banking, lending, e-commerce, and on-demand services.

Social Media Platforms

  • Marqeta has a social media presence on three platforms, including Facebook, Twitter, and Linkedln.
  • The company's Facebook page has about 5,232 followers.
  • Their Twitter page has about 14.1K followers.
  • The LinkedIn page has about 64,276 followers.

eFinancial

Key Products/Services

  • The company offers a range of life insurance policies including term life, permanent life, life expanse, accidental death benefits, and Life insurance riders.
  • The company offers Life insurance riders that allow clients to customize their policy to meet their family’s exact needs.

Marketing Strategy

  • eFinancial uses its social media platforms including Linkedln and Instagram to communicate its product offerings to its clients. The company post at least once every week on its LinkedIn page.

Message Used

  • The company has used messaging terms such as "we’re making it easier, faster, and more affordable for people to protect their families with life insurance on their social media platforms."

Social Media Platforms

Chubb

Key Products/Services

  • Chubb offers a wide range of insurance services including life protection, accident protection, child education, general protection, medical protection, and more.
  • The company offers Life insurance policies that allow clients to customize their policy to meet their needs.

Marketing Strategy

  • Chubb has used campaigns to market its life insurance policies. In a video campaign, the company promoted itself as a company that set itself apart by differentiating itself from the competition and reinforcing the value they deliver regularly.
  • The company also promotes its products to its clients by frequently posting on its social media platforms such as Facebook, Instagram, Linkedln, Twitter, and YouTube,

Message Used

  • The company has used messages such as " win the journey, Set yourself apart" to market its life insurance.

Social Media Platforms

  • Chubb has a social media presence on six platforms: Facebook, Instagram, Linkedln, Twitter, YouTube, Whatsapp, and WeChat

ICICI Bank

Key Products/Services

Marketing Strategy

  • Under the slogan "Khayal Aapka," ICICI Bank aims to become a leading financial services provider in India by leveraging its human resources, technology, speed, and financial capital. For the past 28 years, ICICI Bank has been actively creating a positive brand image in the market. What sets banks apart from their competitors is the unique appeal of their products and services.

Message Used

  • The company markets itself as one of India's top private sector banks. The company has used messaging such as "It's raining offers with ICICI Bank Credit Cards and here are a few hot picks from our Summer Bonanza Offers."

Social Media Platforms

  • eFinancial has a social media presence on three platforms: Facebook, Instagram, Linkedln, Twitter, and YouTube.
  • The company's Facebook page has about 5,297,628 followers
  • Their Twitter page has about 705.7K followers.
  • The LinkedIn page has about 2,578,93 followers.

Ideal Home Loans

Key Products/Services

Marketing Strategy

  • Ideal Home Loans markets itself by communicating details about its custom mortgage on its official website.
  • The company has also used video interviews as a medium to educate clients about their products.

Message Used

  • The company has used messaging such as "Ideal home loans live up to their name - get a great rate on a loan and manage debt."

Social Media Platforms

Quicken Loans

Key Products/Services

Marketing Strategy

Message Used

  • While marketing the YOURgage's solution, Quicken Loans communicates that it can save customers on their monthly payments: “You can customize the length of the loan, potentially saving on your monthly payments.”
  • The company also emphasizes that YOURgage's solution offers fixed rates, as a marketing point.

Social Media Platforms

  • Quicken Loans has a social media presence on Four platforms: Facebook, Linkedln, YouTube, and Twitter.

IDFC FirstBank

Key Products/Services

  • IDFC FirstBank offers a wide range of current account options for different types of businesses including mobile banking, Business debit card, one X net banking platform, and more.

Marketing Strategy

  • The company appears to use its official website as the primary source of marketing its customizable current accounts.
  • IDFC FirstBank uses the official website to provide answers to the FAQs. They also display the fees for opening and maintaining these accounts while mainly stressing that they are affordable.

Message Used

  • According to IDFC FirstBank, it has a “Wide range of Current Accounts that are best suited to cater to various business needs.”
  • The company uses the term ‘Free,’ i.e., “Free Cash Deposit Limit,” “Free 300 Cheque Leaves per month,” “Free DD Issuance,” etc., to display their products as affordable.

Social Media Platforms

  • IDFC FirstBank has a social media presence on four platforms: Facebook, Linkedln, YouTube, and Twitter.
  • The company's Facebook page has about 560,937 followers.
  • Their Twitter page has about 83.8K followers.
  • They have about 756,528 followers on Linkedln.
  • IDFC FirstBank has 48.5K followers on YouTube.

HDFC Bank

Key Products/Services

  • HDFC Bank offers customized current accounts providing banking services to businesses of all kinds.
  • The financial institution offers 23 current accounts, including Ultima Current Account, Supreme Current Account, Apex Current Account, EZEE Current Account, Max Current Account, Agri Current Account, etc.

Marketing Strategy

  • HDFC Bank seems not to market on any other platform (i.e., their social media platforms) other than their official website. The bank uses its official website to promote its customized current accounts, providing details on its features.
  • In addition to communicating the different features on their official website, HDFC Bank also displays the free services account owners enjoy from opening such accounts.

Message Used

  • Since the company uses its official website to promote its customized current accounts, it claims that its banking solutions and requirements under this category are for businesses of different kinds.

Social Media Platforms

  • HDFC Bank has a social media presence on three platforms: Facebook, Linkedln, YouTube, and Twitter.
  • The company's Facebook page has about 2,917,457 followers.
  • Their Twitter page has about 342.8K followers.
  • They have about 1,377,475 followers on Linkedln.
  • The company's YouTube page has about 281K subscribers.

Research Strategy

To provide the eight financial providers offering customization in packaged bank accounts, insurance, mortgage, and credit cards. The research team reviewed various global financial providers, including Marqeta, eFinancial, Chubb, ICICI Bank, Quicken Loans, Ideal Home Loans, IDFC FirstBank, and HDFC Bank. We reviewed their official website, press releases, and social media platforms to provide the required information for each financial provider. We ensured to exclude UK providers from our list. However, some providers have a presence in the UK, although they do not have a headquarters there.

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