Barclays digital media account up for pitch

The financial services firm may launch its first digital media campaign soon to promote its banking services and is expected to spend up to Rs 2 crore on digital media

afaqs! has learnt from reliable sources in the industry that financial services firm Barclays India is in the process of finalising a digital agency to handle the digital media planning and buying functions for the promotion of its banking services on digital media.

About five-six digital agencies have already made their presentations. The pitch process is in the final stages and the result is expected to be announced in the next few days.

It is understood that Barclays will use digital media to promote its banking services for the first time in India. The firm is expected to promote savings account and term deposit products and services through digital media.

The sources further indicate that the financial services firm may concentrate its digital ad spend on generating sales leads or acquiring new customers from metro cities - where the bank is present - instead of using the medium for brand building.

As per an industry estimate, Barclays is expected to spend up to Rs 2 crore on digital media.

According to the information available on Barclays.com, the firm launched its corporate and retail banking services in 2006 and 2007 respectively. Some of the retail services offered by the firm include saving and current accounts, safe deposit lockers, credit card, home loan and NRI banking.

Barclays retail and commercial banking services are available in cities such as Mumbai, New Delhi, Hyderabad, Kanchipuram (near Chennai), Junagadh, Ahmednagar and Nelamangala (near Bengaluru).