Problems and opportunities come in different types, and for optimised exploitation or addressing- they should preferably be dealt with at their level. Just like a National problem is dealt with on the National level and a regional problem at the regional level. Similarly, the resources could be far better optimised and be effective if a collective action addresses a probortunity, instead of every brand trying to do their bit for the cause.
I know it is difficult as no one wants to initiate collective action. The category associations are full of lobbyists with different agendas. And more so, no one wants to give the credit or share the credit with anyone else. There is deep mistrust, and every brand wants to be seen as a leader. Everyone fighting the issue on their own to the best of their abilities.
EXAMPLE – OTP BANKING FRAUDS.
OTP- One Time Password- is equally an advantage and a possible threat. Not a single day passes without a report of some or the other person being duped through Digital Payments, and where OTP is an essential part of the trail.
No one wants to be a victim; however, the possibilities of getting victimised exist every time one interacts and transacts. ‘Jamtara – Sabka Number Ayega’ on Netflix was an eye opener for most banking and credit card users. However, its impact on controlling or reducing potential fraud was and is limiting.
AWARENESS IS NEVER THE PROBLEM.
People know the need not to share OTP and know how they can be trapped and lose money. Banks – including the central; bank- RBI has been relentlessly communicating and warning every account holder and digital wallet holder of the possibilities.
EMBED BANK OF BARODA AD
The mail inbox is full of e- mailers from banks, and the SMS (now even WhatsApp) has the relevant warning flashing from time to time. Every time the card is renewed or one opens an account, the bank dutifully shares the do’s and don’ts, which no one really listens to or reads.
SO THE PROBLEM PERSISTS.
Now, with so many efforts, nothing seems to be working; few possibilities come to mind. And all of them are individually and collectively a possibility.
Maybe individual-led understanding and results are restrictive due to resources deployed.
Maybe we are not reaching the most venerable potential victims through our media choices.
Maybe, people have become somewhat complacent knowing that they can and, in the case of credit cards, a bit protected against their own mistakes.
Maybe the communication is not crafted well enough for the most venerable potential victims to understand.
Maybe the fraudsters are always a step ahead of the banks and regulatory bodies.
Maybe the communication by individual banks is defined by their own understanding, and the consumer gets too many different signals.
COLLECTIVE ACTION CAN HELP.
Maybe at this stage of Fragmented media- rising media cost and shortened attention span- the brands in digital payments and net-banking need to look at the situation afresh.
Maybe it is time for a collective collaborative combined effort from the banks and digital wallets. Which can give them the advantage of a concentrated, focused media approach.
As a brand collective, it will fuel safe usage, and the brands can fight the market war on functional benefits.
Maybe it will help reduce the liability of banks for such frauds.
Maybe it is an impractical wish in these competitive times. Perhaps someone will take the initiative and see merit in it.
In the past, the ‘Sunday Ya Monday- Roz Kaho Andee’ did magic for eggs. Motorola worked with multiple pager service providers while introducing the category ad was hugely successful. Newspapers and magazines, and outdoor have, from time to time, addressed category media issues collectively. Maybe there is some merit in thinking collective approach and addressing the problem. It will not solve it; however, it may help reduce it. The more mass the category penetration or, the lower it penetrates the consumer pyramid, the better the chances of a category-led exercise being more effective and efficient.
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