Posts by Carlos Mendez - Bogota

In Colombia, BCSC is helping people save again

banco-caja-socialThe global economic crisis has hit Colombia, but few marketers appear to be working to lower the anxiety index of consumers here. One notable exception is Banco Caja Social BCSC (“Your friendly bank”), which has created a product that meets the needs of customers in this recession. Since maintaining a savings account can be costly—banks in Colombia charge for services like card handling, balance enquiries and withdrawals—BCSC launched an account with no charges and added incentives for customers who meet savings goals.

“Let’s celebrate,” reads a print ad, “that we can finally begin saving again.” It’s an account (repetitively titled “A Savings Account that Saves”) “that allows us to say proudly, ‘To have a friend is to have everything.’” The bank is savvy to position itself not just as the consumer’s advocate but as a real friend—note that it’s “we” who will be saving, not “you”—at a time when financial institutions have a chance to forge lifelong loyalties with consumers.