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estimated 1.2 million afuent households that is expanding at 20% a year, 40
million middle income households growing at 10% a year, more than 110 mil-
lion households with earnings of US$7,500 to US$20,000 and more than 70%
of the population below the age of 36. It is no wonder then, that global brands
are making a bee line to the Indian market to grab a share of the growing pie.
This alluring face of the Indian business landscape has another facet to
it and that is the presence of highly discerning and demanding customers. In
spite of the booming economy and the increasing disposable income, Indian
consumers are very cautious and clear in their priorities. Consumers are
still not ready to splurge on branded goods at premium prices. Added to this
there is a growing number of Indian brands that offer superior quality at af-
fordable prices. In such a scenario, global brands can win only if they attune
themselves to the local conditions.
Unilever is a classic example of a global brand which has pioneered serv-
ing the locals with products that address the local sensitivities. Unilever’s
Indian subsidiary Hindustan Lever Limited (HLL) has been the leader in
recognizing the tremendous opportunity lying at the bottom of the pyra-
mid – customer base that aspires to consume products but in smaller quanti-
ties and at lesser prices. HLL literally invented the shampoo sachets – small
plastic packets of shampoo for as less as USD 0.022. This became such a
rage among the rural consumers that many other brands started offering
products such as detergent, coffee and tea powder, coconut oil and tooth
paste in sachets. Even though the unit price was higher, rural consumers
were able to afford to purchase the smaller quantity at their convenience.
Another example is of global mobile brand Nokia. Nokia also recognized
the growing importance of rural customers in the Indian mobile telephone
market which grew from a mere 300,000 subscribers in 1996 to a whopping
55 million subscribers in 2004. Nokia introduced its dust-resistant keypad, an-
tislip grip and an inbuilt ash light. These features, albeit small, appealed to a
specic target of truck drivers initially and then to a broader segment of rural
consumers. These features endeared Nokia to the Indian consumer as Nokia
displayed a genuine commitment in responding to local customer needs.
These examples clearly endorse the glocalization route to winning cus-
tomers in diverse markets. Glocalization – maintaining the brand logo, the
key message and the underlying philosophy and localizing the brand ele-
ments to offer customers an authentic local feel – is increasingly becoming
the preferred business model for global brands. By extending the unique
brand experience through customized channels and offerings, global brands
89
able in the welcome kit. Moreover, proper care has to be taken regarding the
condential documents as, Internet banking frauds are on an increase.
History of Internet Banking
7 The concept of Internet banking has been simultaneously evolving with
the development of the world wide web. Programmers working on banking
data bases came up with ideas for online banking transactions, some time
during the 1980’s. The creative process of development of these services was
probably sparked off after many companies started the concept of online
shopping. The online shopping promoted the use of credit cards through In-
ternet. Many banking organizations had already started creating data ware
housing facilities to ease their working staffs. The development of these da-
tabases were widely used during the development of ATM’s.*
8 Sometime in 1980’s, banking and nance organizations in Europe and
United States started suggestive researches and programming experiments
on the concept of «home banking». Initially in the 80’s when computers and
Internet were not so well developed, «home banking» basically made use of
fax machines and telephones to facilitate their customers. The wide spread
of Internet and programming facilities created further opportunities for de-
velopment of home banking.
9 In 1983, the Nottingham Building Society, commonly abbreviated and
refereed to as the NBS, launched the rst Internet banking service in United
Kingdom. This service formed the basis for most of the Internet banking
facilities that followed. This facility was not very well developed and re-
stricted the number of transactions and functions that account holders could
execute. The facility introduced by Nottingham Building Society is said to
have been derived from a system known as Prestel, that is deployed by the
postal service department of United Kingdom.
10 The rst online banking service in United States was introduced, in
October 1994. The service was developed by Stanford Federal Credit Union,
which is a nancial institution. The online banking services are becoming
more and more prevalent due to the well developed systems. Though there
are pros and cons of electronic cash technology, it has become a revolution
that is enhancing the banking sector.
* ATM – automated teller machine (also automatic teller machine) – a machine that automati-
cally provides cash and performs other banking services on insertion of a special card by the
account holder.
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