How Fincare Small Finance Bank pulled off ‘The Great Indian FD Fest’

Fincare Small Finance Bank recently rolled out its new multilingual TV campaign – ‘The Great Indian FD Fest’, featuring Viswanathan Anand. The campaign’s primary objective is to raise awareness about Fincare Small Finance Bank’s competitive interest rate offering for all categories of customers.

Additionally, it emphasises the significance of fixed deposit as a stable and long-term investment vehicle, which is suitable for everyone, whether starting a job or building a marriage or education kitty or looking to park their retirement nest egg in a low-risk high-return option.

The media campaign runs across TV – English and Regional News Networks, as well as on social media with a focus on the Metros and key regional markets.

In conversation with Adgully, Pankaj Gulati, Chief Marketing Officer, Chief People Officer & COO - Corporate Services, Fincare Small Finance Bank, sheds light on Fincare Small Finance Bank’s key marketing strategies, the core idea behind the new TVC, innovative product offerings, and more.

What are the key marketing strategies that you have implemented to promote Fincare SFB's products and services?

Keeping in mind the overall economic environment, the banking landscape, the target segment, sector best practices and perceptions, our effort at Fincare Small Finance Bank has been to focus on localized, bespoke, low-cost high-connect marketing initiatives.

One of our primary marketing pillars has been integrated digital marketing. We made significant investment in social media campaigns, search engine optimization (SEO), display advertising, and targeted email marketing. By leveraging these digital channels, we have reached a broader base of target segments and established a strong online presence. This approach has enabled us to engage with customers across multiple platforms, ensuring they are well-informed about the range of financial solutions on offer for them.

As any progressive organization, at Fincare, there is an emphasis on customer-centric banking. We constantly gather customer feedback to understand their banking needs and preferences. This enables us to tailor our marketing messages and positioning our product suite effectively. By addressing the complete life-stage banking requirements of customers, we build long-lasting relationships based on trust, convenience, and reliability.

Brand awareness is another vital aspect of our marketing strategy. We undertake various initiatives to enhance our brand visibility and showcase our commitment to providing exceptional financial solutions. These initiatives include sponsorships, participation in events, community outreach programs, and collaborations with influencers and industry experts. Through these efforts, we not only increase brand awareness but also reinforce our reputation as a trusted financial partner.

We understand the importance of personalized communication in today's competitive landscape. To this end, we leverage customer data and advanced analytics to deliver targeted marketing messages. Personalized email campaigns, SMS alerts, and customized product recommendations ensure that our customers receive relevant and timely information that adds value to their financial journey.

We are committed to continuously improving and refining our marketing strategies to serve our customers better.

Could you talk about the new TVC – what was the core idea behind it, as well as the media mix?

Fincare Small Finance Bank is pleased to announce the launch of its TVC Campaign ‘The Great Indian FD Fest’. This monsoon season, it's raining interest rates on fixed deposits, with very attractive rates for both senior citizens and general citizens. At present the bank is offering rates as high as 9.11% for senior citizens and 8.51% for general citizens.

The media campaign features Fincare Small Finance Bank’s brand ambassador - Grand Master Viswanathan Anand. The campaign shall go live on 10 July 2023 and run across TV – English and Regional News Networks, as well as Social Media channels with a focus on metros and key regional markets. 

The campaign's primary objective is to raise awareness about Fincare Small Finance Bank's competitive interest rate offering for all categories of customers. Additionally, it emphasizes the significance of fixed deposit as a stable and long-term investment vehicle which is suitable for everyone, whether starting a job or saving for an education or marriage or looking to park a retirement nest egg in a low-risk high-return option.

How do you ensure that Fincare SFB's products and services meet the needs and preferences of the target customers?
Fincare Small Finance Bank's products and services meet the needs and preferences of our target customers. Here's how we achieve customer-centricity:

Customer Feedback:

Thorough research to understand customer needs and financial requirements.

Identify challenges and aspirations of our target customers.

Actively seek customer feedback through surveys and feedback forms

Incorporate customer suggestions and address areas for improvement.

Personalized Product Development:

Leverage customer data and insights for tailored solutions

Develop products that align with specific customer requirements.

Continuous Innovation:

Proactive approach to stay ahead of evolving customer needs.

Collaborate with customers to identify emerging needs and trends.

Regular Product Review and Enhancement:

Ongoing review to ensure products remain up-to-date.

Enhance offerings based on market insights and customer feedback.

We are committed to delivering financial solutions that add value and empower our customers to achieve their financial aspirations.

What are some of the innovative product offerings or features that Fincare SFB has introduced under your leadership?
We are proud to highlight some of our recent innovations:

Digital Savings Account: We have launched Fincare 101 – a digital savings account that can be opened seamlessly through our mobile banking app or website. The account offers convenience, flexibility, and instant access to a range of banking services, empowering customers to manage their finances digitally.

Instant Loan Approval: Our innovative loan approval process utilizes advanced technology and data analytics to provide customers with instant approval. This streamlined process reduces the time and effort required for loan applications, making it easier for customers to access credit when they need it most.

Digital Payments and Remittances: Fincare Small Finance Bank has launched digital payment solutions that enable customers to make seamless transactions, including mobile payments, UPI (Unified Payments Interface), and online fund transfers. We have also partnered with leading remittance providers to offer efficient and cost-effective cross-border remittance services.

Fincare Small Finance Bank rolled out Fincare Biz- an app for the merchants to receive bilingual sound-based notification for QR code-based transactions, view QR code transaction history and accept payments through a dynamic QR code.

Small Business Solutions: True to our mission of supporting micro-entrepreneurs and micro-enterprises, we have introduced innovative banking solutions tailored to their specific needs. These solutions include customized current account, digital invoicing, supply chain financing, and business advisory services, empowering small entrepreneurs and SMEs to thrive and grow.

How does Fincare SFB differentiate itself from other players in the market, and what role does marketing play in establishing that differentiation?
Marketing plays a vital role in establishing Fincare Small Finance Bank's brand salience in the market. Our marketing initiatives are designed to effectively communicate our key strengths and differentiators to our target audience. Through targeted messaging and integrated marketing campaigns, we highlight our customer-centric approach, and leverage data-driven insights to deliver personalized solutions suited to their specific needs and preferences.

Our technology-driven solutions, including our user-friendly mobile banking app and cutting-edge digital platforms, showcase our commitment to innovation and convenience. Additionally, our marketing efforts emphasize our commitment to financial inclusion, demonstrating our dedication to serving unbanked and underbanked segments. We leverage all mediums, such as digital campaigns, content marketing, social media engagement, and influencer partnerships, to raise brand awareness and engage with our target customers.

By nurturing customer relationships through personalized communication and delivering exceptional customer experiences, we foster loyalty and advocacy. Our continuous refinement of marketing strategies ensures effective differentiation, positioning Fincare Small Finance Bank as a smart, trusted and thinking-about-me banking partner.

Could you share some insights into Fincare SFB's customer acquisition and retention strategies?
Customer Acquisition: At Fincare Small Finance Bank, we employ targeted marketing campaigns to acquire customers. By leveraging data-driven insights, we identify our target audience and create tailored campaigns to create reach. Additionally, our referral programs encourage our loyal customers to refer their friends and family, harnessing the power of word-of-mouth marketing.

Customer Retention: We prioritize exceptional customer service as a cornerstone of our customer retention strategy. Our dedicated customer service representatives are trained to provide prompt and efficient resolution of queries and concerns, ensuring a positive experience. We maintain regular communication with our customers, delivering personalized information about our products, services, and exclusive offers. By understanding and responding to evolving customer needs, we continuously refine and enhance our product offerings. Our loyalty programs provide incentives and rewards for customer engagement, fostering a sense of exclusivity and encouraging continued loyalty. Additionally, we proactively seek customer feedback to address concerns and make improvements, ensuring high levels of customer satisfaction and retention.

These customer acquisition and retention strategies are integral to our commitment to building long-lasting relationships with our customers. By delivering exceptional customer experiences, personalized solutions, and continuous innovation, we strive to meet their financial needs and exceed their expectations.

What role does technology play in driving marketing and operational initiatives at Fincare SFB?

Technology plays a pivotal role in both areas, enabling us to deliver superior experiences to our customers and enhance operational efficiency.

In terms of marketing initiatives, technology empowers us to implement targeted digital marketing campaigns. Besides, data-driven insights, SEO, social media marketing, display advertising, and email marketing efforts to reach specific customer segments effectively, our customer relationship management (CRM) systems enable us to manage and analyze customer data, personalizing our marketing efforts. Automation tools streamline various processes, such as lead nurturing and email campaigns, ensuring consistent and timely communication with our customers.

On the operational front, we have invested in advanced digital banking platforms that provide seamless and secure online and mobile banking experience. These platforms enable customers to perform a wide range of transactions conveniently and at their preferred time and location. Additionally, process automation minimizes manual tasks and errors, improving efficiency across account opening, loan approvals, and customer service requests. By leveraging analytics tools, we are able to acquire valuable insights into customer behavior and preferences. This enables data-driven decision-making, allowing us to refine marketing strategies and optimize operational processes to enhance customer satisfaction.

By embracing modern technology tools, Fincare Small Finance Bank is continually striving to deliver innovative and convenient banking. We are committed to leveraging technology to drive marketing effectiveness, improve operational efficiency, and provide exceptional financial solutions to our valued customers.