| Banking on compassion | |
| Suvi Dogra / Mumbai November 17, 2008, 0:33 IST | |
ADVERTISING: In the changed economic scenario, banks and financial services advertising harps on the emotional rather than functional aspects
Two young boys sneak out of school to play soccer. They find a spot and start playing. When the ball is flung out of sight, they find themselves in the company of a full grown elephant. The elephant kicks the ball back and the boys make a hasty retreat.
Next day, the boys play at the same spot. The elephant is now accompanied by a baby elephant who plays with the boys. The boys accept the new teammate.
That’s IDBI’s new television commercial for you. With the new spot, IDBI is attempting to move away from its image as an institution that finances only big projects to a bank meant for everyone – big or small. The new communication is aimed at leveraging its banking strength for its new retail banking identity.
For its privileged Orange account subscribers ING Vysya, too, has embarked upon a new campaign that promotes the easy accessibility that the account offers. The commercial shows four people welcoming a person into their house because he is their friend’s friend.
The film makes it clear that though the guest is not known to the people who are welcoming him but because of his relationship with their friend, he is readily accepted into the house.
Clearly, banking and financial services advertising has come a long way since the rise of retail banking: from ads using the safety and security plank to commercials promoting value-added services as a differentiator.
The financial sector is now using the humane angle and emotion quotient as the preferred formula to get the right communication across to the consumer.
More recently, several banks have undergone a re-branding exercise to make their services more appealing to the new age consumer. Earlier, UTI Bank transformed into Axis bank and now Union Bank of India has undergone a branding change while retaining its punch line — Good people to bank with. “Our brand communication and logo change is a serious attempt to convey the internal changes initiated by the bank to provide superior customer experiences and make it the ideal choice for the younger generation,” says Srinivas Govindan, general manager, personal banking and corporate communication at Union Bank. “Our campaign is built on relationship and promises to fulfil dreams,” he adds.
Chandradeep Mitra, president and executive director, Mudra Max, says, “It is no longer about promoting the usual services as the basics become parity after a while. The challenge is to develop a likeable and caring personality that can connect with the consumers. For private banks this is a good time to invest in creating the right image for their brand.” Agrees brand advisor Harish Bijoor, “The emotional parameter works better than the functional ad plank.
Today, given the economic scenario, ads that act as a balm trying to soothe the uncertainty of consumers will work for any bank or financial service.” Little surprise, then, that the insurance companies too, have embraced the new norms departing from their earlier plank of duty and responsibility.
Some, like Max New York Life, are celebrating a resurgent India. Max’s new philosophy of ‘Karo Zyaada ka Iraada’ has been pictured as a salute to all those who happily challenge status quo and push the boundaries in the search of and in creating a bigger, brighter tomorrow.
IFFCO-Tokio General Insurance Co. Ltd. (ITGI) recently rolled out its new ‘Muskurate Raho’ ad campaign aimed at conveying that the company can provide the right solutions in present times full of risks and tension.
The ad features brand ambassador Paresh Rawal as Albert Pinto who endorses IFFCO-Tokio as a provider of means for transferring these risks and tensions through its line of insurance products and unmatched service quality.
To be sure, given the tough economic environment, the ‘hygiene factor’ is re-surfacing. In its TV spot, ICICI Bank, for instance, has used ambassador Shah Rukh Khan uttering — ‘It’s a smart choice.
Take my word for it’ and the campaign seems to be driven by the actor’s star power more than the brand promise of the bank. “Today, while bank and financial sector advertising may have evolved but given the economic scenario, the safety and trust angle is re-surfacing,” concludes Mitra.
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