Arvind Iyer on building ‘Neeyat’ into a core business proposition

Piramal Capital & Housing Finance Limited (Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Ltd (PEL), recently launched Parakh, a series of short films that go beyond traditional advertising to depict the real lives of borrowers. Produced in five regional languages across Uttar Pradesh, Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana, these films showcase the intent (Neeyat) of borrowers alongside documentation
The Parakh series is anchored by celebrities such as Neelesh Misra, Nivedita Saraf, Brahmaji, Nizhalgal Ravi, and Vinaya Prasad, who bring these powerful, real-life stories to the forefront.

In an exclusive interaction with Adgully, Arvind Iyer, Head of Marketing, Piramal Finance, elaborates on Parakh, the new initiative by Piramal Finance, and how it aligns with the brand’s philosophy of “Hum Kagaz Se Zyada Neeyat Dekhte Hai”. He also highlights Piramal Finance’s role in transforming lending narratives across unserved markets, key trends that are expected to dominate the BFSI sector in 2025, and much more.

Please tell us more about Parakh, the new initiative by Piramal Finance. What was the idea behind it, and how does this align with the brand's philosophy of “Hum Kagaz Se Zyada Neeyat Dekhte Hai”?

Parakh came about as an idea where we emphasise that, in the way we do business, we look at people not just as a set of papers, but as individuals. We underwrite people, not just papers. Our philosophy of “Hum Kagaz Se Zyada Neeyat Dekhte Hai” reflects this – we focus on the essence of the person’s life and their challenges, especially when it comes to accessing finance.

When we explored the inspiration behind this initiative, we realised that the actual customer stories were the perfect representation of this approach. We wanted to showcase people whose “neeyat” we have underwritten, people who have faced significant challenges in their lives. Our goal was to bring their stories to life in an unfiltered, authentic manner. This is why we developed a set of films that depict six unique stories of individuals or families who faced different challenges and have now managed to thrive. Despite their struggles, they’ve been able to build homes, further their businesses, and achieve their aspirations.

These stories are not scripted, and we’ve featured real customers sharing their experiences. The films feature familiar faces—people who can connect with the customers and have a real conversation about their lives. We aimed to make these stories relatable and impactful.

Each story is unique because the challenges faced by each individual are different. It’s a journey through their lives before they reach where they are today. We’re excited about this project, as it took significant effort to bring it all together. We created six films in five different languages, covering six different regions. The process of curating and filming these unscripted stories was challenging, but with the combined effort of our team and, we managed to make it happen.

Now, we’re hopeful that once the films are released, they will inspire the intended audience—anyone who may be facing challenges themselves—to walk through our doors or give us a call and take that first step towards overcoming their own hurdles.

Why was this name chosen for the initiative, and what was the idea behind it?

The name “Parakh” was carefully chosen for its meaning, which varies across languages. For example, in Tamil, it means “to look beyond the surface”. The initiative is about discovering more as you go deeper, revealing a fuller story. We aimed to convey this through the name, as what’s visible on the surface doesn’t always tell the whole story. The series follows a similar approach: as the story progresses, you become more engaged with the person and their journey. This depth and progression is why the name was chosen.

What was the creative process behind these films, and was any agency involved? What is the media mix, and will you target digital or balance it with traditional channels?

The creative process began with the inspiration we drew from meeting and hearing countless customer stories. We travel extensively across Tier 2 and 3 markets and often find ourselves deeply moved by the diverse challenges people face. These experiences sparked the idea to share these unique stories. After reviewing numerous stories, we settled on six to showcase. Since each customer’s story is unique, we opted for an unscripted, free-flowing approach, avoiding a rigid structure.

These are long-format films, ideal for digital platforms. Given our business’ phygital nature, we plan to leverage both digital and physical channels. With over half of India’s PIN codes covered, we aim to combine QR codes, Dark Social, WhatsApp, YouTube, and OTT platforms for a well-rounded media strategy.

The Womb, led by Naveen Kaval and Anurag, was the creative agency behind the idea and produced the series. If successful, it would open the possibility of sharing more customer stories in the future.

How do you view Piramal Finance's role in transforming lending narratives across unserved markets?

The unserved market includes a sizable population of customers who we underwrite and who haven’t had easy access to finance. If I were to describe them, they’re likely from the less privileged sections of the economy. These customers are brought to life in some of the PARAKH stories. It's our core focus and something we deeply care about.

Document-deficient customers come in many forms. In bigger cities, for instance, you might find self-employed individuals doing well but lacking proper documentation, making them eligible for our services. Similarly, there are small business owners, working in one-person establishments, or salaried individuals. Collectively, these groups represent a significant portion of the population that remains underserved by the broader financial system.

Our approach is about finding ways to reach out to these customers, while they also find ways to reach out to us. It's about building a bridge between us and them. We continue to strive to do more, and this segment remains a huge focus for us.

Looking back at 2024, how was the year for the BFSI sector as well as for Piramal Finance?

I think what’s happened is that a lot of brands have chosen to stay invested in ensuring that their consumer-facing marketing remains consistent. Throughout the year, we saw many brands investing in campaigns and engaging in activities that caught our attention.

For us, as we serve an underserved market, we focus on customers who may not have direct access to financial instruments. This means they often lack certain paperwork required for traditional financial services. Our scalable model allows us to assess these customers beyond just their paperwork and make them creditworthy. This approach is at the core of our business, which we call Neeyat. The business of Neeyat is something we care deeply about, and it will continue to be a focus for us in 2025 and beyond.

Going forward in 2025, what are some of the trends that you see dominating the BFSI sector? What is Piramal Finance’s roadmap for the year ahead?

I think the BFSI sector will continue to stay invested. More brands might participate this year, though I’m not entirely sure yet. However, when we look at the trends of the last couple of years, it seems like there will be a lot more focus from companies in the space, particularly with a push towards the secured side of the business. This means that mortgages and business lending will be where most of the focus lies. You’ll see a lot of companies concentrating on these areas, while also talking about their corporate brand. These are two big trends we expect to see in the sector.

Additionally, the biggest buzzword in the industry today, particularly in advertising and marketing, is the use of AI. We already use it abundantly in financial services, both internally and externally. Personally, we’re very excited about some things we’ve been testing in-house, and over time, in 2025, we hope to roll out new offerings to end consumers in ways that go beyond our current plans.

What growth targets have you set for the year 2025?

Our focus is on acquiring more customers who we want to underwrite. We aim to raise awareness about who we are and what we do. We have a product for everyone, but not everyone may qualify for it. Our goal is to ensure we reach the right audience. We have certain metrics in place to measure progress and want to hold ourselves accountable for building a solid brand over the next few years.