Rishta is the preamble of how we conduct our business at Federal Bank: MVS Murthy

With over 10 million weddings taking place annually in India, Federal Bank has launched its latest campaign, #RishtaBhiPakkaFutureBhiPakka, aimed at empowering newlyweds with financial wisdom alongside the joy of traditions and celebrations. This innovative initiative combines the emotional significance of Indian weddings with practical financial planning, offering high-yield savings accounts and flexible deposit schemes designed to help couples build a secure financial future together.

In an exclusive interaction with Adgully, MVS Murthy, Chief Marketing Officer, Federal Bank, discusses the inspiration behind the #RishtaBhiPakkaFutureBhiPakka campaign, the creative agency involved, and the bank’s approach to integrating cultural relevance with financial solutions. Murthy also shares insights into Federal Bank’s broader marketing strategies, its engagement with Gen Z, and the bank’s performance in terms of growth, customer acquisition, and innovation as it looks ahead to the next financial year.

The #RishtaBhiPakkaFutureBhiPakka campaign combines the essence of Indian weddings with financial planning. What was the inspiration behind this concept, and how do you think it resonates with modern couples looking to build a secure future together?

Rishta is the preamble of how we conduct our Business at Federal Bank. Everything is the off-shoot of this root. Weddings are about Rishtas, our core product is financial services. A young couple starting off will need to be smart and savvy while being suave and sassy at the same time. We are simply saying ‘Ssab kuch hota rahega, pehle savings aur deposits se shuruvaat karo’. That is the mother tincture like essence.

The wedding-themed stage and celebratory activities at Omaxe Mall in New Delhi are a unique way to connect with the audience. How do you think these experiential elements enhance the message of building a secure financial future for newlyweds?

The phrase these days is “immersive experience”. In this case, we definitely are not qualified to conduct a wedding! But a pop-store bang in the middle of wedding season, which is also a landing point as you enter the Mall, is unmissable at many layers. We added a nice seating, some sofas, got our folks to engage and the audiences loved it. Personally, the best way for a brand to say is by saying nothing at all! Particularly when it is about love, marriages and blessings.

Which agency did Federal Bank collaborate with to bring the #RishtaBhiPakkaFutureBhiPakka campaign to life, and what role did they play in helping communicate the core message effectively?

Poetic Potato is our agency. They found our idea to be out of the whack, never before done. We were wondering for a while, how do we get a bank to get all dressed up for a wedding season. We shared with them details of the wedding season, the geography/ segment we wanted to bring in. I guess over a couple of iterations we cracked the core output. They definitely embellished it with nuances and distinctly accentuated creative metaphors.

Beyond campaigns like #RishtaBhiPakkaFutureBhiPakka, what are some of the key marketing strategies Federal Bank has implemented this year to strengthen its brand presence?

We work on a 3S model, Segment / Scale / Sustain. Essentially strategies for specific segments, scale up the implementation and sustain the campaign over a block of days and repeat it every year. Besides, we have found our sweet spot in Culture, Sports, Music and Micromarketing around our branches. A lot of what we do strengthens our distribution teams across the many pincodes we operate in. A prolific and in-sync digital strategy helps us distill deeper impact.

Gen Z is increasingly becoming a key demographic for financial services. What marketing strategies does Federal Bank employ to specifically target and engage Gen Z?

Across generations, there are some mother-hood approaches, apple pie emotions and inherent desire to be in a better station than where it all began. At Federal Bank, we see our role in supporting lifestyles at different life stages. With an extremely loyal and multi generational franchise we are deeply humbled by the trust we get.

What changes is driven by the environment and the ecosystems. So, the convenience of UPI payments, investments, need to travel, everyday experiences, etc are the ingredients that are added in various proportions to the ‘Segment’ we are working on at a given point in time. I would say our kitchen is the same, we try to maintain excellent quality while working on the flavours and the portions!

In the current marketing landscape, what emerging trends do you see in the BFSI sector, particularly in how financial products are being marketed to millennials and Gen Z?

There is no substitute for simplicity. And simplicity paints across products, platforms, services and interpersonal interactions. Being Human at the Core and Digital to the Fore, is what is working with us. Many of our products are DIY and the same can be accessed through our colleagues across branches or our support channels. There will be a need for more products which integrate into the digital public infrastructure (DPI), this will help expand reach and improve relevance in hitherto unexplored markets. Periodic refresh of digital platforms will definitely increase in frequency. More and constant application of insight into creating intelligent solutions is paramount. Lastly, your bank account will continue to be the spark plug firing on many esoteric and regulator approved investment ideas.

How has Federal Bank performed in the current year in terms of growth, customer acquisition, and innovation? What key milestones or achievements are you most proud of?

We are likely to break into the top 5 in the country. With annual net profits of Rs 4,000+ crore, we are standing alongside 50-odd best companies in India Inc. Over the past three years, the stock has risen by nearly 3x. We are expanding into newer markets. SmilePayTM is India’s first Facial Recognition Platform for payments, our Kisan Credit Cards can disburse loans to farmers in less than 5 minutes, so you see we are pushing multiple buttons to build escape velocity for an orbital change.

What are the key priorities for Federal Bank as you approach the next financial year? How do you plan to continue strengthening your position in the market while focusing on customer-centric innovations?

The key priorities are to expand the franchise into newer geographies, make the branch the core to set off a slew of micro marketing activities, power existing businesses, set up and launch a couple of new businesses, and do more marketing per marketing!

So, we have quite an agenda and an intense check-list to tick off in the next FY. Mind you, we still have a quarter to go and would want to back us to be far better off at the conclusive moment of this FY.

Also Read: Federal Bank unveils #RishtaBhiPakkaFutureBhiPakka campaign