Federal Bank

A phygital brand IP to
engage families across micro markets

Problem Statement:

CASA ratio of all commercial banks put together has seen a decline of nearly 5 percentage points in 18 months. One of the reasons being that customers are increasingly finding equity products more attractive than traditional bank products. How can we attract an audience to consider Federal Bank as a trusted partner for long term financial freedom than merely transactional CASA?

The task at Hand:

Mass media advertising can drive brand awareness, but it plays a limited role in building rapport and relationships with prospective customers. We needed a smart way to use both digital and physical channels, along with a compelling proposition to attract prospective customers.

But in a crowded market, Gaana wished to reinforce its position as market leader by building a new, digital-native experience to appeal to its listeners and strengthen its perception as a future-forward, savvy, youthful brand.

Agrahyah’s Response/ How did we do it?

We proposed to do a segment specific, smart marketing activity that is ownable, scalable and sustainable by the bank across all their markets. Our approach was to target one micro market at a time. And we started with Mumbai.

Our research indicated that families with young children are the prime target audience for Federal Bank, since parents think long term to provide financial freedom for their children who are currently aged between 6 to 13 years of age.

Our Strategy: Was completely based on people's truth and socio cultural insights on Indian parents.

From Sudar Pichai to Rishi Sunak, Indians worldwide have set a new bench for what heights we can soar. And Indian parents are known to set himalayan benchmarks for their children. Like the saying goes, Shoot for the moon if you miss it, you will still land amongst the stars. Even if the next gen prodigies don't get to be PM of UK or CEO of Google, they may still be among high achievers. Say Praggnanandha or Gukesh in Chess, or Anand Kumar in Maths and so on.

Based on this insight, we created a brand IP named Federal Bank FutureNext. Which appeals to the aspirational quotient of parents to be part of the bank’s initiative which makes children Sharper, Smarter, and Safer.

  • SMARTER: Chess tournaments bring out the smartest in the lot, offering fun and strategic thinking.
  • SHARPER: Robotic camps help kids delve into cool tech, boosting creativity and problem-solving skills, and the public speaking programs aim to enhance confidence and communication. These activities help in upskilling for a brave new world.
  • SAFER: Cyber Safety and Self Defence aid in living and thriving safely.

Phygital in execution.

A complete 360 approach in terms of customer touchpoints, activation, and attributable business conversions.
Federal Bank FutureNext has centralized an online hub www.federalbankfuturenext.com for registration & RSVP management; which in turn is linked with a CRM system. The physical event was held across 12 locations across 2 months in Mumbai.

Engaging captive audience:
Whether chess or public speaking, the activity lasted over 3 hours. While children were completely occupied with the activity, we used that time to engage meaningfully with the parents by providing them interactive guest sessions with industry experts.



Testimonial Video






Impact:

Over 2200 children and 2200 parents engaged over an 8 week period. Post facto, targeted and personalized marketing through digital channels with attribution initiated.

Soft metrics
A successful brand property where each participant became a Word-of-mouth (WOM) advocate. The event seamlessly integrated Federal Bank into people's celebrations with certificates, trophies, and branded giveaways that entered their homes and lives and had a long shelf life with victorious memories attached. These items became cherished reminders of the event, with parents noting the activities' practical benefits for kids and their value for the next generation, establishing a lasting connection with the Federal Bank.

What next?
Scaling FutureNext to more cities and markets and creating lasting highly engaged communities who are on the path to be bank’s customers.