HOW NIYO IS MAKING BANKING COOL FOR MILLENNIALS
Q] What were the insights on which you devised the recent #WantMore and #JustCantWait campaigns? Q] What is the media mix for this campaign? How significant is Digital to your mix? Q] Your campaign was going to leverage the IPL. Now that the IPL has been suspended, how are you planning to mitigate the effects of the suspension? Q] What has been the reception to NiyoX? What are the features that you are planning to offer in the future? Q] What has the response to other products like Niyo Money, Global and Bharat been? What are your plans for them? Niyo is a digital banking fintech firm conceptualised in 2015. It currently operates in four major business lines:
We wanted to do something new. Traditional banks don’t appeal to the millennials. They have preconceived notions about them. The philosophy was to make a ‘cool’ bank account; a bank account which a young person of 25 years would love to have. I cannot change what a bank account is much, but I can change the experience and the mobile app. I can change the way it’s packaged and the way it is marketed. When we briefed the agency, the brief was simple: young guys and girls should find merit in this bank account and at least give it a try. Once they give it a shot, the product will speak for itself. There is so much gloom and doom around you, we want to showcase the joy of life for the Indian couples out there. Millennials are an impatient lot. They just can’t wait so we thought of bringing something, which is not seen in the category of bank accounts. One can open it in 100 seconds, one does not need to wait. The two hashtags are a manifestation of a millennial’s soul.
Niyo is a fintech start-up. We are a completely digital-native organisation. Marketing has to be Digital. In fact, we think the other way round from traditional brands. We think – can I pull out some money from my marketing budget to give to traditional media? Will it work for me in terms of targeting the TG? Our media buying and media spends are all on the digital medium. We did dabble with traditional media in bits and pieces, and the response has been pretty good but that requirement was different and more for brand positioning.
We launched NiyoX at the end of April. We wanted to leave an impact and we thought – there is nothing bigger than IPL. We conceived the entire campaign in 20 days. Not only does the IPL gives great visibility, a great brand lift, a path towards brand discovery but it also helps ongoing performance campaigns. My performance campaign numbers shot through the roof once the ads went live even though we were there for only 5-6 matches. A temporary setback is always there as the campaign was doing well. We could not reap the entire benefit of it but health and safety come first. We had a plan B from day one because of the way things were unfolding in India. In fact, when we had done our media buying, there was a clause in our agreements. We will not take any hit in the performance numbers. We are talking to a couple of sports properties coming up. We’re discussing with the broadcasters to do something together with them hopefully in the coming few months.
Our core features comprise 007— zero account balance charges, zero commission on mutual funds and 7% interest rate. A zero balance feature nudges you to give the product a try. A zero commission gives a nudge to people to invest. A 7% interest rate is the best available in the market today. This positioning of 007 has left a mark in people’s minds because you do not have to maintain multiple accounts to access different features. Some of the small interesting features to excite millennials include waving your hand above the mobile screen, it will hide your balance. We are about to launch a great referral rewards programme. We are launching a feature where you will be able to gauge your accrued interest so people know how much of interest income one gets in their bank account. The idea is to make banking exciting and interesting.
Our aim is to bring out new products where a traditional bank has under delivered or not delivered at all. Niyo Bharat provides a salary account for blue collar workers in which no traditional bank is interested. It’s a big business for us. We do almost 80,000 accounts every month, even today. We faced a temporary setback because of the lockdown in a couple of states. We have 26-27 lakh customers there. We launched Niyo Global and it disrupted the way people who are travelling overseas spend. It’s the only INR-based product in the market which offers no forex mark-up. It took a hit as well because of a ban on international travel but we believe that travel will come back in a big way. We have been working the last few months to enrich the product further. We saw tremendous uptake in a couple of sectors, which are open. It’s not at the same level as it was before the pandemic. We’ll also be launching a new variant of Niyo Global soon.ABOUT THE BRAND
• NiyoX is a next gen savings account for millennials
• Niyo Money is a suite of wealth products
• Niyo Global Card offers banking for international travellers
• Niyo Bharat Payroll provides modern salary accounts for the blue-collar workforce
Tags : advertising Mitaksh Jain Vineet Sethi Niyo NiyoX fintech millennial