Q] Axis Bank has recently launched a fixed deposit campaign, under the tagline #SafeInvestingIsSmartInvesting. What was the idea behind the campaign, how did the conceptualization happen and what did you want to convey through it?
#SafeInvestingIsSmartInvesting was born out of recent market events. Many people have been investing in the stock market for over a decade without seeing significant losses, but recent developments have shown that this isn’t always the case. We felt it was the right time to encourage people to diversify their investments. The basic idea is simple: don’t put all your eggs in one basket. While all investments can be valuable, we’re offering a relatively safer option given the current circumstances. The ad’s plot was chosen carefully for its cultural relevance, aiming to evoke the right feeling in people about smart, diversified investing.
Q] While the #SafeInvestingIsSmartInvesting campaign addresses a current market shift, the ‘Har Raah Dil Se Open’ campaign from Axis Bank took a different approach. What was the core idea and strategy behind that campaign, and how did the creative process evolve?
We took this positioning of ‘Dil Se Open’ sometime in 2020, and it has been part of our strategy since then. We want to become the most customer-obsessed bank in India and possibly in the world. It’s about who we are and that we are ‘Dil Se Open’ to the customers. If you look at the last few years, our advertising has been pretty consistent. Over the last two years, there’s been a subtle shift. At first, we were talking more about who we are and how service-minded our employees are. But more recently, we’ve started to almost productise that mindset. Last year, the focus was on our app—Open. This year, it’s all about product solutions.
We are not trying to sell the product but we are trying to make consumers understand that we have products that will serve their needs. We still had to talk about our ethos and our people. Hence, came to life the concept that for every problem you have, we have 100,000 bankers thinking about how to solve it. It is a reflection of our working style internally as well as what it results in for the customer, which is a solution to their problem, which may be our product. While there are a lot of things to focus on, this time we zeroed in our savings account solutions or wealth management solutions.
Q] What is the marketing mix of the brand and who takes the lion’s share?
Overall, if you look at AdEx in India, about 50-55% is Digital. But that includes a lot of spends on performance marketing and stuff, if you include that, we would be in the similar vein. We do spend a lot of money on television because we believe it is the best reach for the cost that you have. But digital is a very, very important part of our mix. And we like to use social as a weapon and not be caught behind. We use the other traditional media for impact. If there’s some news that we need to talk about, then we use a newsprint. For recurring messages or reminders, we leverage outdoor advertising. But basically, digital media followed by TV take the lion’s share.
Q] With financial frauds on the rise, several BFSI companies are stepping up their efforts to raise awareness. How is Axis Bank contributing to the fight against financial fraud?
It’s a problem that is multifaceted. In my view, the responsibility ideally lies with telecom companies, banks, and media platforms—the players that create the digital ecosystem. Take telecom companies, for example: fraudulent calls often originate there. Then there are scam messages on WhatsApp, or fake links on payment apps. The ecosystem of fraud is actually generic. It’s not just the banking app or the bank. Those are generally safer. The entire ecosystem has to work on creating that awareness. At Axis Bank, we focus on creating content that is simple, engaging, and solution-driven. For example, we’ve introduced ideas like the Sanskrit Password or using Devanagari Script for better security. Apart from that, we work with law enforcement agencies because they are also the ones who know exactly what frauds are going on. They are the ones who investigate it. We’ve worked in the past with Mumbai police, we’ve worked with Punjab, Chandigarh police to create films in which we have cops talking about the kind of people who have come to them after being defrauded. Those are the two-pronged strategies we use. Furthermore, we are taking to social media because that’s where we can have a two-way conversation with the consumers. To reach vulnerable groups—like senior citizens—we also hold workshops from time to time at our branches, offering practical advice and guidance to our customers.
Q] Citi’s credit card portfolio has finally merged with Axis Bank. Have you rebranded the credit cards yet? What new offerings are you providing to the customers?
We acquired Citibank’s retail business a couple years ago and the transition is now complete. We have, over the last several months, started rebranding some of the credit cards and it’s an ongoing process. We should be completing that shortly. But the idea is that we replace the existing Citibank retail credit card with an Axis Bank credit card. So, we have a lot of plans in place. The products are ready. Products are being rolled out. All the communication has taken place and the transition is complete, we are just in the process of delivering the physical cards now.
PROFILE
Anoop Manohar has been the Chief Marketing Officer at Axis Bank since Sept 2021. He leads the marketing function and spearheads corporate brand initiatives for the Bank and its subsidiaries. As part of his mandate as CMO, he drives social media marketing strategy, product marketing and the entire spectrum of omnichannel marketing activities. These Initiatives aim to deliver Axis Bank’s unique brand promise and enhance customer engagement.
ABOUT THE BRAND
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 5,706 domestic branches (including extension counters) and 14,476 ATMs across the country as on 31st December 2024. The network of Axis Bank spreads across 3,122 centres, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.
FACTS
Media Agency: Starcom
Creative agency: Lowe Lintas
DIGITAL AGENCY: Autumn Grey
PR AGENCY: Adfactors PR
