As YES Bank unveiled its refreshed brand identity, its Chief Marketing Officer Nipun Kaushal told exchange4media that the Bank aspires to be the most preferred one across segments as it offers a seamless and effective digital experience.
In a conversation with e4m, Kaushal shared the future plans for YES Bank, market strategies, philosophy and media mix.
You have launched a new vibrant logo. What was the idea behind transforming it?
It is a refreshed Logo. Over the last 3 years, YES Bank has transformed. We navigated out of the tough times. We have been profitable. We have brought innovative products for our consumers. We were ticking all the right boxes as far as financial health parameters of our Bank are concerned.
Last year, a lot of the financial papers started saying YES Bank had turned around. First delivered, now we are speaking about it. The need was how do we tell people that the bank is absolutely stable and rearing to grow. We have been growing for the last 2.5 years. The easiest route was to start doing ad campaigns but more important was the change in philosophy of how we do things and why we do them. That led to the first step of saying let’s get a new narrative. So, we did a consumer stakeholder research with our existing customers and employees. Everyone said they loved the name YES Bank.
‘Yes’ is a very positive word. No one wanted to change the name. The tick was very well associated with YES Bank which became an asset and the colours blue and red denoted with the bank too.
It was a challenging task for the design house McCann Worldgroup. They did a good job. We refreshed the logo first and then started our brand campaign. So, design language and communication language had to go side by side.
What is the marketing strategy as you relaunch the brand?
Marketing strategy is very simple. We are a very strong bank when it comes to digital experience and the digitisation part of it. Consumers love us for that. So, we will continue to build a great association with our consumers.
We are re-launching the brand narrative and subsequently we will have tactical campaigns with our products which will also be from the same family of our communication peg ‘Life Ko Banao Rich’. How each product helps you to build in terms of memories, fulfilling your dreams and our Banking products making it much simpler for you to enjoy. We will have a long tail on digital. We will ensure people have a seamless experience online.
We’ll use a lot of MarTech as we have a good database of customers of nearly 65 million. We will leverage that. We will keep doing something or the other to reach out to our prospective customers, GenZ, millennials and senior citizens.
What is the marketing budget has YES Bank set aside and what will be the media mix?
In every part of the country we are in, we will have a focused campaign. Marketing spends will be optimal. But it will be especially focused on digital and yes tactically whether it is television or OOH or conventional media. Each media is important. Digital is important but it is not the only platform. Each medium has its own importance.
We are also looking at outdoor advertising because it is a secondary medium in terms of building the recall of a brand and it is important at key junctions. Many cities don’t have great opportunities outdoors but those which have good assets, we will leverage that. Today we have digital screens at many places. So, it is no more a static medium.
What are the future plans for YES Bank?
The plan is to be the most preferred Bank and give the best experience to customers. Be the choice across segments, be it GenZ because of our effective digital process and seamless integration. YES Bank owns 43% market share of UPI, so every third transaction happening in India in UPI is through Yes Bank.