This piece of news generated special attention on our newsdesk. The company in question has its headquarters right next to our office in Pune. Poonawalla Fincorp Limited, the Cyrus Poonawalla group-promoted non-banking finance company, launched the digital campaign titled ‘Log toh Sawaal Karenge Hi’.
Said Abhay Bhutada, Managing Director, Poonawalla Fincorp: “The tendency of high demand for consumer loans during the festive season gets fuelled due to multiple reasons such as home renovations, vacations, weddings, or purchase of consumer durables, etc. We have observed that during festive season, people end up taking high interest loans without doing proper due diligence despite having a good credit history and high credit score which creates unnecessary burden of paying high EMIs. The purpose of this campaign is to create awareness about how to choose the right loan service provider like Poonawalla Fincorp which can help a borrower to explore best loan offers at attractive interest rates with no hidden charges. We at Poonawalla Fincorp always believe in offering best-in-class customer-centric products and solutions to enable dreams and fulfil the financial needs of our customers. This campaign highlights our value proposition of being the most transparent and end-to-end digital lending NBFC, committed to offer instant hassle-free loans to customers with high credit score.”
Capri Global Capital Ltd (CGCL), a leading NBFC, has appointed Basant Dhawan as its Group Chief Marketing Officer effective Monday, April 24. He will spearhead the marketing portfolio and will be responsible for planning, developing, implementing and monitoring the marketing strategy across all businesses as the company enters next stage of growth. This includes brand marketing, brand building, strategic communications, digital and social media marketing strategies.
Prior to joining CGCL, Dhawan held several leadership positions across industries ranging from media, entertainment, telecom and sports. In his last assignment, he served as a Chief Executive Officer at Twenty First Century Media (TCM). Before that he was the CEO for CNN News 18 and CNBC set of channels with Network 18. He has had a stint in sports broadcasting at Star India as Sr V.P & Head Emerging Sports.
Dhawan is an IIM Calcutta SMP (Sales and Marketing) alumnus and completed his BE in Electronics & Communication from Manipal Institute of Technology.
Commenting on the appointment, Rajesh Sharma, Managing Director, Capri Global Capital Ltd said: “We are on an exciting journey of growth with an unwavering commitment to serve an unbanked population of the country. We are excited to have Basant Dhawan joining our team of accomplished and dedicated leaders as we evolve our business into new areas, grow our regional footprint, and vision to position ourselves as a game changer in credit inclusion. We are confident that his unrivaled acumen, unwavering commitment to delivering results and fostering creativity will propel the marketing efforts of the company and reinforce our brand strength in today’s ever-evolving digital landscape”.
Gold loan is one of the fastest growing categories amongst retail loans inIndia. Research shows that a lot of customers who take gold loans are small businessmen, small storeowners, painters, mechanics, carpenters and others. It was found that the category is dominated by NBFCs and consumers do not consider going to banks for gold loans. Hence, the task was to get Federal Bank to break into the consideration of the customer.
The new Gold Loan Campaign of Federal bank is based on the premise that there are two kinds of situations that call for a gold loan; an emergency loan (hospital bills) and a loan for progress (buying a house, expanding business). In times of emergencies, these consumers prefer an NBFC for speed of transaction but when it is a loan for progress, they prefer a bank as interest rates and terms of repayment matter.
Ranji Cherian President and Head of DDB Mudra Group, South said: “This campaign magnifies the loans-for-progress in a very strong manner. What is interesting is that when it comes to Loans-for-progress, customers prefer a bank as interest rates and terms of repayment matterâ€.
“In times of need due to undue financial pressure, a person usually gets confused and forgets where to go for help, be it for business, education, or a family wedding. This campaign is aimed at easing his tension and reminding him of the safest, most reliable and trusted partner – Federal Bank Gold Loan, giving instant loan on gold besides safeguarding the gold, and unlike many unscrupulous gold loan companies, not charging a hefty interest rate. The simplicity of this campaign drives home this point quite precisely, easing the tension of any one in need of financial help,†said Vipul Thakkar, Executive Creative Director, DDB Mudra South.
A deep dive into the consumers’ lives revealed that people who are forced to support their families at a very early stage in their lives constantly fight against all the challenges life throws at them and yet try and progress one step at a time. The campaign was based on an insight from the consumer’s life that ‘Circumstances do not dictate my destiny, I do’.
Mr. Anand Chugh, the Chief Manger Marketing at Federal Bank said: “This campaign was conceived well and the execution is also as intended. The faith in advertising has gone up post the campaign as tangible results in terms of portfolio growth are visible. The campaign has strengthened the position of Federal Bank in the retail gold loan market.â€
To break through the clutter in the market, the agency made the woman the hero of this campaign. The television commercials show the lady of the house coming forward to help her family out of a tough situation. Federal Bank is hence showcased as the consumer’s trustworthy partner in progress. “Bringing the woman to the centre of the decision adds meaning and strengthens the case for Federal Bank,†said Mr Ranji.