Digital expansion, innovation to drive Federal Bank’s strategy to reach among top 5 banks – BusinessLine

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By V Sajeev Kumar
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Federal Bank is expanding its digital footprint with the aim of emerging as one of the top five banks in the country within a few quarters.
MVS Murthy, Chief Marketing Officer, said this objective could be achieved by growing both branch presence and digital assets.
“We cater to both tech-savvy customers who prefer using our app, website, and payment gateways, and those visiting our branches. The bank’s digital transactions in FY 2023-24 stood at 94.30 per cent. To build brand recall, the bank is leveraging digital platforms as today’s audiences are more engaged with online banking services, enabling the digital communication team to work around the clock with a creative marketing team.”
Over the past decade, we have been actively building our presence in the North from both a distribution and business perspective. We have adopted a multi-pronged approach and are continually investing to increase our footprint pan-India. In addition to branch and ATM expansion, we also leverage alternate channels such as partnerships to enhance our reach. Close to 10 per cent of our branches were opened in a single year last fiscal, with 36 per cent of them in Tier 2 and Tier 3 cities.
The Brand Federal Bank today tells the story of “Rishta Aap Se Hai, Sirf App Se Nahi,” a campaign emphasizing the importance of relationships and the human touch in banking, in every possible customer interaction.
Earlier, the bank was predominantly known in the South, where more than 60 per cent of its branches were located. The brand has evolved from “presence to prominence in the North and prominence to dominance in the South.” Besides these campaigns, we partner with 8-10 leading marathons across the country to increase direct engagement with diverse sections of society en masse.
The Indian wedding season is estimated at ₹6,00,000 crore. This was a perfect insight to launch the “Rishta Pakka” campaign, promoting financial wisdom for couples to secure their future together. A wedding in India is a union of families and friends, boosting multiple industries such as hospitality, retail, grooming, and jewellery. We strategically chose Delhi as a market and are ecstatic about how the entire ecosystem around marriages embraced our simple messaging on financial prudence while starting a new chapter in life.
The bank strategically combined its savings and deposit products for this campaign, recognizing these as foundational building blocks for financial well-being. The comprehensive offering includes high-yield savings accounts paired with flexible deposit schemes, designed specifically to help couples build a strong financial foundation together.
The marketing team continuously looks for relevant moment marketing opportunities to engage the brand with its audience. However, what eventually appears as a standout idea often goes through multiple levels of well-informed and well-thought-out iterations.
For major campaigns, plans are made well in advance through collaboration with all stakeholders, including personnel with approval mandates, as well as the distribution and product teams. This creates a conveyor belt-like workflow where, at the right moment, event, or festival, the appropriate campaigns can be launched on short notice.
Culture, sports, and music are powerful unifiers, capable of bringing together nations, fans, and enthusiasts. Each has its moment to shine and amplify the brand. For example, we were thrilled by the response from schoolchildren in Kerala who got to experience 1,000-year-old art forms repurposed for them in a modern-day context during a recent campaign.
Similarly, we have been very active in marathons, sponsoring at least a dozen in key markets over the past 18 months. This has significantly boosted our colleagues in distribution and customer-facing roles.
In prestigious music seasons like the one in Chennai, Federal Bank celebrates legendary composers and hosts some of the best voices from the Indian film industry. We are also exploring Indie, global rock, and fusion music, hoping for a breakthrough moment.
A successful marketing strategy should be multi-faceted, deeply connected to the brand’s essence, and authentic. By embedding our initiatives in culture, sports, and music, we aim to foster meaningful connections with our audience while strengthening our brand identity.
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