Federal Bank portrays itself as new-age bank for young consumers in new campaign

The last big budget marketing effort from Federal Bank was in the year 2014. Now, after a hiatus of three years, the brand is back with another campaign, ‘Why settle for less?’. The multi-media campaign, created by Ogilvy & Mather, Mumbai, is intended to help position Federal Bank as a new-age bank for the young consumer and also promote and showcase its products and services.

The campaign includes five films, each of which focuses on five products provided by the bank respectively. All the five films feature Vicky Kaushal, who is seen playing different characters.
Speaking about the objective of the campaign, Rajanarayanan N, Deputy Vice-President (Marketing and Investor Relations), Federal Bank, said, “The objective of the campaign is to reinforce to our target market, with an accent on those who are young in spirit, that we are a full spectrum bank, which is both humane and yet digitally ahead. Our tagline is ‘Your Perfect Banking Partner’ while our digital ethos is ‘Digital at the fore and human at the core’. Through the campaign we have tried to convey both of these in a humorous and distinct way.”

According to Ajay Menon, Executive Vice-President, Ogilvy, Mumbai, the idea ‘Why settle for less?’ came out of the realisation that when it comes to products like loans, savings account, etc., people are usually left with a feeling of compromise.

“Federal Bank is a financial expert who understands the needs and nuances of the new-age consumer and has developed a range of products and services customised around their needs. Thus, ending all compromises as compared to other banks and therefore the idea articulation: ‘Why settle for less?’”, said Menon.

Apart from the catchy soundtrack, what works for the ad films is the presence of Vicky Kaushal. Although known for his acting, Kaushal still might not be the first choice for many brands but he adapts to the varied characters he plays in the ad film very well and brings in the element of quirkiness and fun to the narrative.

On the decision to cast Kaushal, Menon said, “Federal Bank was coming back on air after a hiatus. And hence we wanted to develop a campaign that had the potential to be memorable, both in terms of the story as well as the protagonist. Vicky Kaushal was one such talent, who both the director and the agency felt had a certain quirkiness and freshness, which could do justice to the script and help us stand out in the clutter of advertising.”

According to Rajanarayanan N, as far as the banking sector is concerned, a campaign is a long conversation with the consumer and is built over time. Talking about the three-year gap in coming with an extensive marketing campaign, and the need for one now, he said, “Unlike FMCGs, a banking brand implants itself in the minds of the consumer on account of various parameters ranging from Trust to Customer Service to Quick Delivery to Youthfulness. These are parameters that are built brick by brick over a period of time. Every aspect of the brand, of which the campaign is one, is a long conversation with the customer, which ultimately wins him over. At Federal Bank, over the last few years, there have been seminal shifts that have transformed the very way in which we package and deliver our offerings, which define the above-mentioned parameters. We felt that it is imperative to tell the world of this new, lean, agile and customer-friendly transformation and hence the campaign at this point in time.”

The campaign will run on television, radio, print, OOH, cinema and digital. With a run time of four to five weeks, the target audience for the campaign are adults in the age group of 20 to 45 years and the focus geographies are Maharashtra, Karnataka, TN, Kerala, Punjab, Gujarat, Delhi, Kolkata.

The TVCs:
Salary Account:

Fedbook Selfie:

Home Loan:

Car Loan:

SME:

Credits:

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