What Elizabeth Venkataraman teaches about brand purpose

Ranveer Singh of course represents youthfulness, exuberance, energy, positivity. Kotak Mahindra has rapidly become the third largest private sector bank in India. How would you think marketing has contributed to its growth? A few things which have really worked for us is a differentiator when the interest rates were deregulated. And I think that on savings bank accounts we did come up with a 6% proposition, which has differentiated us over a long period of time now.

And I think in consumers' minds we do stand for that bank who gives them more in savings bank accounts. That has tremendously contributed on the rational side. We've also had a good digital journey with whether it was way back with hashtag banking or mobile app, which has, you know, had 100 plus features, which have been ahead of time. And now with our 811 offering, etc. I think that's also contributed a lot to the strength of the brand. While all these rational parameters are differentiated in the industry,

I think the role for marketing is to actually tell that story well and tell that story in a compelling way, in a differentiated way, so that consumers are actually accepting those differentiators in the way they need to be accepted. And in a meaningful way, in a relevant way. I think that also has been right. The storytelling and the brand, the way it's been presented, has been consistent. And that's also, in my view, has helped the brand a lot. And of course, the last decision on taking a brand ambassador after 32 years of being in existence.

So two questions follow up to that. How would you define your brand pillars then? I think we don't follow pillars like that. However, like I said, 6% and additional offerings have been differentiated in our case. And there's been a consistency in the way we present our brand. Certain tonality, the colors, the way we talk and far more youthful, etc. Which has also helped the brand in a way to connect with the audiences, connect with the millennials. So you spoke of the Rinveer Singh campaign as well. What has been the impact on the brand?

Because 32 years after that, you have kind of gotten a brand ambassador on board. So it's really important to know what's the kind of impact it has on the brand. Rinveer Singh, of course, represents youthfulness, exuberance, energy, positivity and early success. And all of that is very much what the millennials desire and a lot of it which has a good positive impact for Kotak as well and a good connection. We have seen tremendous positive feedback, whether it's internal, external, the community, the marketing community.

And also a positive trajectory on the brand's cause. However, I think we're in early days. We've just done two campaigns. And we must watch over a period of time. But I think the early signs look very good. The inclusion aspect which we brought in with our digital and other offering, even our network and digital as a combination, makes the brand and this thing very inclusive. And that's another thing that people have really liked, that it's a bank for everyone.

Because there is this whole concept that people get judged when they go to retail establishments and they feel judged. And I think we gave, our message says that we don't judge you. Whoever you are, from wherever you are, please walk in and we'll give you a bank account. So that's also gone down well. And I think Ranveer actually anchoring that as a sutradar has been received well. We're getting good feedback. Right.

So, you know, how do you kind of strike the balance between being in the financial sector, in a sector like this, where the customer does, you know, want a human factor, you know, a reassuring factor, as well as wanting to increase, you know, presence online. So, you know, how do you kind of do that today? I think that research is telling us, continuing to tell us, and I believe even the U.S. research is continuing to tell them. Now, the number one reason they choose a bank or the number one reason they look forward to choose a bank is the network.

So, network continues to be important. Right. And at Kotak, I think we talk about a digital strategy, which is a combination of physical and digital. Right. The forms of the network are changing. They're changing in sizes. They're changing in form in the sense that there are more digital elements in our branches. So, you will see different kind of branches going forward, perhaps. And you will see a lot of digital products because digital payments are, of course, driven from the center itself. And the banking industry is working a lot on it.

So, who is Elizabeth when she's not at work? Chilled out is the way I would describe it. Spending time with family. My daughter, I make sure I try to spend as much as spare time with her when she's free for me. Now, kids are also very busy. And, of course, catching up with friends and movies, music, traveling and fitness take up most of my time. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.