In a sector often seen as dull and transactional, M.V.S. Murthy, chief marketing officer (CMO) at Federal Bank, breathes life into banking conversations with rich sports metaphors and a deep focus on human connection. In this candid chat with Mint, Murthy discusses how the bank is building authentic relationships, reaching Gen Z and millennials, and why brand-building is like preparing for an Ironman triathlon—balancing endurance, strategy and precision.
Edited excerpts:
Banking and BFSI are often seen as cluttered and boring sectors. How does Federal Bank cut through this clutter to attract Gen Z and millennials?
What’s inside reflects outside. We’re a 94-year-old institution with deep cultural roots, and that authenticity shines through. Our workforce has less than 2% attrition, which means our team works like a well-bonded sports squad, ensuring consistency in service—a trait customers value. Our tagline, ‘Rishta Aap Se Hai, Sirf App se Nahi’, isn’t just a line—it’s a lived philosophy. We focus on empathy-driven service while leveraging cutting-edge technology. This balance helps us connect deeply with Gen Z and millennials looking for authenticity and innovation.
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In an industry often criticised for aggressive sales tactics, how do you maintain empathy across customer touchpoints?
Empathy can’t exist in pockets—it has to be across the board. In a service business like banking, it’s about seeing employees and customers as people, not just transactions. I often say that if you treat individuals as a means to a task, you get robotic interactions. But when a team plays together with a shared purpose—caring for each other’s wellness and struggles—it reflects in how we treat customers. This empathy has to flow from the top down, not just from isolated individuals.
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Your campaigns often feel grounded in real-life experiences. How important is cultural authenticity in Federal Bank’s marketing?
It’s at the heart of everything we do. We’re rooted in Kerala, a state known for its cultural richness and progressive values. Almost 42% of our workforce is women, reflecting Kerala’s matriarchal traditions. We bring that authenticity into our campaigns. Take our Diwali ad, where a child promises his family gifts next year—it’s a simple story, but it reflects the aspirations and emotional bonds we value. Our marketing isn’t about superficial narratives; it’s about showcasing real relationships, much like the ones we have with customers who invite us to weddings or family events.
Federal Bank sponsors numerous marathons. Why do you focus on sports and music in your branding?
Music and sports are universal connectors. We deliberately stayed away from oversaturated spaces like cricket. Conversely, marathons allow for community engagement and reflect our brand philosophy of endurance and consistency. We sponsor around 10 marathons annually—from Kochi to Pune—and it’s more than just branding; it’s about bringing our branches, employees, and communities together. Music follows a similar logic—it transcends age and geography, connecting Gen Z, millennials, and even Gen Alpha. Both these platforms help us build genuine, long-lasting relationships.
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With physical events like marathons and music, how does digital marketing fit into your broader strategy?
Think of it like an Ironman triathlon. The big brand story is the finish line, but to get there, you need to train different muscle groups. Digital is like strengthening your core—it enables precision targeting and measurable performance. But brand-building can’t rely solely on digital. It’s the combination of ATL (Above The Line) for reach and digital for personalization that works. I often say if you focus only on digital metrics, you’ll end up analyzing the 37th hair on the fox’s tail, missing the bigger picture. The brand story is the whole fox.
You mentioned wanting Federal Bank to break into the top five. What’s the road map?
It’s a long game—like training for a marathon. Over the next 8 to 12 quarters, we’re focusing on expanding branches, deepening customer relationships, and pushing innovation. Whether it’s the Kisan Credit Card that disburses loans in five minutes or facial recognition payment systems, we’re blending tech and empathy. But consistency is key. I often use the woodpecker analogy—if you keep pecking at the same spot, the tree will eventually fall. That’s our approach to market expansion and brand-building.
Your sports metaphors are spot-on. Is that intentional?
Absolutely! Marketing is like football. The CMO isn’t the striker scoring goals; we’re the ones setting up the perfect pass—the Beckham curving it into the D for the striker to finish. Sometimes, the shot misses, and sometimes, it lands, but the goal is always to set up the perfect opportunity. It’s a relentless pursuit, but when the goal is scored, the entire team celebrates, even if the marketer is the last to walk into the room.
