Summary
"The Turnaround Story of YES BANK" In a first of its kind for an Indian financial institution, YES Bank emerged out of its legacy issues, completed its customer-focused transformation journey and gained a position of strength.
Challenge
In the recent past, due to moratorium the bank had taken a back seat. But there was no option than to rebuild the business for profitability and momentum and stand towards meaning something more for the consumer. The Objective - To gain a SHARE OF MIND (Awareness and Consideration) AND SHARE OF HEART (Brand equity and Brand Love) from the consumers which would result in SHARE OF WALLET for the bank. (Sales and Saliency) Our Insight was – Our consumers fear that only focusing on their future forces sacrifices from their current and present life. The present life if full of dynamism and opportunities and they want solutions in life that help them maximise those while securing a bright future. So that they can Thrive Everyday! Out Strategy – was to help them understand that choosing between today and tomorrow is not choice at all. The campaign unveiled, ‘Life Ko Banao Rich' - represented the bank's commitment to empower customers to focus on their priorities in life & focus of being a digital first premium bank of new-gen. With the ethos of ‘Thrive Everyday', the bank wanted to uniquely serve its customers to respond confidently to life's dynamism with a
Objective
YES Bank, off late had gone into moratorium and wanted to rebuild business and momentum. Brand then embarked on a massive turnaround programme with a multi-pronged strategy, making it a sought after digital first premium bank of new-gen that has a deep purpose and relentless commitment towards consumers. The bank's transformation journey involved cohesive management practices, synchronised efforts in becoming leaner, more efficient, reshaping business priorities, realigning thought processes, introducing strategic changes, restoring stability, regaining confidence and setting a roadmap for a better future. The core bank values of Trustworthiness, Transparency, Integrity, Accountability and Collaboration in line with its ethos of ‘Thrive Everyday' were cascaded. The approach echoed the commitment to empower customers to focus on their priorities in life, while reaffirming the brand ethos thereby translating into a rich human narrative ‘Life Ko Banao Rich' via a seamless integrated campaign. In a first of its kind for an Indian financial institution, YES Bank emerged out of its legacy issues, completed its customer-focused transformation journey and gained a position of strength as a Re-Energised, Well-Capitalised New Generation Bank with disproportionate number of conversations, with a strike rate of 99% and a fortified Balance Sheet with marked improvement in Asset Quality.
Strategy
YES Bank launched a vibrant new logo that carried forward the identity in a new avatar. The tick has been transformed into a soaring bird, which represents the Bank's current position of ‘soaring'. Moreover, the smoothened-out corners and fluid shapes replaced the angular edges of the older logo. The blue and red colours got a makeover with an electric tone, representing high energy. The identity was then taken across branches, corporate identity, ATL & BTL communication giving it a refreshed new gen look. Tagline ‘Life Ko Banao Rich' was translated across multiple vernacular languages to democratize its essence. There were multiple brand and product / feature TVCs that were released. There was presence across News, Movies & GEC genre and during prime time on Top shows.Multimedia touchpoints helped drive the brand story. Print, outdoors, digital channels, PR, it truly was a seamless and integrated approach to reinvigorate the brand. Contextual placement on TV through news genre help drive the message amongst the relevant audience. Higher format ads and presence on the front page helped drive brand's visibility.
Data
The YES BANK of today and its refreshed brand ethos reflects what we stand for, the values we hold, and the bond that we share with our customers. Through our progressive and seamless banking solutions, we resonate with the needs and aspirations of our customers, thereby enabling them to live each day to the fullest, and make every single day even more rewarding. Each of our propositions enable our customers to fulfil their financial aspirations in the most seamless way possible, and experience a rewarding banking experience. Delivering a banking experience that is Seamless, Intuitive and Effortless Our new communication is our way of pledging greater transparency, responsiveness and agility to our customers. It is also targeted at ensuring that the Bank's identity is in sync with today's changing times. Our approach echoes our values of today and our commitment to empower our customers to focus on their priorities in life, while reaffirming our brand ethos of "Life Ko Banao Rich".
Solution
Results
The new logo saw a viral outburst across publications and was well received. Brand saw a massive and unprecedented conversations on social and digital. • Campaign over delivered by 10% - 12% across markets with a strike rate of 99 % • The brand health parameters of Awareness and Considerations doubled within 3 months of the campaign launch. • Creative was well received on YT, FB and IG amongst our audience resulting in a 7% increase in the VTR and a spectacular CTR of 3.63% (v 0.40%). Roadblock too performed well being an engaging format, we saw an increase in the CTR-0.31%(v 0.20%) • Savings Account - 43% higher leads in JAS'23 vs AMJ'23 • Credit cards – 47% growth in leads in JAS'23 vs AMJ'23
