DBS BANK INDIA: BANKING WITH A PURPOSE
Q] What were the specific goals and objectives that DBS Bank aimed to achieve with the recently launched Women and Finance report? Q] What standout insights from the report do you believe have the potential to reshape DBS Bank’s approach to serving its female clientele? Q] In leveraging the survey results, how does DBS Bank plan to tailor its marketing strategies to better connect with and address the financial needs of women? Q] Tell us a bit about your association with Shark Tank India for their Season 3 on Sony TV. Q] What was the strategic rationale behind collaborating with badminton players for your campaigns? Are there upcoming initiatives involving them, and how does this tie into DBS Bank’s broader marketing strategy? Q] What marketing strategies help you stand out in a competitive market? PROFILE ABOUT THE BRAND
When we looked at our customer base, we noticed that the total percentage of women customers is slightly on the lower side. We also examined a lot of data and information that were being published around the overall gender participation of women in the workforce and conducted some qualitative studies based on our conversations with customers. This gave us insights that the participation of women in the workforce was relatively low. Even among women who had an independent source of income, not everyone was making financial decisions independently. Overall, they seemed a little more risk-averse, and this was more pronounced for self-employed women compared to salaried women. All of this made us think about what we can do as a bank. The first thing we wanted to do was to try and understand how women think about finances as it is starkly different from how men think about it. This led us to work with Crisil to create this report. The ‘Women and Finance’ report is a three-part report, and this is the first part that delves into women’s attitudes towards finance, their behaviour in terms of managing finances, and more.
The report highlights two main aspects: city-to-city variation and consistent behaviour among women at an aggregate level. The analysis of women’s participation in financial decision-making revealed positive trends, particularly in older age cohorts where women make independent financial decisions akin to men. Despite some percentage variations, overall prorities such as home purchases and children’s education remain consistent across age groups.
One significant finding suggests that women tend to be more risk-averse, favouring fixed deposits and savings accounts. Recognizing an opportunity, we emphasize that women can leverage the evolved financial ecosystem, moving beyond traditional avenues. Additionally, retirement planning emerges as a priority in the 35 to 40-year-old age group, especially for married women. Encouragingly, younger women have the opportunity to proactively plan for holistic financial goals. A notable trend in payment channels indicates high adoption among affluent women, with over 90 percent using credit cards. Digital payments also exhibit substantial adoption, particularly in Delhi, contrasting with lower rates in Kolkata. This insight prompts a focus on digital payment education in relevant regions.
After looking at the findings from the report, we realised that in terms of our creative strategy on Digital, our targeting is very precise. We are not looking at women as a different or distinct cohort. Instead, we were looking at age cohorts, interest categories, and so on. Going forward, this is one area that we would want to pursue aggressively, targeting women a bit differently as a separate cohort. This would involve initiatives around engaging with existing customers, reaching out to prospects and overall customer education. When we speak about digital, the adoption is different in different cities. Leveraging the insights, we will curate a different strategy for women in Delhi vis-à-vis women in Kolkata. We will target our creatives a bit differently. We would like to do a larger campaign around this in the future, which will be targeted at women. The focus of the campaign will be to highlight how we understand this cohort better than our peers do because we have invested in this research.
This collaboration is primarily targeted at the SME audience. As a brand, we aim to showcase intriguing initiatives in the upcoming days. Our commitment extends to standing by our customers, partnering with them throughout their growth journey, and simplifying banking for them. By emphasizing sustainability, we will highlight our initiatives through this association. Stay tuned for more details, including our involvement with green businesses within the Shark Tank cohort, which will be revealed shortly.
In exploring our position in the Indian banking space and understanding our clientele, we recognized our unique approach as a bank. Our customer base, actively contributing to India’s growth, is notably young. Acknowledging the passion for sports, we sought alternatives to cricket, a saturated space requiring significant investment. Identifying badminton as an emerging and widely relatable sport, we associated with it for its inclusivity across genders and age cohorts. Sponsored players, including Gayatri Gopichand, represent the new India – young, talented, and globally recognized, contributing to the sport’s elevation. This aligns with our identity as a young brand partnering in India’s growth. The response has been fantastic, notably with Satwiksairaj Rankireddy and Chirag Shetty winning the Major Dhyan Chand Khel Ratna. Lakshya Sen’s success in individual categories and the progress of Treesa Jolly and Gayatri Gopichand in women’s pairs add to this remarkable journey.
We uphold our overarching brand promise, ‘Live More, Bank Less,’ aiming to carve a unique niche in the market. Despite being an international bank, our national presence resembles that of large Indian banks, offering a comprehensive suite of products and international connectivity, especially across Asian markets. The core ‘Live More, Bank Less’ ethos is consistently emphasized in every campaign, including our strategic partnerships, such as the association with badminton players. Our overall strategy focuses on increasing brand awareness and recognizing our relatively recent expansion in the country over the past few years. Rather than hastily creating women-specific products, we invest time and effort in understanding how women bank before crafting tailored propositions.
Shoma Narayanan is the MD & Head – Group Strategic Marketing & Communications at DBS Bank India. In her role at DBS Bank India, Narayanan has led marquee brand campaigns that showcase the expansion of DBS in India as well as innovative content plays. Armed with close to 20 years of experience in the banking industry, she had previously spearheaded marketing at HSBC.
DBS is one of the leading financial services groups in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia, and South Asia. The bank’s AA and Aa1 credit ratings are among the highest in the world.
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