Eko India Financial Services Pvt Ltd, an innovative start-up to provide branchless banking, has awarded its creative duties to Saatchi & Saatchi Mumbai. No pitch preceded the account win.
In a prepared statement, Anand Raman, Chief Marketing officer, Eko India, said, “Saatchi’s immense understanding of people as well as the nuances of talking the language of simplicity to the hitherto financially excluded and underserved people impressed us. Eko is a disruptive innovation in the making, and we were happy with the energy and passion Saatchi brought to the table. We are partnering with people who we think share our passion and fire to take Eko forward.”
Eko enables branchless banking using mobile, playing on the very Indian habit of missed calls as the medium of transaction, while leveraging existing distribution infrastructure to extend the service. Eko is a service provider to the State Bank of India. The service has already been test launched in West Delhi and three districts in Bihar, where close to 4,000 have enrolled and are being serviced.
Anand Siva, Vice President, Saatchi & Saatchi, who’s leading the account, said, “We are starting work on the brand on a clean slate. It’s an incredible experience to be working on a firebrand that can change the lives of half a billion people. Eko is taking a giant step towards financial inclusion for the unbanked, and we are happy to be partnering with them.”