Kotak Mahindra Bank has adopted a new brand identity, summed up in its tagline ‘Let’s make money simple’. The new identity is based on the research and feedback that Kotak received from its consumers, individuals and its own stand as a bank. The change will now widen Kotak’s core competence, which is investment expertise, to now focusing on financial expertise, thus resulting in a more focused and sharper brand tagline promising its customers simpler money management expertise.
Speaking on the change, KVS Manian, Group Head - Retail Liabilities, Kotak Mahindra Bank, said, “The new identity builds on and expands the foundation of investment expertise that we have created over the decades. It has been crafted in line with the organisation’s philosophy and endeavour to continuously unearth value and create a brand association in line with changing consumer paradigms.”
This change is also prompted by the global financial crisis, which has altered the way financial institutions across the globe function. Elaborating on this, Karthi Marshan, Group Marketing Head, Kotak Mahindra, said, “We are at the cusp of a mindset change as the financial scenario is not as rosy as it has been in the past. There is a need to consolidate and protect our current assets, and this is where Kotak comes into play. We want to communicate to our customers that here is a bank, which will participate in conversation with them to advise and hand hold them to solve their financial needs.”
He added, “Kotak’s DNA is that of providing meaningful financial solution, which we have been doing for more than two decades now. We are now just branding it and saying through our communication, which is simply that we will address their spending, saving and investment needs, thus taking care of the entire gamut of financial engagement.”
When Kotak forayed into banking six years back, it based its communication on its investment expertise, which the brand was known for, hence the tagline ‘Think Investments, Think Kotak’. This brought to the fore the banking service provider’s role in the life of individuals and firms as that of an advisor who helps create wealth.
Recognising the shift in the Indian consumer’s mood, orientation and mindset due to changing economy, the new brand identity intends to strengthen the bank’s current position and broaden its focus from investment expertise to money management support in all walks of life.
The television campaign has been conceptualised by McCann Erickson and will be supported by extensive use of the Internet and other media. The bank will also host mini seminars addressing questions and imparting home economics lessons.