Airtel Payments Bank ups ad spends by 118% in FY20
The banking arm of Airtel has spent Rs 101 crore on advertising in FY20 as compared to Rs 47 crore in the last financial year
Despite Covid-19 causing a massive dent on businesses and companies choosing to tighten their purse strings, Airtel Payments Bank Limited, the banking arm of Airtel, has spent Rs 101 crore on advertising in the financial year 2019-20. This is a 118% increase in advertising spends when compared to the Rs 47 crore in the last financial year.
Furthermore, the company reported its revenue as Rs 474 crore, an 86% jump since the last financial year, according to financial data accessed by business intelligence platform Tofler.
In response to exchange4media’s email, an Airtel Payments Bank spokesperson said: “Airtel Payments Bank is uniquely placed to offer a world-class banking and payments platform to serve India’s needs and take banking to the last mile. At this stage in its evolution, the bank continues to focus on building scale to get users on its platforms, as it serves India’s digital and financial inclusion needs. The bank has a vast distributed and digital model, solving a genuine problem of last mile financial access as well as simplifying digital usage. It has created one of the largest business correspondent networks in the country, with a massive hyper-local network of 500,000 banking points at 4X of the number of bank branches in India. It also has one of India’s most used digital banking and transactions platforms with over 35 mn active customers. It is thus India’s only hyperlocal fintech Bank. In a short span of time, Airtel Payments Bank has turned contribution positive, which means it covers all direct costs incurred to serve customers. During FY20 its revenues surged by 87%. The Bank is excited about the payments bank model and convinced about the model’s ability to deliver significant change to the financial lives of a billion Indians. Customers can look forward to some major innovations from the Bank in the coming months, in line with its heritage of innovation and speed.”
To be sure, Airtel Payments Bank kept its service engine running during the Covid-19 lockdown. Over 200,000 banking correspondents of Airtel Payments Bank worked on ground to make sure customers are able to withdraw cash, make money transfers and even buy a range of insurance (health, life, and general) products without having to step out of their neighbourhood and contribute to social distancing norms. Hence, the growth seems to be driven by the surge in digital payments, money transfer.
Moreover, the brand continued to advertise and create conversations with consumers throughout the lockdown with some engaging campaigns conceptualised by their agency- Taproot Dentsu.
Comprising a 360-degree media mix, the communication entailed TV, print and outdoor, which were rolled out in a phased manner. The campaign was led by a TVC depicting an interesting story of a college student who is able to get started with a bank account at a familiar neighbourhood store and also make cash withdrawal from the account in a matter of minutes to be able to timely deposit her college tuition fees. All this, given the intrinsic features of Airtel Payments Bank.For more updates, be socially connected with us on
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