In an exclusive interview with the CMO of Federal Bank – Mr. MVS Murthy, we delve into the dynamic world of banking, exploring the inspiration behind their career, the bank’s strategies amidst technological advancements, and their vision for the future. He provides valuable insights into their role, the bank’s strategies, and the evolving landscape of the financial industry. Their emphasis on trust, adaptability, and genuine efforts serves as a beacon for both seasoned professionals and aspiring marketers in this ever-evolving field.
On Career Inspiration and Motivation
Mr. Murthy begins by clarifying their role, emphasizing that while they don’t shape the financial landscape, they play a crucial role in strengthening it. Their journey, from advertising to various facets of the financial sector, ultimately led them to find fulfillment in their current position. The Federal Bank, they assert, has been a pivotal moment in their career, standing out for its deep-rooted connection with communities. With a majority of their franchise supporting the bank’s operations, the motivation to excel is palpable.
Adapting to Transformations in Banking
Addressing the transformative shifts in the banking sector, including the rise of fintech, blockchain, and digital currencies, the CMO likens it to guiding a teenager towards maturity. Trust and stability, they emphasize, are not merely afterthoughts, but the very foundation of financial services. The bank’s ability to adapt to diverse templates while assuring customers of trust is a driving force in their constant evolution.
Empowering a Tech-Savvy Customer Base
When asked Mr. Murthy to shed light on the Federal Bank’s approach to catering to a diverse and tech-savvy customer base. They reveal that many of the emerging technologies are incubated through collaborations with regulators, fintech partners, and technology service providers. This continuous integration of new payment technologies, fintech partnerships, and AI applications is seen as standard practice, driving the bank towards their goal of becoming the Most Admired Bank.
He discloses that the bank is actively leveraging cutting-edge technologies like Artificial Intelligence, along with unconventional avenues such as Sports, Cultural Immersion, Arts, and Hyper-local Marketing. The approach is dynamic, with no fixed playbook, reflecting an evolving marketing strategy aimed at fortifying the brand.
Data-Driven Personalization in Banking
Reflecting on the prominence of personalization in banking services, Mr. Murthy acknowledges that the industry has already embraced this concept. They emphasize the need to focus on other critical components like service, products, offers, and advisory. The process, they note, is intricate, involving the application of intelligence and the creation of innovative propositions, all achieved through collaboration rather than isolation.
He points to the unique strength of Federal Bank – its diverse human capital. With a significant percentage of women colleagues and a wide range of age cohorts, the bank boasts a pan-India presence and impressively low attrition levels. This, they assert, forms the bedrock for instilling trust and confidence among customers and stakeholders, especially in times of global economic uncertainties.
Evolution of the CMO Role
While refraining from prescribing industry-wide evolution, the CMO offers insights into their own role’s evolution. They highlight hyper-local initiatives, societal partnerships, engagement with technology companies, and collaborations with local governmental bodies. They underscore that being a CMO in a bank provides a unique opportunity to drive progress across various spectrums, requiring genuine efforts.
Marketing Do’s & Don’ts
Mr. Murthy imparts a key piece of advice to budding marketers – track your numbers, for if you don’t, someone else will. This, they stress, should be an unambiguous conversation with the C-Suite, the Board, and all constituents engaged with the brand.