‘It's About Trying To Drive A Culture Of Building Consumer-Centricity’: Rohit Bhasin
In a recent episode of Pitch BrandTalk - a video series that engages with the senior management of brands to extract innovative insights - Pitch had an enlightening conversation with Rohit Bhasin, President - Retail Liabilities Product and Chief Marketing Officer, Kotak Mahindra Bank. Bhasin discusses his shift from the FMCG sector to the BFSI sector and the bank’s marketing strategies, focus on consumer-centricity, digital innovation, personalised marketing and more Transition from FMCG to BFSI Bhasin's transition from the FMCG sector to Kotak Mahindra Bank marked a pivotal change in his career. Reflecting on this shift, he emphasized the importance of maintaining a consumer-centric approach. "It's not about unlearning and learning, it's more about trying to drive a culture of building consumer centricity at Kotak." His approach involves understanding and addressing consumer pain points to develop relevant products and propositions. He noted, "I start with the consumer at the heart of everything we do, identify what the pain points of the consumers are and then build the right product and propositions to answer those. When you do that, you build a product which is more relevant, more differentiated and therefore more likely that the consumer will choose your company's product versus another company's product, your brand versus another company's brand, and that has been the shift that I have been trying to build at Kotak" Digital and Data-Driven Strategies Bhasin elaborated on the critical role of digital in modern banking, describing it as a "ubiquitous word" with multiple dimensions. He identified three key areas where digital plays a pivotal role: data analytics, digital channels for awareness, and digital acquisition. Kotak Mahindra Bank has made significant strides in building data and AI capabilities. Bhasin explained, "We've built the data capability and artificial intelligence capability in what I call is the people who compute and people who consume," emphasizing the importance of data scientists in creating algorithms tailored to consumer needs. These algorithms help determine the right credit limit for various consumer segments, enhancing the personalisation of financial products. Personalized consumer experiences are a priority at Kotak Mahindra Bank. Bhasin highlighted, "Based on that persona, you can come up with certain insights which you believe will help you personalise the right proposition across the customer." Marketing and Channel Strategies Bhasin stressed the importance of selecting the right marketing channels based on consumer behaviour and cost-efficiency. "You always start with, who's the consumer you are trying to reach, which channel is the most likely to be in, and how do you drive to maximise reach at the lowest possible cost." This strategy ensures targeted and efficient marketing efforts. The integration of traditional and digital marketing is key to balancing brand awareness and direct conversion. Bhasin stated, "If I believe that my customer can easily be reached only through a very targeted digital plan, then I will make a digital-only plan. The idea is to maximise reach at the lowest possible cost and to drive engagement." Bhasin further added that performance marketing, particularly digital, plays a crucial role in conversion. "That is where the whole bottom funnel, or performance marketing, kicks in, which is strictly done on digital channels. Marketing Evolution The advent of AI and data analytics has significantly evolved the role of the marketer. Bhasin noted, "The biggest shift has not been broadcasting, but product proposition to the whole community. You can actually now really tailor and make more relevant, personalised propositions for cohorts." Additionally, the act of balancing brand-building activities with performance marketing is crucial for long-term success. Bhasin stated, "Doing just performance marketing without building is a very expensive proposition for the long term. Our measure for ATL is continuous awareness." Looking ahead, Kotak Mahindra Bank plans to maintain a balanced approach in its advertising spend, ensuring both brand awareness and efficient customer acquisition. Bhasin concluded, "We will spend. And then we complement it with brand-building activities because, in the long run, that’s what builds a sustainable business."
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