Nearly 50% of our spends today are digital: Rajesh Balachandran, Muthoot FinCorp

In a financial services market defined by intense competition and evolving customer expectations, Muthoot FinCorp has carved a distinct identity by combining purpose-led storytelling with sharp digital transformation. Anchored in its mission to empower everyday Indians and backed by a 138-year-old legacy of trust, the brand has embraced both emotional and performance-driven marketing. From leveraging Shah Rukh Khan’s universal appeal to spotlighting grassroots entrepreneurs through initiatives like Super Woman, the company blends
credibility with connection.

In conversation with exchange4media, Rajesh Balachandran, CMO, Muthoot FinCorp, shares how the brand is balancing tradition with technology, regional resonance with pan-India campaigns, and trust with innovation to stay ahead in the financial services space.

Edited Excerpts

Muthoot FinCorp operates in a highly competitive financial services space. What has been your overarching marketing strategy to differentiate the brand?

At Muthoot FinCorp, our marketing strategy is anchored on our Purpose — to transform the life of the common man by improving financial well-being. We consciously position ourselves as the financial partner of choice for everyday Indians who are often underserved by traditional banking. For us, it’s not just about giving loans; it’s about enabling aspirations.

In a crowded financial services space, our differentiation comes from being accessible, empathetic, and the trust we’ve built over 138 years. A consistent brand narrative, strong regional presence, and our association with Shah Rukh Khan reinforce this positioning. Our approach is twofold: credibility built through expertise and trust, as in the India’s Original Gold Loan Specialist campaign with SRK, and emotional connection through authentic initiatives like Super Woman, Success Ki Blue Soch.

Financial services often require building credibility and emotional connection. How does Muthoot FinCorp approach storytelling in its campaigns?

Storytelling for us is about showing real people and real progress. The India’s Original Gold Loan Specialist campaign is a strong example. Gold loans, though trusted, were often seen as complex or less aspirational compared to other loans. We reframed the narrative by positioning Muthoot FinCorp as the specialist who makes gold loans simple, fast, and dignified. With Shah Rukh Khan as our brand ambassador, we added aspiration to credibility — his universal appeal reassures customers that they are making a trusted, empowering choice.

On the other hand, initiatives like Muthoot FinCorp Super Woman highlight the emotional side of our storytelling. Here, we don’t talk products at all. Instead, we celebrate the authentic stories of unsung women entrepreneurs running tailoring units, provision stores, or home enterprises — women uplifting families and communities. By amplifying their voices, we reflect our ethos of empowerment and create deep emotional resonance with customers.

Can you share insights into how your ad spends have evolved in the last couple of years?

Two years ago, our advertising was still weighted towards traditional ATL — television, print, and sponsorships. While these remain important, we have deliberately shifted to a more balanced, ROI-driven model. Today, almost half of our spends are digital-first.

Our focus has also moved from broad exposure to outcome-linked investments. Performance marketing, lead generation, and data-driven targeting are now central to our campaigns. This allows us to directly track conversions, efficiency, and business impact. That said, we continue to invest in large-scale brand campaigns during festive seasons, because in financial services, long-term brand equity is as important as immediate business generation.

What does your current media mix look like between traditional media (TV, print, radio) and digital platforms?

Our media mix has evolved significantly in recent years. Traditional platforms like TV, print, and radio continue to be powerful in semi-urban and rural India where mass salience and credibility matter most. For instance, festive campaigns still rely heavily on TV and print to achieve scale.

At the same time, nearly 45–50% of our spends today are digital. Performance marketing, vernacular campaigns, app-driven journeys, and engagement content form a growing share. Digital’s strength lies in sharp targeting and measurable outcomes, which we seamlessly integrate with ATL for impact. In essence, our media mix today blends the reach of traditional with the precision of digital.

With the rise of regional content consumption, how are you tailoring campaigns for diverse audiences across India?

Regional relevance has always been our strength. India is not one market — it is a mosaic of cultures, languages, and celebrations. We adopt a hyperlocal approach that goes beyond translation.

For example, Onam campaigns in Kerala focus on family celebrations and gold loans, while Navratri in Gujarat highlights traders’ festive needs. Ganesh Chaturthi in Maharashtra or Pongal in Tamil Nadu see unique local campaigns with vernacular creatives and regional media choices. This cultural sensitivity ensures our customers feel that Muthoot FinCorp speaks their language, understands their aspirations, and is deeply rooted in their community.

Do influencer marketing or partnerships play a role in your strategy, and if so, how do you measure their impact?

Yes, influencers are becoming a meaningful part of our strategy. While Shah Rukh Khan provides unmatched pan-India aspiration, we also work with micro and nano influencers who enjoy deep trust within their communities.

For instance, our Book My Gold Loan campaign effectively leveraged such influencers. Their content drove not just visibility but also relatability, ensuring customers saw peers endorsing the brand. We measure impact not just by impressions, but by engagement, lead flows, and conversions. Ultimately, the benchmark is whether influencer partnerships translate into trust and customer action.

The festive season is a high point for financial services demand. How does Muthoot FinCorp’s marketing strategy adapt during festivals like Diwali or Onam?

Festivals are when aspirations peak and financial needs rise — from stocking business inventory to buying a two-wheeler or funding family celebrations. Our strategy blends celebration with empowerment. We drive high visibility through traditional and digital media, while also activating hyperlocal campaigns at branches and in communities. For instance, Onam in Kerala highlights family and tradition, while Diwali messaging focuses on progress and prosperity. Attractive festive offers and in-branch engagement activities ensure customers feel welcomed and celebrated.

For us, festivals are not just transactional opportunities. They are moments to strengthen emotional bonds with customers — blending festive joy with practical financial support to make campaigns both culturally meaningful and business impactful

Post-pandemic, consumer adoption of digital financial services has surged. How has that influenced your marketing priorities?

The pandemic accelerated digital adoption across segments, including rural and semi-urban markets. For us, this meant aligning marketing much closer to product and technology.

Our campaigns today go beyond creating awareness. They actively nudge customers into digital journeys — whether it is downloading our Muthoot FinCorp ONE app, availing services through a missed call, or completing simplified online applications. Marketing has effectively moved from being an external communication layer to becoming part of the end-to-end customer experience.

With AI, data-driven targeting, and martech gaining ground, how is Muthoot FinCorp leveraging technology to personalize marketing?

We are in the middle of a transformation where marketing is becoming science-led with a human heart. AI and data analytics allow us to understand customer needs, credit behavior, and repayment patterns in depth. This enables us to deliver personalized offers — at the right time, through the right channel. Our martech stack integrates multiple touchpoints, ensuring consistent and contextual communication across channels. This way, customers don’t feel targeted but understood — which is crucial in a category where trust drives adoption.

Looking ahead, what will be the next big bet for Muthoot FinCorp’s marketing in the next 2–3 years?

Our next big bet is digital inclusion at scale. We believe the next wave of growth lies in ensuring every aspiring Indian — from a woman running a home shop to a farmer in a remote village — can access financial services seamlessly and with dignity.

Marketing will play a central role in this journey — building awareness, instilling trust, and driving adoption of digital-first solutions. We are also expanding into wealth management and insurance, where engaging existing customers and deepening lifetime relationships will be key.

The future for us will be shaped by digital innovation, regional resonance, and purpose-led storytelling — strengthening our role as the most trusted financial partner of the common man.