Vignesh Murali, Senior Vice President and Head – Marketing, Brand & Corporate Communications at Equitas Small Finance Bank, speaks about his career in communications in MediaBrief’s special series, CommsBrief.
With a rich background in steering impactful marketing and communication strategies, Vignesh shares what drew him to this dynamic field and the pivotal challenges he has faced.
He delves into significant initiatives he’s led at Equitas, discusses dominant trends shaping the communications industry, and explores innovations that excite him.
Speaking about his professional journey and career choices, Vignesh Murali, Senior Vice President & Head – Marketing, Brand & Corporate Communications at Equitas Small Finance Bank, says, “Having started my career with The Times of India, I have been a marketer for 17 years and seen the industry evolve. From traditional marketing like print and radio to the starting stage of digital marketing and now the full-fledged era of social media marketing and influencer marketing, I am glad to have witnessed it all, including the evolving content on TV. The last 15 years of my experience in the BFSI space have shaped me into who I am today.
Vignesh Murali on his professional journey
Outlining how, since his early days, Murali has been an extrovert, he adds, “Right from being the cultural secretary during college days to actively playing for the cricket team, I have always been with people and prefer it.
“At the beginning of my career, even though I was convinced to pursue CA as a profession, I decided to navigate my academic choices from following a desk job to living true to my personality and leading my forte of connecting with people. Hence, I decided to switch to management and marketing, which allowed me to delve deep into understanding people’s psychology, conveying the brand’s narrative, and creating a holistic impact for all the stakeholders involved.
“Considering the importance of different demographics across locations, I became inclined towards choosing marketing as a profession, and being a people’s person turned out to be a major driving force for me,” Murali added.
Murali on his BFSI and Media roles
Reflecting on his diverse career journey across sectors, Murali says, “I have worked both in media and in the BFSI industry, and both of them have seen different challenges in their respective spaces.
“Working at The Times of India required me to understand different industries and different marketing needs, and based on that, I had to curate plans according to the needs of the customers.
“In BFSI, on the other hand, it is about understanding the customers, which means knowing your entire 7P’s of marketing: Product, Price, Place, Promotion, People, Process, and Physical evidence. These factors were extremely challenging and critical, but working on knowing them sooner makes the job easier to start with.”
Murali on beginning from scratch and building a team
Speaking about another hurdle he faced, Murali describes how, at Equitas, the challenge of establishing credibility and building a team from the ground up tested his ability to prepare thoroughly and earn the confidence of the management.
He says, “I started my career at Equitas and began from scratch, including building a team. However, for the first six to eight months, I had to build credibility for myself to gain the confidence of the management. Marketing is all about winning the trust of the management, which is possible with complete efforts at the preparation stage.”
Outlining the role of a strategic approach and thorough preparation that helped him navigate this challenge, he says, “I overcame this challenge by being fully prepared for the job I envisioned, not as an individual but for the brand, as there is negligible room for error while presenting ideas to the top management.
“Thus, I always ensured to keep complete details of the product/task handy that are relevant for that matter. I take my inspiration from cricket, believing in the importance of preparation before scoring a hundred. I firmly follow the philosophy that if you are prepared by diligently doing your homework, success will automatically follow, and that is my way of doing things,” he adds.
Spearheading marketing at Equitas SFB
As a marketer, you can’t have a one-size-fits-all approach, says Murali about the initiatives and strategies he has spearheaded. He adds, “I have spearheaded several key initiatives at Equitas. By implementing ‘Know Your Catchment’ initiative, we recognized the importance that customer personas vary significantly across different areas, allowing us to tailor our marketing strategies accordingly by going beyond the regular KYC.
Among the initiatives he has spearheaded at Equitas, Murali says that strategies integrating customer feedback, embracing digital advancements, and extending the brand’s impact beyond traditional banking are key. “We are continuously improving our digital journey and adopting the latest market technologies. Our customer-centric approach involves actively seeking and incorporating feedback from customers and stakeholders to customize our offerings and strategies.
He adds, “We have also launched innovative activations, being the first brand to launch on Metaverse and introduce an IPL partnership-based debit card. Our ‘Circle of Life’ series showcases our brand values and commitment to customer-focused banking.
“Lastly, our ‘Beyond Banking’ initiative aims to contribute to society through our banking services, working towards winning customers’ hearts and uplifting their lives. These strategies focus on understanding our market, embracing technology, and creating value beyond traditional banking services,” Murali says.
Trends for the communications industry
Touching upon current trends in the communications industry, Murali underscores the importance of technology adaptation, making automation and data-driven communication central. “Even personalized communication and UI/UX improvements are at the forefront,” he adds.
Mulling over the future trends that excite him the most, he says, “I foresee continued emphasis on technological innovations in the communications industry. At Equitas, we’re committed to ongoing investment in this area to stay ahead of trends and meet evolving customer needs. These innovations excite me as they have the potential to transform how we interact with and serve our customers, ultimately driving growth and improving the banking experience.”
Murali on Equitas’ marketing efforts
Speaking about the marketing trends he is backing at Equitas, Murali says, “We are aiming to redefine our marketing department with the help of AI & ML as a growth marketing division that directly contributes to the bank’s profitability. In the highly competitive BFSI sector, understanding customers and being a listening brand is crucial for relevance, and these evolving parameters are the next big thing.
“We are proud to be on the right path, continuously investing in these trends. For instance, we have introduced Equitas Express, which is currently live in Chennai and combines both digital and physical experiences of banking, making it truly phygital for customers.
“This allows them to have a bike banker visit their homes at their convenience, similar to popular food delivery and ride-sharing services. We also launched the Selfe Loan App, designed for a seamless loan application process, positioning Equitas as top-of-mind for customers seeking loans,” he adds.
Challenges faced by Marketing and comms professionals
In the face of rapidly changing customer expectations, the biggest challenge for marketing professionals is maintaining and enhancing customer loyalty, Murali says, when reflecting on the challenges that marketing and communication professionals face today.
He explains, “Today’s customers are quick to leave a brand at the slightest issue, making it crucial to provide not just services, but experiences. As marketers, we must constantly evolve to remain relevant to these changing customer needs.”
On navigating challenges
Highlighting how he tackles this, Murali says, “In my current role, I approach problem-solving by focusing on creating ‘wow’ moments for our customers. We aim to forge emotional connections that transform customers into brand advocates.
“Our strategy involves designing communications that deliver solutions and create memorable experiences. We are also working on building a strong ecosystem and fan base emotionally connected to our brand. This involves aligning our services with larger societal goals, appealing to customers who want to contribute to the community through their banking choices.”
He adds, “While we have made progress, it’s still a work in progress with a long journey ahead. We are committed to reaching our target milestones by continuously adapting our approach to meet and exceed customer expectations in this dynamic environment.”
Murali on Equitas’ KYC initiative
Pondering over his personal favorite projects, he says, “One of my personal favorite projects at Equitas is our KYC (Know Your Catchment) initiative. We use a pin code intelligence app to drive marketing strategies with localized insights across India.
“This data-driven approach allows us to personalize communication based on regional data and customer personas. We track various key performance indicators to optimize campaign performance, including brand recall, NPS, engagement rate, DAU, MAU, ATS, redemption rate, LTV, product holding, and customer retention rate.”
Outlining how this project translated into results, he says, “This comprehensive approach has significantly enhanced our marketing effectiveness and customer engagement.”
Murali also outlined how this initiative aligns with Equitas’ vision of transforming marketing into a profit-making division that directly contributes to the business. “I am extremely happy that we have moved beyond a support role to actively acquire customers and manage profitability through targeted campaigns,” he adds.
A personal favourite of Murali’s
Ruminating about his days before Equitas, he says, “I got the pleasure to work on one of the impactful campaigns ‘Billion Hearts Beating’ during my time at The Times of India. This was in collaboration with Apollo Hospital and aimed at fighting heart diseases. It was my first major project, is still active today, and has been my beloved campaign ever since. It involved creating a website where people could take pledges, effectively raising awareness about heart health.”
Murali’s professional journey, his experience across the BFSI and media industry, and his insights on marketing and industry trends offer a compelling view of the marketing and communications space. By focusing on technological adaptation, personalized experiences, and data-driven decision-making, Murali demonstrates how marketing can evolve to meet rapidly changing customer expectations and drive business growth.
