Founded in 2017, Olyv (formerly SmartCoin) started out as an app-based consumer lending platform, tied up with RBI registered lenders to provide quick personal loans to the underbanked self-employed and salaried individuals of India. The ISO certified app has over 2 crore registered users, having served 19,000+ pin codes across India.
The new Olyv identity marks the start-up’s evolution beyond a credit-led platform to a comprehensive digital financial platform that offers bigger loans, digital gold savings, credit health management products and so on.
Olyv’s vision is to provide technology-driven financial products that empower the next billion hard-working and underserved Indians, fostering financial inclusion and partnering growth aspirations.
Medianews4u.com caught up with Rohit Garg, CEO and Co-Founder, Olyv (formerly SmartCoin)
Q: What factors prompted Smartcoin to rebrand as Olyv?
SmartCoin rebranded to Olyv early this year, primarily motivated by an aim to broaden its services beyond just providing quick personal loans. The company sought to encompass a wider array of financial products, including digital gold savings, credit health management, and insurance offerings. This strategic move was aimed at catering to a more extensive customer segment across their financial lifecycles, leveraging advanced AI and ML technologies for a more personalised and contextual range of products.
Q: What marketing activities will Olyv be doing to create awareness about the same?
In an effort to raise awareness about its rebranding and the introduction of new services, Olyv has rolled out a comprehensive brand campaign titled #JahanSapneWahanOlyv, featuring Naveen Kasturia as the brand ambassador. This campaign is designed to tap into new customer segments and bolster engagement with an array of financial products that address various aspects of financial needs. The marketing strategy encompasses a mix of social media campaigns, digital marketing campaigns and brand visibility through communication activities.
Q: How important will the IPL be for Olyv?
The IPL season is a pivotal period for Olyv, offering a unique platform to connect with a broad audience that connects over cricket. It combines the appeal of financial solutions with the widespread love for cricket in India, aiming to enhance brand visibility and engagement in a context that is widely embraced. The anticipation around MS Dhoni’s possible last season adds to the tournament’s allure, where Olyv has placed itself at the center of one of India’s most celebrated sporting spectacles.
Q: What are the activities being done around the IPL?
Olyv is leveraging the IPL through a variety of activities including special product offers and lending solutions that allow fans to enhance their IPL experience, alongside a slew of social media activities and contests throughout the season. This culminates in a grand finale with a Mega Magic Mystery box for a lucky winner, making the entire campaign highly interactive and engaging.
Q: Is the goal of using the IPL reach or engagement?
The objective behind using the IPL as a marketing platform is twofold: to achieve wide-reaching visibility and to foster deep engagement with potential and existing customers. By integrating their financial solutions with the excitement of the cricket season, Olyv aims to create unforgettable experiences and build lasting connections with the audience that can position the brand as a go-to financial platform even after the tournament concludes!.
Q: Cricket has gone free on digital. What opportunity does this offer brands?
With cricket broadcasts now free on digital platforms, there’s a significant opportunity for brands to reach a larger, more diverse audience. Olyv, in particular, can capitalize on this to engage with potential customers across diverse demographics, leveraging targeted advertising and relevant content to resonate with a digital-savvy audience.
Q: Are we gradually seeing startup advertising return to the level that it was in 2022, or is it more measured now?
In terms of advertising spend, there’s an indication that startups, including Olyv, are adopting a more strategic and ROI-focused approach to their marketing efforts. By selecting high-impact opportunities like the IPL, companies aim to ensure that their investments translate into meaningful visibility and customer engagement, suggesting a more measured approach compared to the aggressive spending trends of 2022.
Q: In marketing terms, how does Olyv define ROI?
The company evaluates the success of its marketing campaigns based on their ability to drive awareness, engagement, and, ultimately, conversions. Metrics such as campaign reach, engagement rates, and the cost of acquisition versus the lifetime value of customers are pivotal in their analysis.
Q: To what extent will Olyv’s marketing spends grow for the year compared to 2023?
At Olyv, we are looking at a 30% increase in marketing spends in the impending year, focused on scaling strategic partnerships, which has proven effective for us in streamlining customer acquisition costs. We will also be doubling down on digital advertising channels, and leverage our content featuring our brand face, Naveen Kasturia with new and engaging stories targeted to reach out to new and potential customers.
Q: Apart from the IPL, what are the other properties and marketing vehicles that will be used
Beyond the IPL, Olyv’s marketing strategy is poised to employ a variety of channels to engage customers throughout their financial journey. This will include digital and content marketing, collaborations with influencers and social platforms, and community initiatives, all aimed at building a robust brand presence and fostering trust across multiple customer touchpoints.
Q: Your views on regulation in the P2P lending space?
As a tech- and data-first company, Olyv supports regulations that promote transparency, protect consumers, and foster trust in digital financial services, aligning with its mission to democratize credit access and partner customers across their evolving financial journeys.
Q: How is the company leveraging AI from product improvement to marketing?
Olyv is putting AI and ML technologies to work not just in refining product offerings for more personalised and context-aware financial solutions, but also in optimising marketing strategies for enhanced engagement and better conversion rates. This tech-forward approach is key to effectively addressing significant gaps in financial inclusion.
Q: With AI comes the threat of misinformation, which in finance can be disastrous. How does one counter this?
Addressing the risk of misinformation, especially crucial in the financial sector, demands a steadfast commitment to transparency, precision, and consumer education. By focusing on clear communication, implementing stringent data protection and compliance measures, and providing informative content, Olyv aims to foster trust and deliver accurate information to its customers, navigating the challenges posed by the digital dissemination of financial services.
