IIFL Home Finance, a housing finance company is a subsidiary of IIFL Finance with 79.59% shareholding, while Abu Dhabi Investment Authority acquired 20.41% stake in the company in 2022. IIFL Home Finance looks to empower first-time home buyers while emphasizing affordable housing for EWS and LIG category. Over the past five year the company’s Asset Under Management (AUM) have grown at 14% CAGR reaching Rs. 35,499 crores as of 31 March 2024.
Through affordable home loans, IIFL HFL makes people’s aspirations of owning a home a reality, while emphasising on supporting green buildings and projects that help society achieve inclusive sustainable development. The objective is to fulfil economic upliftment for EWS/LIG segments of the country. The company has adopted an asset light model by getting into co-lending arrangements that further helps to penetrate and expand in deeper markets of India.
To facilitate a seamless customer experience, the entire life cycle of housing loans is technology driven i.e., from origination to closure. The IT infrastructure helps in reducing costs, real-time analysis of customer data, improving control and underwriting functions, while increasing customer reach and distribution capability.
Medianews4u.com caught up with Madhvi Gupta Head – Marketing, PR, CSR and ESG IIFL Home Finance
Q. How did the idea for the campaign ‘Bharose Ki Keemat’ came about?
The latest campaign, ‘Bharose Ki Keemat,’ aims to raise awareness about making informed choices regarding trust, especially in financial matters. The ad film stars Abhishek Banerjee, widely known for his performance in the Bollywood movie – ‘Stree.’ The actor adds authenticity to the campaign’s message, encouraging people to be wary about who they put their confidence in. Bringing in a touch of humour, the campaign taps into the familiar scenario of people—be it childhood friends or neighbours—who always make promises but seem to have excuses when they fail to do so.
The ‘Bharosa Meter’, a unique concept at the foundation of this campaign, demonstrates the negative effects of mistaken trust in both financial and interpersonal relationships. The story emphasises how recklessly placing faith, even in well-known relationships, may result in serious losses, thereby holding a conversation around ‘Bharose Ki Kheemat’. The campaign then highlights individuals who recognise the importance of trust and how IIFL HFL ensures it remains uncompromised by leaving the viewers with a strong message: “Jo Bharose ki keemat samajhte hain, wo Bharosa kabhi kam nahi hone dete. Toh zimmedari se, soch samajh kar, kharch kar!”
Q. How does this build on the previous Bharosa Bhau campaign of ad films?
In the second season of building IIFL Home Finance Ltd.’s universe of Bharosa, our goal was to underscore the importance of placing trust wisely, addressing the common industry issue of consumer mistrust – which is a follow up of IIFL Home Finance being their own trusted Bharosa Bhau. Using the straightforward yet impactful concept of the ‘Bharosa Ki Keemat,’ the brand aimed to illustrate the potential consequences when trust is placed indiscriminately.
The ‘Bharose Ki Keemat’ campaign further emphasises our commitment to offering transparency, digital-first solutions that simplify the loan process while promoting financial inclusivity.
Q. What are the key markets and the TG being targeted in the campaign?
Tier 1 (Suburbs), Tier two and three cities
TG’s are Economic Weaker Sections (EWS), Lower Income Groups (LIGs) and the first time home buyers and women ownership of the house – fostering inclusivity from all directions
Q. How key is building consumer trust in marketing activities done to achieve business growth?
The small ticket size mortgage loan category, usually from the informal sector, thrive on trust and voice of brand customer, thus making it imperative to ensure the same trust and confidence in our customer – which is at core of IIFL Home Finance Ltd. The communication created through this ad film and campaign revolves around the same and with our widespread network of over 380 branches and digital presence helps us larger reach and penetration across the country.
Q. What does Abhishek Banerjee bring to the table?
Abhishek Banerjee, an accomplished Indian actor and casting director, offers several advantages as a brand ambassador:
– Versatility and Relatability: Known for his diverse roles in movies like “Stree” and web series such as “Paatal Lok,” Banerjee connects with a broad audience, making him relatable to various consumer segments. Abhishek brings in ground ‘Indian Household’ persona and mass appeal amongst our target audience – instigating trust and reliability.
– Rising Popularity: His growing prominence in the entertainment industry enhances brand visibility and appeal, especially in Tier 1 (Suburbs), Tier 2 and 3 cities.
– Digital Savvy: Active on social media platforms, he effectively engages with fans, and this helps us in amplifying brand messages and facilitating direct consumer interaction through collaboration posts.
Q. Could you talk about the reasons behind the shift from traditional media to a digital-first marketing strategy?
The shift from traditional media to a digital-first marketing strategy at IIFL Home Finance is driven by the need for more precise targeting, larger reach, cost efficiency, and the ability to measure campaign success in real time. Digital channels allow us to reach larger yet specific customer segments with personalised content, optimise campaigns for better ROI, and interactive journeys for the customer/user.
Additionally, digital platforms enable us to provide a seamless, automated customer journey, empowering users to easily check loan eligibility and select the most suitable financial product. This approach not only enhances customer experience but also ensures that we are well-positioned to cater to the growing digital-savvy audience across Tier 2 and 3 towns, where traditional media is not a preferred medium for information consumption.
Q. Does the focus of the current campaign rest on performance marketing and lead generation?
Today, marketing campaigns are not just limited to gaining eyeballs but also about how they are helping achieve business objectives for organisations. Even with this new brand film campaign, we are running video and static ads on various digital platforms such as YouTube, Google display ads, Facebook and Instagram with an objective to gain user attention and drive user awareness around our credit offerings while double clicking on our consistent theme of Bharosa or trust.
Q. What tools are coming in that are helping the company better measure the efficacy of online campaigns?
We are very heavy on marketing analytics. With each running campaign, we ensure testing, measurement, optimisation from the first week itself. We utilise various in-house dashboards, Google analytics to measure Cost Per Click (CPC), Cost Per Lead (CPL) of the campaign on platform, placement level. Internally, we also reverse calculate our lead requirement business wise and by geography to ensure optimal lead allocation for our regional sales team.
Q. How is the company using AI?
Currently from a content POV, we have leveraged AI to generate VOs and real life like images for the brand. To leverage this further we can explore options of purchasing a commercial Ai VO generation account to create audio led explanatory videos.
Q. What role does LinkedIn play in helping the company interact with various stakeholders and also in terms of allowing long-format organisational branding communication?
LinkedIn plays a key role in helping IIFL Home Finance engage with stakeholders and communicate its brand. It allows the company to connect with industry experts, opinion leaders and housing forums, fostering trust, credibility and voice of brand influencing the end user from EWS and LIG segments.
Through LinkedIn, the brand aims to share thought leadership content—such as articles, various studies, and market insights—that highlight its expertise in the housing finance sector. This long-form content builds a deeper brand narrative, showcasing the company’s values, vision, and customer-centric approach.
Additionally, LinkedIn provides a platform for IIFL Home Finance to engage with industry bodies, real estate forums, and regulatory authorities, participating in discussions and collaborations that amplify its influence. Opinion leaders and housing forums also offer platforms for the brand to share expertise, reach a broader audience, and align with trends in housing and finance. Overall, LinkedIn helps IIFL Home Finance extend its outreach, educate customers, and build long-term relationships, while positioning itself as a trusted advisor in the housing finance space.
Q. The company uses influencers from content creators and dancers on Instagram to finance and loan educators on YouTube. How effective have they been in building the brand?
IIFL Home Finance has explored influencer marketing in previous campaigns, collaborating with a range of influencers, including content creators and financial educators. While these initiatives yielded valuable insights, the company has found that influencer marketing can be highly time-sensitive and context-dependent, with ambiguity with respect to to actual business impact. In the latest brand campaign, through Abhishek Banerjee, the brand used the protagonist himself as an influencer to the targetted audience, creating an appeal of the product, brand’s value of trust and reliance amongst the end customer.
Q. Does the company supplement digital activities with on-ground marketing initiatives like workshops?
The company follows a hybrid marketing approach, blending digital and on-ground initiatives to reach diverse audiences effectively. While our digital campaigns target online users, our BTL engagement in Tier 2, 3, and 4 markets is continuous and ensures visibility in regional areas. Key on-ground initiatives include:
· Workshops and Financial Literacy Programmes: Educating consumers on home financing options.
· Financial Inclusion Melas: Bringing the brand closer to local communities.
· Localised Branding: Tailoring our approach to fit regional demographics.
This hybrid strategy allows us to connect with both urban and rural audiences, making our marketing efforts more impactful.
