Kotak Mahindra Bank rolls out new campaign themed ‘Kona Kona 6%’.
Following the merger of ING Vysya Bank with Kotak Mahindra Bank in April 2015, KMB launched the Kona Kona Kotak campaign to highlight enhanced network across the country. The campaign captured the spirit of a changing nation as well as modern aspirations of people in smaller towns and cities. The narrative relayed stories of the changing face of these towns and cities with some of the following examples:
• Educational institutions as the new temples in Tirupati
• A lady architect as the new emancipated face of Jhansi
• Aspirations of young spice workers in Guntur to explore their performing talent
Kona Kona 6%, July 2016
Background: After two years of drought, India is witnessing normal to excess rainfall in most parts. The national mood is upbeat, as a good monsoon promises prosperity and better agricultural output. The Kona Kona 6% TVC uses the backdrop of rains to narrate stories of prosperity from different corners of India.
Interest rate scenario: The government and Reserve Bank of India have taken a dovish stance on interest rates in the economy. Interest rates on small savings schemes such as postal savings, term and recurring deposits, National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS), Public Provident Fund (PPF) etc. saw deep rate cuts recently, and further cuts are on the anvil. The RBI too cut repo rate by 25 bps to 6.5%.
While KMB is aligned with RBI’s interest rate guidance, the bank continues to offer 6% interest rate on savings account balances above Rs. 1 lakh.
TVC: Kona Kona 6% uses the backdrop of the monsoon to narrate stories of happiness and prosperity from different corners of India, such as Mysore, Chennai, Nashik, Vadodara, Chandigarh and Gangtok. For example:
A father buying a piano for his daughter
A farmer buying a new tractor
A family building a new room as an extension to their house
A rickshaw driver taking his family to a multiplex for a film
Parents arranging football coaching for their daughter
A young woman treating street children to a spontaneous pizza
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Karthi Marshan, Sr. EVP & Head – Group Marketing, Kotak Mahindra Bank, said “India is witnessing good monsoons this year after two consecutive dismal seasons. Good rains lead to positive sentiments, and we can feel the excitement at grassroot levels. Our new Kona Kona 6% campaign captures this mood of cheer and optimism.”
Marshan added, “Kona Kona 6% is an extension of our Kona Kona Kotak and the recent 6% campaigns. It emphasises how we are contributing to people’s prosperity with something as simple as higher returns on savings account, thereby enabling them to fulfil their aspirations. The campaign also showcases how different customer segments are benefiting from our wide range of products and services.”
“In an environment where interest rates are headed southwards, here is an opportunity where anyone can earn 6% on their savings account balance. Add to this, the tax exemption on interest earned up to Rs. 10,000 and customised propositions for children (Junior), women (Silk), citizens over 55 (Grand), etc. that bundle several features in addition to 6%, and the benefits for customers grow manifold” added Marshan.
D. Ramakrishnan (Ramki), CEO, Cartwheel Creative Consultancy Pvt Ltd.
After the overwhelming success of the Kona Kona Kotak campaign, the challenge was to find a worthy successor to it. One that connected the dots of Kotak’s geographic spread, India’s buoyant economy, and the 6% story.
The answer was to tap into India’s annual obsession – the monsoon. The monsoon is a harbinger of prosperity and happiness. Its passage through the length and breadth of the country is avidly followed by everyone. Like in the earlier campaign, we decided to present Kotak as just a small part of this story – a contributor, not the architect.
The campaign across TV, radio, outdoor, and digital celebrates the happiness of people enjoying their prosperity.
The TVC features vignettes that show a father buying his daughter a piano in Chandigarh, a farming buying a tractor in Mysuru, a young man expanding his house in Baroda, proud parents enrolling their daughter in a football camp in Gangtok, a working woman in Chennai sharing her joy with street kids, and a rickshaw driver in Nashik taking his family to a multiplex in Nashik. The narrative of the film reads like a weather report, except that it doesn’t talk about the rain. It describes the wave of prosperity.