The contemporary wordmark and new identity for IDFC Bank targets both rural and urban consumers
IN order to stand out in the cluttered banking space, IDFC Bank, among the newest entrants in the banking space, has opted for an unconventional brand identity.
The infrastructure financier IDFC, which had received a universal banking licence from Reserve Bank of India (RBI) last year, started banking operations from October 1. It is eyeing not only the urban markets but also rural ones — a difficult balance to strike, for any brand.
The new identity has been conceptualised by Alok Nanda & Company (ANC) which worked closely with the core management team to evolve the positioning for the brand and the identity. Since IDFC is among the few new entrants in the banking sector over the last decade, with many market leaders to compete with, the revamped identity had to address three challenges.
First, how do you make an institutional brand relatable? The design solution had to work for both urban and rural India without compromising on either market. Second, how do you differentiate IDFC Bank from the crowd of banks that already exist? And finally, the identity had to be ‘future-proof’. “The brand identity is unconventional, in keeping with IDFC’s approach to banking,” says Alok Nanda, founder and CEO, ANC.
To make sure all these criteria were fulfilled, the brand and the agency created an identity which works as a vibrant, approachable signage in rural India and attempts to look equally ‘cool’ on the backlit screen of a smartphone. The new IDFC bank logo does not have a separate symbol; rather the logo is the symbol. The palette is bright, warm and un-bank-like, with violet, yellow, pink and orange that symbolise transformation, energy, youth and optimism, respectively—the qualities of modern India. Also, the new identity is designed to appeal to a new generation of consumers who are growing up as digital natives.
Rajiv Lall, Managing Director & CEO, IDFC Bank, says, “A brand isn’t just advertising or a message that we promote. It has to be a philosophy we believe in everyday, to ensure our customers experience it in what we say and do.” The brand was keen on a logo that captures the vibrant colours of India. “Our logo reflects this diversity and is symbolic of the upcoming colours of change in banking to meet the rapidly changing expectations of consumers,” says Lall.
According to research conducted by IDFC Bank, customers are looking for simplicity, transparency and service orientation when they engage with their bankers. And through its identity, it wants to convey that this is what IDFC Bank has to offer.
“Our vision is to deliver banking anytime, anywhere at scale by using technology to relentlessly drive efficiency and set new standards of customer experience and convenience,” says Lall. Customers can expect transparency, respect and solutions based on a thorough understanding of their needs, according to him.
IDFC Bank has formally started operations with 23 branches, 15 of them being in three districts of Madhya Pradesh.
The total branch network is expected to grow to 60 by April 2016, of which 40 will be in rural areas.