The bank aims to get one million merchants by the end of FY20
HDFC Bank which has launched its festival marketing campaign called, ‘ Festive treats’, is expected to spend anywhere between Rs 80 crore-100 crore in marketing and advertising, in the third quarter of the current fiscal, as per sources close to the development. The bank aims to rope in one million merchants by the end of FY 20, as it looks to give its online business a boost. “The festive campaign has been rolled out with an aim to facilitate the purchase of goods across online and offline stores. The idea is to provide a solution to customers at every step. We not only intend to acquire new customers through the campaign but also provide financial assistance to the existing ones. Our branches will be transformed into a financial supermarket for customers and will be backed by all our digital platforms,” Arvind Vohra, country head, branch banking, HDFC Bank, said.
As part of its marketing strategy, the bank claims to have tied up with more than 1,000 retail outlets to offer discounts, cashback and extra reward points on both in-store and online purchases. Reliance Digital, Samsung, LG, Apple, Yatra, OYO, Lifestyle, Myntra, Vijay Sales, Hamleys, HP, Big Basket, are some of the brands which will offer up to 10% off on various products and services.
According to Vohra, customers will able to avail loans and other financial services across 5,000 branches of HDFC. Additionally, customers can avail deals and offers from digital platforms such as the website, PayZapp, and SmartBuy. Further, the bank has rolled out a 50% discount on the processing fees of business loans to small business enterprises. “ This translates into a saving of about Rs. 45,000 on processing fees on a business loan of over Rs. 50 Lakh,” he added. The new campaign will be rolled out across media including TV, digital and below-the-line activations.