The banking arm of Airtel, Airtel Payments Bank Limited has spent Rs 101 crore on advertising in the Financial year 2020 as compared to the last financial year which is Rs 47 crore. That is, it increases its ad spends by 118 percent in the financial year 2019-2020.
In spite of the Covid-19 pandemic causing a huge depression on companies and businesses choosing to limit their variable spendings, the banking arm of Airtel, has spent Rs 101 crore on advertising in the financial year 2019-20. That is, there is a 118 percent increase in advertising spends when compared to the Rs 47 crore in the last financial year.
Moreover, the company announced its revenue as Rs 474 crore, an 86 percent jump since the last financial year, according to the financial data examined by the business research intelligence platform Tofler.
In this stage of evolution, the bank remains to focus on building scale to get users on its platforms, as it provides India’s digital and financial inclusion needs. It is thus India’s only hyperlocal fintech Bank. In a short span of time, Airtel Payments Bank has turned contribution positive, which means it covers all direct costs incurred to serve customers. During the financial year 2020, the bank’s revenues rushed by 87%. The Bank is delighted about the payments bank model and persuaded about the model’s ability to deliver significant change to the financial lives of a billion Indians. Customers can look for further few major transformations from the Bank in the upcoming months, in accordance with its heritage of revolution and pace.
Airtel Payments Bank had put its service engine functioning even during the Covid-19 lockdown. More than 2,00,000 banking correspondents of Airtel Payments Bank worked on the ground to make sure the customers are able to make money transfers, withdraw cash, and even buy a range of insurance products without having to move out of their neighborhood and contribute to social distancing protocols. Hence, the increase in revenue seems to be driven by the rise in digital payments, for money transfer.
Moreover, the company remained to advertise and make conversations with consumers throughout the lockdown episodes with some engaging campaigns conceptualized by their agency.
The campaign was launched on all platforms with a 360-degree approach. It was led by a TVC portraying an interesting story of a college student who gets started with a bank account at a familiar neighborhood store and also withdraws cash from the account in a matter of just minutes timely deposit the college tuition fees. All this gives the intrinsic features of Airtel Payments Bank.