Marketing Featured South Asia

Fintech in India urges rural banking outlets to get distinct identity via ‘RedBlue Revolution’

Mumbai, India – As India celebrates 75 years of Independence this year, Spice Money, the country’s rural fintech, has launched the ‘RedBlue Revolution’, a brand agnostic initiative that aims to create a distinct identity for rural banking outlets. The outlets are being branded in the colours of red and blue which have traditionally been a choice of the banking and financial services industry as the colour red represents growth and energy whereas blue represents trust and safety. 

Through its extensive on-ground presence, Spice Money has witnessed the problem of rural citizens not being able to identify a banking outlet in their local areas, since they never had a distinct identity, be it in terms of colour or nomenclature. A lot of these outlets are also selling other multiple products, hence, it becomes difficult to identify or spot the specific store in a crowded spot, leading to poor visibility, and hence low footfalls, thereby limiting the access of rural citizens. 

The ‘RedBlue Revolution’ aims to register these outlets as ‘Smart Banking Points’ in the minds of rural citizens and ensure that rural customers are able to spot a rural banking outlet in their respective regions in a hassle-free manner. It urges every rural banking outlet in India that provides banking and digital services, irrespective of the brand across the country to paint the exterior of their shops in red and blue, making it easy for customers to identify ‘Smart Banking Points’ and establish a clear and unique identity as a local banking point and get more footfall and business leading to increased interest in rural financial services led businesses.

Additionally, the initiative will act as a catalyst in furthering the reach of rural banking outlets and will help in bridging the rural-urban divide by bringing the unserved population to the financial fold thereby driving financial inclusion for the last mile.

Sanjeev Kumar, co-founder and CEO at Spice Money, said that while rural India has showcased massive growth for digital financial services in recent years, they have barely scratched the surface, and one of the biggest challenges that rural banking outlets across the country face is the lack of identity and awareness of the financial services they offer amongst the customers in their respective regions. 

“Spice Money has pledged to address this issue on the historic occasion of completing 75 years of India’s Independence with the launch of ‘RedBlue Revolution’ that will create a distinct identity for the category itself and build awareness for Smart Banking Points and further the reach of rural banking outlets across the country,” added Kumar.