In May, Polaris Bank launched VULTe, a new digital banking application that allows none customers to use the platform and offers free giveaways on transfers. The Chairman of the Polaris Bank, M.K Ahmad said “The corporate goal of Polaris is to offer customers and non-customers of the bank, a 24-hour seamless service using VULTe. This is a milestone in our pursuit of a strong and digitally-led retail brand.” “When we started the Polaris journey almost three years ago, we were very clear on the type of bank we must build and the direction we must go. This was largely informed by the fast pace of change in financial service provision, and the apparent technology-defined outlook of our business,” he said.
During the launch, commercials to further communicate VULTe offering were also rolled out; the outdoor, radio, digital and television were launched. In all of these platforms, television commercial that has been replicated on digital got our attention. Firstly, financial institution should realize that financial products are not categories as fast moving consumer goods (fmcg). In recent times, financial institutions, predominantly, banks have deployed rhythmic beats to introduce their new product offerings such GTBank 737 and UBA 919. However, Polaris Bank should have known that VULTe is not a USSD service can be easily assimilated through song and dance.
Wema Bank ALAT is in the same category with VULTe. ALAT tvc was educative, informative and tell consumers more about the product, unlike VULTe. VULTe did not said much, but sing and dance.
Polaris Bank’s brand minders should have known that VULTe is a digital driven service and it requires informative ad rather than a rhythmic beat that best suit fmcg products like Coca-Cola, Indomie, Bournvita and others. Normally, consumers can only remember dance and rhythmic beat in the tvc than the information they require to log in on the App.