ICICI’s Campaigns Targeting Urban Women

Situation Overview

 

The last decade has witnessed a profound shift in the role of Indian urban women in financial ecosystems. With rapid digital penetration, urbanization, and rising disposable incomes, women are increasingly becoming primary decision-makers in households, not only for lifestyle and education but also for savings, investments, and banking choices.

• Macro Trend: India has an urban population of ~500 million (2024), of which women account for ~240 million. Within this, 40–45% of urban women are directly involved in household financial decisions (Nielsen, 2022).
• Digital Shift: Over 75% of urban women in metros actively use mobile apps for payments and transactions (RBI, 2023).
• Economic Role: Women contribute ~18% of India’s GDP, projected to rise to 25% by 2030 with higher workforce participation (McKinsey Global Institute, 2022).

ICICI Bank’s Context

 

ICICI Bank, with assets exceeding ₹17 lakh crore in FY23 and a strong retail footprint across metros and Tier-1/2 cities, has always positioned itself as a progressive and customer-first bank. Recognizing that urban women are both an underserved and high-potential consumer group, ICICI has created multiple campaigns tailored to their financial aspirations, lifestyle needs, and safety concerns.

 

Key flagship campaigns and initiatives include:

1. “Sapno ki Kishte” – A Women’s Day storytelling campaign by ICICI Prudential Mutual Fund, highlighting financial planning and resilience.
2. #BeatTheCheats2.0 – A fraud awareness campaign fronted by actress Tabu, underscoring safe banking practices.
3. Self-Help Group (SHG) empowerment programs – CSR-led initiatives with tangible impact on over 1.1 crore women, including urban clusters.

 Competitive Landscape

• HDFC Bank: Ran Parivartan initiatives focusing on rural women empowerment.
• Axis Bank: Pushed “Dil Se Open” campaigns, often featuring women leaders.
• SBI: Launched women-centric products like SBI Shaurya and SBI Women Advantage Card. 

ICICI’s challenge was to differentiate itself in a crowded BFSI media landscape while ensuring campaign credibility and measurable impact.

 

Key Challenges & Strategic Objectives

 

Key Challenges

1. Low Financial Confidence Among Urban Women
   • Only 33% of Indian urban women report high financial confidence compared to 60% of men (ET Wealth, 2022).
   • Women often defer investment decisions to male family members despite equal or higher incomes.
2. Trust Deficit in Digital Banking
   • Urban women are enthusiastic adopters of digital payments (UPI, wallets), but fear of fraud remains high.
   • A Deloitte survey (2022) found 67% of women prefer assisted or branch banking for high-value transactions.
3. Fragmented Consumer Segment
   • Urban women are not homogeneous: single professionals, homemakers, entrepreneurs, gig workers, and retirees.
   • Campaigns must resonate across these cohorts without losing focus.
4. Overcrowded BFSI Communication Space
   • Competitors simultaneously run financial empowerment campaigns. Differentiation requires unique storytelling, credible ambassadors, and cultural relevance.

Strategic Objectives

1. Position ICICI as the trusted financial partner for women across aspiration, protection, and empowerment needs.
2. Promote adoption of ICICI’s financial products (SIPs, insurance, loans, credit cards) among urban women.
3. Build digital trust and literacy through fraud awareness campaigns.
4. Strengthen brand warmth and inclusivity by showcasing real women’s empowerment stories via CSR.
5. Create measurable impact through both brand equity lift and business conversion metrics.

Solution Design & Implementation Approach

 

ICICI designed a multi-pronged approach combining campaigns, CSR, and influencer-based storytelling. Each campaign targeted different needs of urban women: aspiration, safety, and empowerment.

Campaign 1: Sapno ki Kishte – Women’s Day Campaign

• Theme: A mother’s resilience, shown through her ability to save systematically and fulfill her family’s dreams.
• Objective: Inspire women to adopt Systematic Investment Plans (SIPs) as enablers of aspirations.
• Creative Execution: A heartfelt film portraying a mother saving consistently to help her son buy a car.
• Distribution:
  • Digital-First Strategy: YouTube, Instagram, Facebook.
  • Hashtags: #SapnoKiKishte, encouraging women to share their own “dream savings” journeys.
  • Women’s Day Hook: Launched on March 8 for cultural resonance.

Implementation Highlights:

• Relatable storytelling: Emotional resonance created empathy.
• User-Generated Content (UGC): Campaign encouraged organic storytelling by women.
• Multi-lingual rollouts ensured pan-India reach across metros.

Campaign 2: #BeatTheCheats2.0 – Fraud Awareness with Tabu

• Theme: Empower women and families to recognize and avoid digital fraud.
• Objective: Enhance consumer trust in digital banking and reinforce ICICI’s image as a safe, secure partner.
• Creative Execution: Actress Tabu, a trusted and credible figure, explains everyday fraud risks and prevention tips.
• Distribution:
  • TV commercials during prime-time slots.
  • Social shorts and reels for younger audiences.
  • Microsite integration: “Safe Banking Checklist”.

Implementation Highlights:

• Celebrity Choice: Tabu appeals to urban women as a symbol of reliability and balance.
• Infotainment Approach: Made fraud education engaging and non-technical.
• Cross-Platform Consistency: Unified messaging across owned, paid, and earned channels.

Campaign 3: SHG Empowerment Programs

• Theme: “Empowering Women, Strengthening Society.”
• Objective: Enable women-led SHGs in urban and semi-urban clusters to access credit and entrepreneurship training.
• Execution:
  • Partnered with NGOs and state agencies.
  • Focused on women entrepreneurs in metros like Mumbai, Delhi, Pune.
  • Highlighted success stories in annual ESG reports and LinkedIn storytelling campaigns.
• Distribution:
  • CSR microsites, ESG reports, PR stories.
  • Feature articles in business and social impact media.

Implementation Highlights:

• Tangible impact: Over 1.1 crore women empowered, including 10 lakh in urban clusters in FY25 alone.
• Authentic storytelling: Focused on women entrepreneurs, not charity.
• Brand credibility boost: Integrated into ICICI’s ESG narrative.

Unified Design Principles

1. Emotion + Education Balance: Campaigns blended aspiration (dreams) with rational benefits (savings, safety).
2. Credibility Anchors: Celebrities (Tabu) and real-life women created relatability.
3. Multi-Channel Rollouts: Ensured reach across TV, digital, owned, and earned channels.
4. Cultural Relevance: Tied campaigns to high-impact dates (Women’s Day) or annual ESG cycles.

Results & Outcomes Assessment

 

Campaign 1: Sapno ki Kishte

• Digital Reach: Over 10 million views within two weeks of launch.
• Engagement: 4.8% engagement rate, exceeding BFSI industry average of 3.0%.
• Business Impact: 25% increase in SIP inquiries from women in metros.
• Brand Warmth: Women’s Day association improved emotional connect with ICICI Prudential.

Campaign 2: #BeatTheCheats2.0

• Awareness: 60% recall rate in Mumbai and Delhi (post-campaign survey).
• Behavioral Impact: 18% rise in visits to ICICI’s “Safe Banking” microsite.
• Perceived Trust: +12-point improvement in digital banking trust scores (Kantar BFSI Tracker).

Campaign 3: SHG Empowerment

• Reach: 1.1 crore women supported; 10 lakh urban women in FY25.
• Business Conversion: 15% increase in SHG loan uptake.
• Reputation: Contributed to ICICI’s top-3 ESG ranking among Indian banks (Brand Finance, 2024).

Overall Outcomes

• Urban Women Trust Score: Rose by 14 points (2021–24).
• Brand Differentiation: ICICI ranked highest for “women-centric banking” perception in metros (Mint BFSI Survey, 2024).
• ROI: Average ₹2.6 return per ₹1 spent, exceeding industry average (₹2.0).

Key Learnings & Actionable Insights

 

(Qualitative Consulting Overlay)

1. Authenticity is Non-Negotiable – Women-centric campaigns must reflect real aspirations and concerns. Tokenism backfires.
2. Safety is a Value Proposition – Urban women prioritize security over convenience; fraud-awareness campaigns strengthen brand trust.
3. Credibility Outweighs Glamour – Relatable figures like Tabu are more effective than flashy celebrity endorsements.
4. Purpose-Driven Storytelling Builds Equity – CSR-backed narratives (SHGs) resonate more deeply than sales-driven ads.
5. Cultural Timing Drives Engagement – Launching during Women’s Day or festive seasons amplifies impact.

Internal Audit & Benchmarking Framework

(Quantitative Consulting Overlay)

Benchmarking Metrics

Parameter	Sapno ki Kishte	#BeatTheCheats2.0	SHG Empowerment	Industry Avg (BFSI Women-Focused)
Campaign Recall (%)	68	60	52	45
Engagement Rate (Digital)	4.8%	3.9%	2.1%	3.0%
Conversion Lift (%)	+25 (SIP)	+18 (site visits)	+15 (loan uptake)	+10
Trust Score Improvement	+14 pts	+12 pts	+10 pts	+8 pts
ROI (₹ per ₹1 spent)	2.6	2.2	3.1	2.0

Internal Audit Framework

• Reach: 95% penetration in Tier-1 metros, 72% in Tier-2.
• Relevance: Strong alignment with women’s aspirations, safety, and empowerment.
• Resonance: >80% favorable mentions on social platforms.
• Return: Higher ROI than BFSI average, proving campaign efficiency.

Sources

1. RBI Digital Banking Adoption Report, 2023
2. Nielsen Women & Finance Survey, 2022
3. ET Wealth Women’s Financial Confidence Study, 2022
4. Deloitte Digital Trust Survey, 2022
5. Kantar BFSI BrandZ Tracker, 2021–2024
6. Brand Finance Banking 500 Report, 2024
7. McKinsey Global Institute – Women & GDP Impact, 2022
8. afaqs.com – ICICI Prudential MF launches “Sapno ki Kishte” Women’s Day campaign (2023)
9. ICICI Bank ESG & Annual Reports, FY23–25
10. The CSR Journal – ICICI Bank Inclusive Development Initiatives, 2024
11. Mint BFSI Consumer Survey, 2024