Muthoot FinCorp’s Rajesh Balachandran reveals tech-driven marketing strategy

Rajesh Balachandran, Chief Marketing Officer of Muthoot FinCorp, has shared insights into the company’s transformative approach to marketing, leveraging cutting-edge technology and a deep understanding of customer needs to stay ahead in the competitive financial services sector.

Speaking on the evolution of the company’s advertising strategy, Balachandran emphasized Muthoot FinCorp’s shift toward a science-led, personalized marketing model driven by AI and data analytics.

“Two years ago, our advertising was heavily weighted toward traditional ATL—television, print, and sponsorships,” Balachandran noted. “While these remain important, we’ve deliberately moved to a balanced, ROI-driven model.

Today, almost half of our spends are digital-first, reflecting our focus on performance marketing, lead generation, and data-driven targeting, which are now central to our campaigns.” This shift, he explained, allows the company to directly track conversions, efficiency, and business impact, while still investing in large-scale brand campaigns during festive seasons to maintain long-term brand equity.

Balachandran highlighted the company’s innovative martech stack, which integrates multiple touchpoints to ensure consistent and contextual communication across channels. “Our approach ensures customers feel understood—not just targeted—which is crucial in a category where trust drives adoption,” he said.

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This strategy is underpinned by AI and data analytics, enabling Muthoot FinCorp to deliver personalized offers at the right time through the right channels, based on in-depth insights into customer needs, credit behavior, and repayment patterns.

The CMO also shed light on the company’s evolving media mix. “Our media strategy has transformed significantly in recent years,” Balachandran remarked. “Traditional platforms like TV, print, and radio continue to be powerful in semi-urban and rural India, where mass salience and credibility matter most, especially for festive campaigns that rely heavily on TV and print to achieve scale.”

However, he noted that nearly 45–50% of the company’s current spends are digital, with vernacular campaigns, app-driven journeys, and engagement content gaining traction. “Digital’s strength lies in sharp targeting and measurable outcomes, which we seamlessly integrate with ATL for impact. Our media mix today blends the reach of traditional channels with the precision of digital.”

Balachandran pointed to initiatives like leveraging Shah Rukh Khan’s universal appeal and spotlighting grassroots entrepreneurs through programs like Super Woman. “We blend credibility with connection,” he said, adding that the company balances tradition with technology, regional resonance with pan-India campaigns, and trust with innovation to maintain its edge in the financial services space.