Banking on sound: Ujjivan's sonic strategy for financial inclusion

While she worked as a domestic helper in Mumbai, Charu Selvi regularly sent most of her earnings to her sister-in-law in Tamil Nadu’s Muthiapuram, who took care of her young children. Her main concern was whether the money was being used responsibly.

“I couldn’t question her about the spending because she was looking after my children in my absence, but I hoped that my hard-earned money was going towards their care and household expenses,” she told Campaign.

That anxiety lessened when Selvi discovered that Ujjivan Small Finance Bank (UFSL) offered the ability to receive her account statement via WhatsApp. This allowed her to monitor her finances while also giving her the convenience of opening recurring and fixed deposits using the bank’s ‘Hello Ujjivan’ app—available in her native Tamil language.

Selvi’s experience is emblematic of Ujjivan’s broader strategy to empower India’s underserved population through financial inclusion. Since its beginnings as a non-banking financial company in 2005, the company has evolved into a fully-fledged scheduled commercial bank, a transformation achieved in 2017.

Now, with 90 lakh customers across 26 states and union territories, Ujjivan operates 752 branches with a workforce of 22,000 employees. As of June 2024, its gross loan book stood at INR 30,069 crore, with a deposit base of INR 32,514 crore.

Empowering through financial access

The company’s mission has always been to provide financial services to the mass market, especially those in rural and semi-urban areas, where traditional banks often fail to penetrate effectively. It uses a combination of physical and digital touchpoints, such as branches, internet banking, and mobile apps, to reach this demographic. The goal is simple: to make banking services accessible, straightforward, and adaptable to the needs of India’s vast and diverse population.

According to a Boston Consulting Group report, rural and semi-urban areas constitute over 65% of India’s population and contribute nearly 47% of the nation’s GDP. However, integrating these areas into the formal financial system is a significant challenge. Poor financial literacy, products that don’t meet local needs, cumbersome banking processes, and restricted access to formal credit have resulted in nearly 60% of this population relying on informal lending.

While Ujjivan has made strides in overcoming these obstacles, it recognised that its brand needed a stronger identity to resonate with its customers across various touchpoints. This realisation led to the introduction of a sonic identity.

Carol Furtado, Ujjivan’s executive director, explained, “To deepen our relationship with customers, 'The Sound of Ujjivan' is a heartfelt endeavour to create strong brand recall. The new sonic identity reflects our commitment to enhancing the customer experience, both physically and digitally.”

The sonic identity: More than just a jingle

Sonic branding is more than just a catchy jingle; it is an auditory experience designed to reflect the values of a company. For Ujjivan, those values are opportunity and freedom, which align with the bank’s ethos of trust and progress.

Lakshman Velayutham, Ujjivan’s chief marketing officer, noted that the sonic identity, called ‘The Sound of Ujjivan’, helps reinforce the bank’s cultural values of financial freedom and progress, particularly among rural customers who may be unfamiliar with modern banking processes.

Lakshman Velayutham, chief , Ujjivan Small Finance Bankmarketing officer.

“We believe that having a sonic identity will help reconnect our customers with Ujjivan’s values of financial freedom and progress,” Velayutham said. “By using this sound across various digital platforms like phone banking, ATM, and mobile banking, we aim to create a consistent and memorable experience for our customers.”

The creation of Ujjivan’s sonic identity was spearheaded by Unmute, a Scandinavian sonic branding agency. Simon Kringel, founder and sonic director at Unmute, explained that Ujjivan's brief was focused on enhancing customer experience through sound. He described the process as a bespoke solution, not an off-the-shelf product, developed through collaboration and iteration.

Unmute used the ‘Geneva Emotional Music Scale’ to develop the sonic identity, a tool that profiles how humans emotionally respond to music. This model helped tailor the sound to resonate with Ujjivan’s core customer base—India’s economically disadvantaged masses.

“The method is based on universal human emotions, which are shared regardless of age, status, or location,” Kringel explained. However, the sonic identity also took into account India’s rich cultural diversity, with regional adaptations of the anthem created for different parts of the country.

Tailoring sound for a diverse nation

Given the complexity of creating a sound that resonates with such a diverse customer base, Unmute emphasised that the process wasn’t about quick, creative impulses. Instead, it involved careful evaluation and multiple iterations to ensure the final product aligned with Ujjivan’s values and objectives. The sonic identity will be rolled out across all Ujjivan’s touchpoints, from ATMs to internet banking, marketing videos, and social media.

In addition to sonic branding, Ujjivan has made strides in digital inclusivity. Last February, it launched the ‘Hello Ujjivan’ mobile app, a product designed to introduce safe banking habits to rural and semi-urban customers.

Many of Ujjivan’s users are not digital natives, and even tech-savvy customers sometimes feel apprehensive about navigating online banking platforms. The app addresses these concerns with voice and visual cues in local languages, making the experience more intuitive.

“The app gives customers access to a vernacular chatbot that guides them to the right action page,” Velayutham stated. “A voice call-back in the local language reassures the user about what action they’re taking. We’ve seen that customers return to the app about three times a month for basic transactions because of these features.”

Simon Kringel, founder and sonic director at Unmute.

Can sonic branding hit the right notes?

The app currently engages over 9.5 lakh micro-banking customers, with plans to integrate Ujjivan’s sonic identity into its future iterations. Velayutham is confident that the sound will inspire users to stay connected with the bank as they work towards bettering their financial situation.

The question remains: will this sonic identity help Ujjivan hit a home run with its customer base?

Sonic branding is an emerging trend in the financial services sector, with banks increasingly recognising the power of sound to foster emotional connections with customers. In India, where millions are still adapting to formal banking systems, auditory cues could play a crucial role in simplifying digital banking and creating a sense of trust.

Velayutham hinted at further integration of the sonic identity into the ‘Hello Ujjivan’ app, stating, “We are thoughtfully considering ways to integrate the ‘Sound of Ujjivan’ into the app. We believe this will inspire our customers as they work towards building better lives.”

The key question now is whether Ujjivan’s foray into sonic branding will translate into long-term success. While it is clear that the auditory identity adds a layer of emotional engagement, its true test will lie in how effectively it strengthens customer loyalty and enhances the banking experience.

In a country as vast and diverse as India, a sonic identity may well provide the emotional connection that helps financial institutions like Ujjivan stand out—especially in a marketplace where customer trust and brand loyalty are hard-earned and vital for success. Whether this auditory approach will yield lasting results, only time will tell.