Transforming a Microfinance Institution to a Bank
Ujjivan Financial Services was founded with the mission of improving the quality of life of the economically active poor who are not adequately served by financial institutions of the country.
In 2015, Ujjivan received approval from the RBI to become a Small Finance Bank
With that, they aimed to provide complete financial solutions to unserved and underserved people of the country (including small and marginal farmers, micro, small and medium enterprises)
Ujjivan currently serves over 3.7 million active customers through 441 branches and 10,881 employees spread across 209 districts and 24 states in India.
Ujjivan, was poised for growth as the brand transitioned from being a successful micro finance institution with a decade of heritage to become a small finance bank.
As part of this journey, Ujjivan wanted to develop the brand by creating,
A robust and distinct brand positioning
A connected brand identity system
A fluid and functional space design
Before undergoing this major transformation, Ujjivan was already serving 2.7 million active customers and employed thousands of employees. There was an inherent and unsaid fear amongst these people about "what would happen to us after Ujjivan becomes a bank?"
Managing expectations, wasn't the only challenge. It was managing the huge sense of familiarity that the customers held onto with the brand and the people that served them.
THE PROCESS, PART 1
Immersion and Insight Development
1. Internal stakeholder interviews to gain insights on the institutional mandate, culture and mission.
2. Meet individual groups to understand pain points, social, cultural and economic profiles of the unserved people.
3. Day in the life of a farmer or MSME (micro, small or medium enterprises) to gain social and cultural insights to everyday transaction needs and methods.
DISCOVER PHASE AT A GLANCE
North, East, West and South India
MSEMs and farmers
Key Leaders from Ujjivan Interviewed
From all relevant business functions and geographies
Delhi, Meerut, Kolkata, Habra, Barrackpore, Mumbai, Pune, Satara, Bangalore, Channapatna, Maddur
Branch Managers, Cashiers and Field Staff
Woman business owners and groups
Who are the customers? What are their values?
1. Not Privileged, but proud. Self respecting people
2. Limited means, unlimited dreams. They are not resigned to their situation and want to uplift their lives. They want to provide for the next generation.
3. Smart and relentless. Smart enough to create their own ways out of constraints. They do not give up so easily.
4. Eager to learn new ways and earn honestly. They are willing to try new methods. They understand ‘there is no easy money’.
IDENITIFYING THE CUSTOMER
1. THE VETERAN
Well versed with banking
2. THE EARNEST
Aware of banking but not confident to transact
3. THE INNOCENT
Does not know anything about banking
Better lives are Built. So what next?
Catalyst for your Growth
This rendition is a homage to Indian artisans and the crafts. This motif is an integration of a bird that depicts freedom or aspiration and the flower, that depicts better living and growth.
TEAM AND COMPANY
Strategy, Design and Client Servicing Team: Shivakumar Viswanathan, Surabhi Rathi, Prtish Tandon, Kinshuk Bose, Disha Amin and Manjunath