BFSI firms eye sporting events for brand building

Banking and insurance firms are shifting their focus to sports sponsorship from traditional events, such as festivals, to build their brand appeal among next generation consumers.

While banks have always endorsed individual sports personalities, now companies in the banking, financial services and insurance (BFSI) sector are looking to leverage on the popularity of sporting events, such as badminton, football, wrestling and even cricket for the blind to build a connect with consumers.

Some banks have even set up specialised sports verticals to aid sponsorship. Industry sources said that the sponsorship amount can range anywhere between ₹5 crore and ₹25 crore depending on the association.

IndusInd Bank recently launched the ‘World Champions Programme – Cricket for the Blind’, in partnership with Cricket Association for the Blind in India (CABI).

Under this programme, the bank will be supporting the Indian Blind Cricket Team, consisting of 26 players that will represent India at domestic and international tournaments.

Further, the bank will organise year-long cricketing events, in association with CABI. It will also provide all the infrastructure support requiredfor the players.

According to IndusInd Bank COO Paul Abraham, the objective of the programme is “to groom the talent and support cricket among the visually challenged. We will help the players surpass their capabilities and cross new boundaries by providing them with necessary infrastructure.”

Earlier, IndusInd Bank had successfully launched a similar champions programme for para-athletes under its ‘IndusInd for Sports’ vertical and also partnered with the Madhya Pradesh government to nurture talent in rifle shooting, especially from economically modest backgrounds.

The ‘IndusInd for Sports’ vertical was set up in April 2016 to partner with professional, amateur, and weekend athletes and anyone who wishes to bring sport into their lives. As for public sector banks, Bank of Baroda has signed sponsorship contracts with badminton stars PV Sindhu and K Srikanth. The three-year deal with the two players was struck before they made India proud at the Rio Olympics 2016.

Bank of Baroda, Executive Director, Mayank Mehta, said, “Both PV Sindhu and K Srikanth today are household names because of their glorious achievements. The bank is very excited to have both of them on board and looks forward to a strong bonding and fruitful association in the years to come.”

State-owned Punjab National Bank has roped in Indian cricket team’s skipper Virat Kohli as brand ambassador to improve its image, which has taken a hit due to rising bad loans.

IDBI Federal Life Insurance has tied up with Hyderabad-based P Gopichand Academy, which has produced several top shuttlers. The company’s initiative, termed ‘Quest for Excellence’, will support junior players.

According to a KPMG-CII report titled ‘The Business of Sports’, over the years sports has evolved as a noticeable sector for all economies, presenting myriad career and business opportunities. Further, sports contributes significantly towards improving the overall health and well-being of a country.

Shrinivas Dempo, CMD of Dempo Shipbuilding & Engineering and Chairman CII Summit on Business of Sports and Entertainment, said: “The last five to seven years have been the most dynamic for the sports industry in India with some fundamental changes. Sports not only provides an active branding and marketing opportunity to investors, but has also created value for fans all across.”

The report also added that increasing viewership, sponsorship and participation in sports other than cricket, a rising number of sports start-ups and the growth in rural viewership numbers are key trends driving the growth of this sector in India.

Indian sports viewership (TV) numbers grew 30 per cent over the two-year period 2014 and 2015. In 2015, the Indian sports sponsorship market grew 6.7 per cent year-on-year to ₹5,190 crore.