Suresh Maharjan is the Chief Marketing Officer of Siddhartha Bank Limited, where he currently leads the marketing division. He previously led the bank’s operations and payment solutions functions. Before joining Siddhartha Bank, he worked at Global IME Bank, where he served in operations, marketing, remittance, compliance, and credit administration. Maharjan began his banking career as a junior assistant at Nabil Bank in 1998 and holds a Master’s in Business Studies from Tribhuvan University. The following are excerpts from a conversation with Maharjan.
Q: What is Siddhartha Bank Limited’s brand positioning strategy?
A: Siddhartha Bank is positioning its brand as a digital-first, customer-centric bank with a strong focus on sustainability. We emphasise nurturing long-term customer relationships, offering highly personalised experiences and superior service.
Among the 20 commercial banks in the industry, we are trying to create a distinct brand image by developing a suite of products specifically for women, to attract and motivate them toward entrepreneurship. We are also focusing on the customers of the future – youth. Currently, the best, and indeed only, way to attract young people to the bank is by offering all kinds of banking services digitally. We are aware of this and have already begun re-engineering all our banking services, both customer-facing and internal processes, to make them available digitally.
Q: What differentiates Siddhartha Bank from its competitors in the eyes of its customers? What is the bank’s key unique selling proposition?
A: At Siddhartha Bank, we prioritise the customer experience. We strive for customer delight in every interaction, whether it’s at a branch, ATM/kiosk, or through our digital channels. To ensure this, we operate Siddhartha Care 24 hours a day, 365 days a year. Customers can contact us through calls, email, website, Viber, Messenger, and WhatsApp for inquiries, support, complaints, or feedback. Customers can also rate the service they receive, whether from Siddhartha Care or our branches. Using unique QR codes displayed at each staff member’s desk, customers can provide real-time feedback on their service at every branch. Therefore, you could say that customer service is our bank’s unique selling proposition.
Q: What sort of culture and strategy are you promoting in the banking industry?
A: Siddhartha Bank is promoting a culture of transparency, innovation and customer-centricity in the banking industry. We aim to create a transparent and open work culture, ensuring that all processes and policies are geared towards improving transparency within the organisation. We are heavily investing in innovative and tech-driven products such as mobile banking, online banking, and retail payment products to provide customers with convenient and secure banking access. We place customers at the heart of every decision, offering highly personalised experiences and superior service.
Q: How does Siddhartha Bank ensure consistent branding and marketing efforts across its entire product range, including digital banking services?
A: Providing equal branding and marketing attention to a range of products, including digital banking, requires a strategic and balanced approach. We select the specific products for marketing depending upon strategic direction of the bank for a specific period. All products do not need equal amount of attention and promotional activities at the same time. The plan is devised based on target group, seasonality and the market condition.
Q: How do you incorporate client preferences and needs into the development of the various products?
A: Need identification is of paramount importance in banking to be able to sell products. We identify customer preference through survey, internal data analysis, feedback received through sales team and Siddhartha Care. Such feedback is accommodated appropriately while developing a new product or reengineering the existing product.
Q: How is Siddhartha Bank adapting its branding and marketing strategies to the evolving landscape shaped by the technological revolution?
A: Navigating the new landscapes in branding and marketing amidst the technological revolution involves adapting to several key trends and leveraging advanced technologies. We have been utilising social media platforms for amplifying brand reach and engagement as they allow us to interact with our audience in real-time, share engaging content, and build a community around our brand. We understand that modern consumers value authenticity and emotional connections with brands. We have adopted transparent communication, storytelling, and showing the human side of the brand. You may recall a social media post during Siddhartha Bank Nepal Premier League in which we responded to one of the fan’s request to arrange drinking water immediately, which was appreciated so well that this post became one of the most engaging posts of the event.
Q: In what ways have you leveraged digital innovations to enhance branding and marketing campaigns?
A: Siddhartha Bank has been leveraging digital innovations to enhance its branding and marketing campaigns in several ways. We have developed robust digital banking platforms, including mobile banking apps and online banking services (EasyBank) to provide customers with convenient access to their accounts and financial service. This not only improves customer satisfaction but also strengthens our digital presence. We actively engage with customers on social media platforms like Facebook, Instagram, Twitter, and LinkedIn. By sharing updates, digital banking awareness tips and promotional content, we are building a strong online community to enhance brand visibility. Utilising data analytics, we tailor our marketing efforts to individual customer preferences. This includes personalised email campaigns and targeted advertisements that resonate with specific customer segments. We encourage customers to provide feedback and reviews online. This helps us understand customer needs better and improve our services while also building trust and credibility.
Q: How effective is digital marketing in your experience?
A: Digital marketing has proven to be highly effective. It allows us to target specific demographics, interests, and behaviours, ensuring that marketing efforts reach the most relevant audience. Compared to traditional marketing methods, digital marketing is often more cost-effective. One of the significant advantages of digital marketing is the ability to measure and analyse campaign performance in real-time. Digital marketing facilitates direct interaction with customers through social media, email marketing, and other online platforms.
Q: Could you share some remarkable marketing and branding initiatives taken/pitched by you in your professional journey in the bank?
A: Siddhartha Bank Nepal Premier League is one of the best branding campaigns of my career. This campaign gave us the opportunity to showcase our brand in the ground, through television and social media. By integrating Siddhartha Bank with Nepal Premier League both in name as well as logo, the brand Siddhartha Bank has been visible everywhere which was positively perceived by the fans who are also our target customers. Some of the contents we produced during this campaign for social media marketing were acknowledged and praised highly by the audience.
Q: What gives Siddhartha Bank’s clients a sense of pride, distinction, and assurance? How does the bank prioritise client protection and retention in a highly competitive market?
A: Siddhartha Bank places a strong emphasis on building and maintaining healthy relationships with its customers. Our motto, “Relationship Forever,” highlights our commitment to ensuring customer satisfaction. We offer a range of digital banking services, including mobile banking, online banking and video KYC, which provide customers with convenient and secure access to their accounts and financial services. We provide tailored banking solutions to meet the unique needs of different customer segments, including deposit, loans, and credit cards designed for specific demographics. We actively participate in CSR initiatives, contributing to the well-being of the community and supporting various social causes. Our dedicated customer support service, Siddhartha Care, ensures that clients receive prompt and effective assistance for any queries or issues they may have.
We have a dedicated Grievance Handling Desk led by a senior executive of the bank to ensure all kinds of grievances are addressed and resolved timely to the satisfaction of the customer. We actively seek customer feedback through various channels. This feedback is used to improve services and address any issues promptly, ensuring a positive customer experience.
Q: How does Siddhartha Bank design its financial products to support broader national development goals and priorities, including the Sustainable Development Goals, green climate initiatives, and emissions reduction? How are these products aligned with and promoted in relation to these areas?
A: ESG (Environmental, Social, and Governance) is one of the seven pillars of Siddhartha Bank. We are committed to align our products with Sustainable Development Goals. We are committed to green financing, which includes providing loans for renewable energy projects such as hydropower. Approximately 9% of the bank’s total loan exposure is dedicated to the hydropower sector, supporting sustainable electricity generation. We offer products that promote sustainability, such as loans for women entrepreneurs and micro SME sector. These initiatives not only support economic development but also contribute to social sustainability. We actively participate in CSR initiatives that align with various SDGs, including education, health, and community development. In FY 2080/81, we invested NPR 24 million in different CSR activities.
Q: How does Siddhartha Bank strategically leverage events and sponsorships to promote its brand?
A: To capitalise on events and sponsorships for promoting Siddhartha Bank as a brand, we employ several strategic approaches. We carefully select events that align with our brand values and target audience. This ensures that the sponsorship resonates with attendees and enhances brand visibility. At sponsored events, we set up interactive booths or activities that engage attendees. This could include product demonstrations, contests, or giveaways that create memorable experiences and strengthen brand recall. We prominently feature our sponsorships in marketing materials, including advertisements, press releases, and social media posts. This not only boosts brand visibility but also showcases our commitment to supporting community events.
Q: Could you describe Siddhartha Bank’s major Corporate Social Responsibility programmes, and explain how you and your team develop these programmes to benefit the wider community?
A: Siddhartha Bank is deeply committed to Corporate Social Responsibility (CSR) and has implemented several major programmes to benefit the larger community. In the health sector, the bank provided hemodialysis machines to Koshi Hospital, Biratnagar, constructed hemodialysis lab for Narayani Hospital, Birgunj, provided NICU monitors to AMDA Hospital, Butwal, and provided financial assistance to Kathmandu Institute of Child Health to build their main hospital in Kathmandu. In the education sector, we are in the process of building a block for a school in Karnali Province which was severely damaged by earthquake. We supported the construction of a multipurpose hall in Amar Singh School, Pokhara. Bio sand filters were provided to different schools in Sudurpashchim Province. We are also supporting the construction of Himalayan Buddha Park in Namche, Solukhumbu.
