IPL 2024: Banks, financial service companies pad up to partner teams in brand-building exercise

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At least five banks and financial services companies including IDFC First Bank, Equitas Small Finance Bank, and Hero FinCorp have tied up with  teams in the Indian Premier League (IPL) 2024.

For example, the Chennai-based Equitas Small Finance Bank has partnered with Chennai Super Kings.

The bank said in its media statement that this alliance not only extends a feeling of home for the team but also promises a sense of pride among citizens banking with Equitas across 16 branches in the city of Chennai.

Murali Vaidyanathan, Senior President & Country Head – of Branch Banking - Liabilities, Products & Wealth, Equitas SFB, said, “ Associating with a team of champions, we look forward to strengthening the society by providing crucial financial support to our customers to be champions in their respective lives. The campaign is a testament to our championship in acknowledging the progressing needs of our customers to gift them a responsible tomorrow.”

Also read: MS Dhoni steps down as CSK captain ahead of IPL 2024, Ruturaj Gaikwad announced as replacement

IDFC First Bank in 2023 tied up with Mumbai Indians for three years.

Last month, SBI Life Insurance announced its association with the Lucknow Super Giants (LSG) franchise, as ‘Lead Helmet Partner’ for the upcoming 2024 cricketing season.

According to the private insurers, their logo will feature prominently on the helmets of Lucknow Super Giants.

"Leveraging the popularity of cricket to reach a wider audience and promote a positive culture of protection and financial preparedness," said SBI Life, explaining its association.

Ravindra Sharma, Chief of Brand, Corporate Communication & CSR, SBI Life, said, “As a brand, SBI Life provides the necessary impetus through insurance, enabling individuals to stay focused on their dreams.”

Notably, SBI Life is also an official partner to BCCI for the three years (2023-2026) in the domestic & international seasons.

From among financial service companies, Hero FinCorp has made a multi-year partnership with the Delhi Capitals Indian Premier League (IPL) Team.

Abhimanyu Munjal, Jt. Managing Director & CEO of Hero FinCorp, expressed that, “Through this multi-year collaboration, Hero FinCorp aims to extend its reach to millions of Delhi Capitals fans and cricket enthusiasts. Our goal is to empower them with our robust portfolio of financial solutions, furthering our mission to enable aspiring indians to turn their dreams into reality.”

Last year AU, Ujjivan and Fino Payments Bank partnered with teams from the Indian Premier League (IPL) and sponsored cricket events. But most of them decided not to participate this time.

Recently, National Payments Corporation of India's RuPay, a card network in India, renewed its partnership for the next three years with IPL 2024.

"As an associate partner, RuPay will enhance the payment and transaction experience for fans attending the matches, offering exclusive benefits and promotions for RuPay cardholders," said an IPL 2024 statement.

Amongst payments bank, Fino Payments Bank had partnered with teams from the popular Indian Premier League (IPL) T-20 cricket format. But this time they have stayed away.

The question arises as to why brands try to tie up with the IPL teams.  According to a report by the Broadcast Audience Research Council (BARC), a television measurement science industry body, the 2016 edition of the IPL contributed to 22 percent of total sports viewership. But in 2018, this number jumped to 43 percent. Experts said that this number is set to rise.

Other than the large viewership of the tournament, bankers say it gives them a new and wider audience base. “The IPL provides us a new, digital-oriented, diverse set of people with its domestic as well as international audiences, which could work as a great tool for us,” Anand Bhatia, Chief Marketing Officer (CMO), Fino Payments Bank, said.

In January 2024; the Board of Control for Cricket in India (BCCI) came up with the release of a Request for Quotation for Official Partner Rights for the Indian Premier League.

According to the official website of IPL 2024; the ‘Request for Quotation’ (“RFQ”) document was made available on receipt of payment of a non-refundable fee of Rs 5,00,000 plus any applicable Goods and Services Tax. The RFQ was available for purchase till February 19, 2024.