M.S. Dhoni, H.S. Prannoy: How and why banks pick athletes as brand ambassadors

SBI said in a press release that they picked M.S. Dhoni for "his capacity to maintain composure in stressful situations, and his renowned ability for clear thinking and rapid decision-making under duress".

Two recent bank-athlete tie-ups continue the tradition of, well, bank-athlete tie-ups. Former India cricket captain Mahendra Singh Dhoni has signed with State Bank of India (SBI). And badminton ace Prannoy H.S. has teamed up with Federal Bank.

Dhoni, of course, is Captain Cool, who led India to two World Cup wins, and who made finishing games an art form. He is still playing in the Indian Premier League (IPL), where he has led Chennai Super Kings to five titles.

Prannoy is India’s best singles player by ranking (currently world no. 14, but no. 6 till a few weeks ago). He has had a memorable 2023, conquering his first BWF World Tour title at the Malaysia Masters and winning India’s first badminton medal at the Asian Games in 41 years.

Why Federal Bank chose HS Prannoy

Cricketers remain the popular choice for brands. But Federal Bank specifically wanted to team up with someone in an individual sport.
“Federal Bank seeks to encourage individual sportspersons,” MVS Murthy, Federal Bank CMO, told Moneycontrol. “As champions playing at a global level, there are multiple moving parts to manage – fitness, the training, diet, mental health, etc. It’s (signing Prannoy) our way of recognising and respecting the effort of the human will in sports that can be demanding.”

Prannoy is 31, a point in life when a person is young but also has something to show for their years of effort, especially in sports. These factors helped in terms of brand synergy. “He is a representation of the next generation of our country. His sense of discipline and consistency has helped him scale up the charts. The attitude of 'what must be done must be done' is where he resonates with the brand,” Murthy said.

M.S. Dhoni and SBI

For SBI, Dhoni’s celebrated grace under pressure was the draw. "His capacity to maintain composure in stressful situations, and his renowned ability for clear thinking and rapid decision-making under duress, makes him the ideal choice that resonates with SBI to connect with its customers and stakeholders across the country," the bank wrote in its press release.

Dhoni’s words are starrily absent from the release. But the SBI commercial featuring him is out, and explains much about the thought behind the pairing. It is a quiet advertisement, sans shrillness, in keeping with Dhoni’s unperturbed persona.

In the ad, Dhoni is seen witnessing everyday acts of discipline, effort, responsibility. Despite heavy rain, a boy practices bowling. Another boy studies while manning a shop counter. A woman juggles childcare and a work call. An SBI employee is about to eat lunch but then sees a customer approach and attends to him. Dhoni says he is a fan of these attributes, and then makes the point that SBI too is a fan of you, their customer, and by extension of the country.

Banking on athletes

Tuhin Mishra, MD, Baseline Ventures, which manages Prannoy and several other players, gave Moneycontrol an insight, through Prannoy’s case, into what makes athletes and banks frequent partners.

“Prannoy comes across as resilient and persevering, and he has created history with many of his performances. Federal Bank was trying to show that these qualities are what they stand for as well,” Mishra said. “From the athlete’s standpoint, it is a great boost when you have a company that supports them. It means a lot financially, and it is validation.”

Numerous other Indian sportspersons have associations with banks. In August, DBS Bank aligned with shuttlers Lakshya Sen, Chirag Shetty, Satwik Rankireddy, Gayatri Gopichand and Treesa Jolly. PV Sindhu and Srikanth Kidambi have been with Bank of Baroda for a while. Cricketer Smriti Mandhana and hockey player Rani Rampal are with Equitas Bank. The small finance organisation’s identity of being there for the ignored especially appealed to Rampal. She grew up poor and malnourished in Haryana’s Shahabad. Rampal’s father worked as a cart-puller and mother as a maid. Rampal beat the odds to become an Olympian and India captain.
“The fact that they relate to the struggles of those who are hardly noticed and help them out financially is what I could identify myself most with," Rampal said of her alliance with Equitas.

For years banks have not just signed on athletes but have also had them on their rolls and fielded teams in elite tournaments. State Bank, to give one example, was a formidable first-class cricket side with stalwarts like Bishan Singh Bedi, Ajit Wadekar and Eknath Solkar. Reserve Bank of India has KL Rahul and Umesh Yadav as employees. And thus sports and banks - an enduring partnership - continues to thrive in newer ways.