Context
Indian households possess 24,000-25,000 tonnes of gold used solely for consumption (Transforming India's gold market, Niti Aayog Report, 2018). Gold is a physical asset for Indians, which is used to borrow money by pledging or collateralizing gold coins or jewellery, and used for liquidity management for consumption purpose. Most of the existing services or plans require customers to contribute a minimum amount regularly for a long period. People with low-income avoid signing up due to unstable cashflows hampering consistent contribution towards a standardised product, seasonal need to buy and sell gold during festivals and marriages, and ease of liquidity during periods of shock.
The proposed scheme by Muthoot Pappachan Group not only provides the flexibility of amount and time but makes it easier by giving an option of redeeming whenever they want in the form of cash/gold coins. Customers can start saving as low as Rs.1, which will get converted to gold grams at the prevailing gold rates and these grams are accumulated in their account. The scheme provides a platform for middle and lower-income groups to develop a long-term savings habit in gold to achieve future life milestone.
Background
Muthoot Pappachan Group is one of India's leading NBFCs with a legacy of over 133 years. With over 3600 branches across India, they provide an extensive array of financial services for the common man's amelioration. Muthoot Exim, the precious metal vertical of the Muthoot Pappachan Group specializes in innovative products and offerings in the precious metal space.



gold in cash/jewellery
Objectives
Through this creative pitch, we aimed to create a few concepts that would appeal to people belonging to lower-income groups and younger generations alike. An identity that reflects the cultural connotation attached to gold and savings in India with a twist of digital world. We presented three concepts keeping in mind the target audience and the brand's core goal- Empowering Human Ambition.