Jaswinder Sodhi on HSBC's Strategic Shift to Experiential Marketing & Creating Premium Experiences

by  Jagadeesh Krishnamurthy Marketing | October 10, 2024 | Interview

Jaswinder Sodhi HSBC

Jaswinder Sodhi is a seasoned consumer banking professional with over 20 years of extensive experience across multiple facets of the industry. He currently serves as the Head of Customer Propositions, Digital & Marketing for Wealth and Personal Banking at HSBC India. Jaswinder has built a diverse career with expertise in Branch Banking, Sales & Operations, Corporate Sales, Wealth Management, Product & Portfolio Management, and Alternate Channels. His strategic acumen, leadership in distribution models, and focus on people development have made him a top performer at leading financial institutions like ICICI Bank, Fidelity, and DBS Bank. Known for driving growth and innovation, Jaswinder brings a wealth of experience in scaling new businesses, channels, and verticals to his leadership role at HSBC.

In an exclusive conversation with EVENTFAQS Media's Jagadeesh Krishnamurthy, following his win at the Global Experiential CMO Awards 2024, Jaswinder Sodhi discussed the bank’s increased focus on experiential marketing over the last two years. With a smaller physical presence in India, HSBC has strategically shifted toward creating immersive customer experiences, particularly through their premium lounge setups at events and venues like PVR, and initiatives such as golf-centric IPs. Sodhi emphasized that these efforts are part of a long-term vision to engage their affluent clientele in unique ways, both in India and globally, with exciting new partnerships and events, including a major global entertainer set to arrive early next year.

HSBC has always been somewhat of a quiet player in the events space, but in the last two years, we've really started to notice the bank stepping up its presence, especially in the experiential domain. What prompted this shift?

Well, HSBC India has a rich legacy—we’ve been here for over 170 years. India is one of our top growth markets in Asia, and we’re here for the long haul. Alongside our long-term plans, we realized that our marketing and branding efforts needed a revamp. For a while, we were a bit silent, but effective. But over the last 2-3 years, we knew the brand needed more energy, more visibility. That’s when we brought on Virat Kohli as our brand influencer.

Post-COVID, we noticed that the segment we serve, which is largely affluent, wanted to connect with the brand on a more personal level. These customers, after being stuck at home for so long, wanted more than just virtual interactions—they craved in-person experiences. So, we started investing more in physical events.

We’ve been organizing events with partners, like-minded brands, and co-brands. This allows our customers to really experience the HSBC brand. Banking is a business built on trust, and people want to feel and understand the brand before trusting it with their financial needs.

With HSBC’s relatively smaller physical footprint in India, is that a big reason for this shift toward experiential marketing?

We don’t have a vast branch network across India, so it’s crucial for us to connect with our target audience in meaningful ways. That’s where experiential marketing really steps in. Through events, we’re able to engage with our clients and give them a premium, personalized touch, even if they’re not walking into a branch.

We’ve also sponsored large-scale events, like the Bryan Adams concert and the Dua Lipa shows. These aren’t just about selling tickets; the overall impact they have on our business and brand image has been phenomenal. These strategies are about the long term—we believe brands of the future will need to engage with customers in the most immersive, experiential ways possible. And that’s where HSBC India plans to stay ahead.

HSBC has made a mark with its lounge experiences—both at events and even at places like PVR. Could you share the philosophy behind creating these spaces?

We’re big believers in creating long-term strategic IPs (intellectual properties). For example, during the pandemic, we launched a chat show called Star Struck, where celebrities would come on board. Post-pandemic, we saw how much people loved that show, so we decided to make it an offline event too. That was just the beginning.

We went on to partner with Arijit Singh for a five-city tour in India, followed by Shakti in Mumbai, which was completely sold out. These events were part of our HSBC Star Struck IP, which you’ll now see attached to premium events. If you book tickets on platforms like BookMyShow or Zomato, you’ll notice the HSBC Star Struck Lounge at certain venues—it’s our way of offering our customers exclusive, memorable experiences. In the premium space, people now associate HSBC with these kinds of unique, high-end experiences.

You've also expanded into other areas, like golf. Can you explain why that particular focus?

Golf is a passion for many of our affluent customers, and we saw an opportunity to build something special for that community. Instead of typical sponsorships, we created the HSBC Golf App, which offers everything from registering for tournaments to buying merchandise. Players can even track their game and network with other golfers through the app.

On top of that, we’ve launched the HSBC Golf League, which takes place across four cities, culminating in a grand finale. We’ve found that building this entire ecosystem for the golfing community has not only strengthened our bond with that segment but also helped us stand out in a meaningful way.

How do you see these IPs evolving in the future, especially beyond India?

India is a huge market, and even if we invested for the next decade, we’d only be scratching the surface. But, since HSBC connects over 60 countries globally, we want to take these experiences to other markets too. The ultimate goal is to offer global experiences with our India-based IPs. Technology, partnerships, and platforms will help us extend these offerings beyond borders.

Any exciting announcements on the horizon?

We do have something big coming up early next year! We’ll be bringing in a global entertainer for an event in India, and we’ll announce the details soon.