"The banking sector is rapidly adopting digital technology to expand its reach, delight customers with personalized communication and support decision-making," said banking experts at the recently held #Pitch BFSI Marketing Summit.
In the discussion “Using Digitization in BFSI Marketing”. With Siddharth Dabhada, MD, MiQ, panelists delve into the vitality of digital to understand GenZ customers and more.
Jahid Ahmed, senior vice president and head of digital shopping/website/content marketing and social media, HDFC Bank, said his bank is improving digitization through influencer marketing and the use of YouTube, which falls under the term "engagement of voice". fell down
He said his bank is focusing on offering customers not only financial products but also financial experience through digital channels to compete with the new generation of banks.
"Change cannot happen just by talking about it. It has to come from the overall atmosphere, feeling and spirit of the bank. Financial literacy in this country has reached almost 24%. The first agenda is to collaborate with the financial education community. When you start developing a culture of comprehensive wealth management, our bank always wants to help the client make decisions based on his interests.
"In addition to literacy, the content is not limited to articles or videos. We need to understand where Gen Z spends its time. "Each platform has its advantages," Ahmed said.
South Indian Bank Chief Marketing Officer Azmat Habibullah shares this view BFSI is an industry that is adopting digital technology at the fastest pace and all digital channels are well used in the BFSI sector.
"Each has its advantages and disadvantages. What works for us and what's important about banking is that our customer journey starts with opening an account and, unlike in other industries, it doesn't end with a purchase, it starts with it.
"Customers benefit when they do business with us. Today, many people have multiple bank accounts, but our goal is to make our bank the dominant one. That's why automatic triggers based on artificial intelligence are very important. Customer behavior and transaction data are analyzed and then triggers are published “This means customers get a very personalized experience,” said Habibullah.
Rathin Lahiri, head of marketing and corporate social responsibility, SBI General Insurance also said the same. The industry is developing very fast.
“If you look at certain categories of customers who are actually transacting, everything is happening digitally. In the financial services industry, almost 100% of transactions are processed digitally. "In the last three to four years, largely thanks to Aadhar and UPI, India has become the world's number one digital country and is in fact ahead of several European countries," Lahiri said.
He added that India is a young country with an average age of 31 years and therefore the rate of adoption of new technologies is very high.
"The fact that the penetration of smartphones and WhatsApp for communication and transactions is very high today means that it is easier for you to attract customers and vice versa." profitability for customers," he said.
According to Pulkit Narayan, CEO, Dangle Ads, the way the BFSI sector is adapting to the digital ecosystem (social media, mobile, content, video) is commendable.
"They communicate with the public through social media and videos and customers can also get help there," he said, highlighting how the BFSI sector is making the most of the digital world.
Also in the panel Sarvesh Bagla, CEO of Techmagnate, explains how searches for loans, insurance or investments have increased over the past three to five years.
“If you look at the keywords that represent the consumer finance industry as an industry, the search volume has increased by 46% in the last three years. Gold loans have increased by 1460%. Health insurance has increased by 45%. Time deposits grew 100% in two years.
"Not only financial products, but also the demand for financial literacy has grown as more consumers conduct research online. Regularly showing up in organic search results goes a long way to building trust in your brand. So if you recognize the organic potential and invest in business SEO and thousands of keywords If you optimize for keywords, you'll really generate a lot of traffic," says Bagla.
