Evolving trends in the way BFSI sector communicates
Conversation related to money is rooted in our history, in Arthashastra, and is inevitable in our households. Yet, most people consider finances to be boring. While the foundation of the BFSI sector is dependent on relatability and trust, for the longest time, its communication has been transactional and monotonous. Traditionally, a customer would follow instructions passed to them by a bank professional. But now, people have more questions and need better answers.
The products and services sold by the BFSI sector are nearly the same, with the only differentiator being the way it communicates with its customers. The desire to connect with like-minded audiences and growth of the industry have brought impressive changes. With time, this sector is catching up to speed with how they should engage with its customers. Meaningful collaborations between BFSI businesses and agencies has helped brands strike a better chord with the customers.
With growing incomes and better visibility, people are exploring ways to understand their finances and investments. It is here that getting the approach right is of extreme importance for a brand. Here are 5 ways this can be achieved:
Here are 5 ways this can be achieved:
Plan short-term, plan long-term, plan for everything
As a brand, you need to know what are the plans for this year and how does this play into the long-term vision of the organisation. Too many organisations jumped into a 100% digital mode in the last financial year, without realising that they may be disengaging with loyal clients who still like to see everything on paper.
SELL WITHOUT SELLING
Most brands are heavily invested in a salesy pitch that may not interest the customer. It is important to build a relationship with the customer through conversations and build trust instead.
TELL A STORY
Nothing speaks to a consumer as a good story does. Research has proven that customers make choices based on how they feel and not what they think.
SPEAK TO THEM IN THEIR LANGUAGE
When speaking to the common folks, brands must keep the jargons aside and communicate understandably, without dumbing down the audience. Conversations in local dialects often help in getting closer to them with lesser obstacles.
ENGAGE
Engagement between a brand and its customer can create a significant difference. A gesture as small as wishing customers on their birthday and anniversaries can bridge the gap. The better the communication, the better the brand registration in the mind of the customer.
INVEST IN CULTURE
At the end of the day, the culture of a company speaks louder than the advertisements. When a customer’s thoughts and morals align with that of the company, you earn a brand loyalist.
Some businesses are already leveraging these philosophies to ‘create content’. Lately, some of the biggest names in the banking sector have impressed people with their communication and here are some you may remember too.
KOTAK’S #INDIAINVITED WITH RANVEER SINGH*
When high-speed internet became a reality for the whole country, Kotak launched its campaign India Invited, where one could open a bank account without the hassle of documentation or visiting the brand – only if you were an Indian. While it is a great sales pitch, it was the creative advertisements featuring Bollywood actor Ranveer Singh that made a difference.
SBI’S GHAR MEIN KHUSHIYAAN#
State Bank of India launched its campaign Ghar Mein Khushiyaan where the advertisement neither spoke about the product or its benefits. Instead, it simply told people to live and enjoy – their forgotten hobbies, the new house, and other luxuries. This encouraged them to work hard and invest their future dreams.
This is a great time for the BFSI sector. Irrespective of how boring it may be deemed; everyone needs this support. With the perfect approach to your desired audiences, you can truly disrupt the market.
Sources:
https://www.exchange4media.com/advertising-news/kotak-811sindiainvited-campaign-a-hit-on-social-media–91655.html
https://www.financialexpress.com/brandwagon/google-sbi-card-hdfc-bank-among-most-watched-psa-ads-in-india-youtube-leaderboard/1994583/
https://www.sentinelassam.com/editorial/relevance-of-arthasastra-in-modern-banking-system-509726?infinitescroll=1
https://www.exchange4media.com/pr-and-corporate-communication-news/trust-communication-key-in-banking-sector-subhayu-mishra-standard-chartered-101213.html
https://brandequity.economictimes.indiatimes.com/news/marketing/cracking-digital-marketing-and-covid-related-communication-for-bfsi-brands/76684733
https://www.exchange4media.com/advertising-news/why-financial-brands-continue-to-bank-on-advertising-even-during-covid-19-104404.html
Related posts
The Power of Emotions in Consumer’s Buying Decisions
“I want to strike a chord with my consumer.” This is precisely what every brand aspires
Unveiling the Emotions Behind Consumer behaviour B2B Buying
In a B2C (business to consumer) market, emotions play a crucial role, but do emotions play an equall
Navigating the Shift: The Crucial Role of Target Audience Research in 2024
Millennials. This 1 word has been a constant in the mind and voice of every marketer during the last