MSLGROUP India’s Fincomm Imperatives 2017 is a research backed study that highlights key insights into how the financial services sector is evolving, and defines the next communications imperatives.
The financial services landscape in India is evolving at a dizzying pace, and technology is the big disruptor in this transformation. Digital connectivity an mobile penetration are changing consumer behavior, and consequently their equation with the BFSI sector. Today, financial services CEOs are finding it challenging to address consumer demands and real-time expectations. Add to this the fact that in just three years, India will become the youngest country in the world, with an average age of 29 years – and it presents both a huge challenge and opportunity for India’s financial brands. To keep pace with consumer expectations, especially the growing base of millennials, the BFSI sector needs to think on its feet and redesign its communication strategies.
Recognizing the urgent need for a transformative communication model in a fast-changing digital landscape, we launched a research-backed study titled ‘Fincomm Imperatives 2017’. An independent research firm was commissioned to conduct in-depth interviews among 50 CXOs from the BFSI industry. The closed-group interactions threw light on some of the challenges that CEOs of financial brands are facing. The findings were distilled and interpreted by financial experts at MSLGROUP India.
The study offers key insights into the changing nature of the financial industry and defines communication strategies that will enable brands to be relevant and engaging with millennials in the era of digital democratisation.
The survey also revealed how consumer expectations from financial services brands are evolving:
To meet the growing expectations of their customers, brands need to act fast and overhaul the ways in which they engage with them. With extensive analysis of the data from our research, we have identified three pillars around which communications would need to change and adapt:
Based on these communications pillars, our in-house team of financial services experts has identified the six key communication imperatives the must drive financial services brands going forward:
You can access the complete Fincomm Imperatives 2017 report here.
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