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<ul><li>With the end of the year just round the corner, we bring you our latest trends report that talks about marketing trends in the <keyword id="6356925" type="General" weightage="20" keywordseo="bfsi" source="Orion">BFSI</keyword> sector.</li><li>Vishal Subharwal Head, Marketing, Digital Business &amp; E-commerce, <keyword id="472962" type="General" weightage="20" keywordseo="hdfc-life" source="Orion">HDFC Life</keyword>, <keyword id="878756" type="General" weightage="20" keywordseo="sandeep-walunj" source="Orion">Sandeep Walunj</keyword>, CMO, Nippon Life India Asset Management Ltd, <keyword id="328559" type="General" weightage="20" keywordseo="ajay-kakar" source="Orion">Ajay Kakar</keyword>, CMO, <keyword id="6391710" type="General" weightage="20" keywordseo="aditya-birla-capital" source="Orion">Aditya Birla Capital</keyword>, <keyword id="4121510" type="General" weightage="20" keywordseo="jasneet-bachal" source="Orion">Jasneet Bachal</keyword> – Chief Marketing Officer, YES Bank, <keyword id="178450" type="General" weightage="20" keywordseo="abhishek-gupta" source="Orion">Abhishek Gupta</keyword>, CMO, Edelweiss Tokio Life Insurance, Karthik Raman, Chief Marketing Officer and Head - Products, Ageas Federal Life Insurance and <keyword id="9793035" type="General" weightage="20" keywordseo="nikhil-bharadwaj" source="Orion">Nikhil Bharadwaj</keyword>, Head, Corporate Communications, Bajaj Allianz General Insurance share their thoughts.</li></ul>As the world slowly recovers from the Covid-19 pandemic, financial services are slowly but steadily changing their way of doing business and also the way they engage and communicate with their consumers. In the last 2 years, there has been a massive shift in the way consumers interact with the Banking, Financial Services and Insurance (BFSI) players. With the change in consumer behavior, there has also been a shift in the way these organizations are communicating with their consumers. There is a lot more empathy, the last year has about putting the spotlight on courage, resilience and hope. Going ahead too, players in the BFSI sector will need to catch the pulse of the consumers, and reach out to them at the touch-points they are most comfortable at. The need of the hour also is to listen to consumers, figure out their pain-points and try and solve them. Seamless customer experience will play an intrinsic role in keeping brands top-of-mind. The future will be all about convenience and simplicity. To understand a few larger trends we can expect to see in the BFSI sector in the year ahead, we reached out to some key players, and here is what they had to say: Vishal Subharwal Head-Marketing, Digital Business &amp; E-commerce HDFC Life <div type="image" title="Vishal Subharwal" msid="88591744" hostid="261"></div> I believe a ‘user first, omni-channel’ approach to be a trend that marketers need to cater to 2022. Let me elaborate my thoughts. To be successful, business organizations have to move in sync with larger trends seen in wider society. These changes are often reflected in various elements such as popular culture, technology adoption curves, environmental awareness. The role of marketing is to identify such changes ahead of the curve &amp; align resources accordingly. Consumers no longer look at old-school structural boundaries but are more focused on the seamlessness of experience offered to them across touch-points, be it a physical branch or an online platform. This is a trend commonly reflected across industries, as on a standalone basis neither model serves the customer needs well. When was the last time you saw an online payments intermediary get a physical banking license, an online medicine intermediary purchase a physical diagnostic chain, an online insurance broker opening physical branches, retail stores with online integrations. There are many such examples. In the context of rapidly evolving business models, marketing capabilities hence need to be aligned towards building superior omni-channel capabilities for customer acquisition &amp; lifecycle management. Sandeep Walunj, Chief Marketing Officer, Nippon Life India Asset Management Ltd <div type="image" title="Sandeep W 1" msid="88591952" hostid="261"></div> There are three very interesting trends that I feel will dominate 2022 in post-Covid Indian BFSI: 1. Social Discussion Forums where advanced users and experts handhold first-time users/ information seeker Seeds were sown during COVID when people dropped their inhibitions against digital financial transactions/ online investing. Information seeking/ handholding was the logical next (first) step and that’s what’s going to be mainstream. Going further, neutral enabling platforms will equip potential customers with information and tools to make right choices. These could also be offered/ run by an industry body or Government/ quasi-government bodies (example: MF Central mooted by SEBI) 2. Agents/ Brokers connecting with customers through Video Bots The evolution mentioned in point 1 above will further lead to distributors of financial products connecting with potential customers through video bots on social media wherein questions can be asked, individual proposals can be sent, appointments sought and transactions concluded through bots. 3. Social Commerce 2.0 with Meta+Insta leading the way Shopping while consuming social media seemed like an alien concept in early 20s but it is clearly how the consumers prefer it/ want it and desire it. We all saw the string response Meta generated and I am sure brands would be hatching their plans to leverage this trend. Ajay Kakar, Chief Marketing Officer, Aditya Birla Capital <div type="image" title="Ajay_Kakar_DSC_1575" msid="88591665" hostid="261"></div> Uncertainty will remain a way of life, in the foreseeable future. But as they say, tough times are the true test of character, and in these times, it holds equally true for a brand. While there will be a temptation to lay low and see how the uncertainty pans out, such times will help sift the men from the boys. He who sows during this time, will reap the most. Now. And hereafter. Towards this end a ‘spray and pray’ approach will not help. Brands will have to keep a finger on the customer’s pulse; be it their felt, or even unfelt (as yet) needs. Brands that can anticipate the customer’s need will have to offer relevance, simplicity, and comfort in these ever-changing times. Speed to market will become a barometer of success. While anticipating the customer’s future needs, I believe that a brand must not place all its bets only on the digital world. The customer will want and will exercise a choice. High touch and high tech. As he wants it, when he wants it. At the end of the day, the customer remains the king and the brand that not merely listens, but makes its customers feel heard for all their said and unsaid needs, in the times like these, will live to narrate the tale.” Jasneet Bachal – Chief Marketing Officer, YES Bank <div type="image" title="Jasneet Bachal" msid="88591695" hostid="261"></div>While Banks have been consistently trying to engage the ‘new to banking’ generation - Gen Z and late millennials, building a stronger connection with them will be a key trend for banks in the coming year. As digital natives, this audience has naturally come to expect digital-first experiences that are seamless across apps and platforms. Therefore, their expectation from banking is significantly different – a near-instant fulfilment which the banks will need to accommodate through products and services, in order to address this shift in behaviour. To offer a differentiated banking suite that meets these expectations, banks will need to create simplistic and personalized solutions that can come alive by re-imagining customer journeys for this segment. Using purpose-driven marketing that appeals to their emotional motivators – their beliefs, drivers and cultural environment – banks can cater to the experiences they are looking for. In sync with this, evolving the design language and communication, with a focus on simplicity and relatability, will help establish a lasting connect. Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokio Life Insurance <div type="image" title="Abhishek Gupta -- IMG_6499" msid="88592207" hostid="261"></div> Customer experience, data protection and social consciousness will be the three dominant trends for the BFSI sector in 2022. The last two years of the pandemic have recast customer expectations from brand experiences across various platforms. In line with these changes, brands will work on building consistency in CX, irrespective of the purchase or service channel. They will also make efforts on easing access to insurance by continuing to invest in multi-channel capabilities. While the pandemic has bolstered the digital opportunity, it has also raised concerns over data protection. As data becomes increasingly important for businesses, there is an improving awareness among customers regarding data privacy. With giants like Google and Apple making first move towards data protection, there is a looming threat to the efficacy of marketing campaigns. Brands will proactively craft inclusive data protection strategies so that customers can stay in control of their data. Lastly, brands will increasingly align with a social purpose that best reflects their brand values. Of all the social initiatives, Environment, Sustainability and Corporate Governance will be higher on priority list. Karthik Raman, Chief Marketing Officer and Head - Products, Ageas Federal Life Insurance <div type="image" title="Mr. Karthik Raman, CMO and Head-Products, Ageas Federal Life Insurance" msid="88608360" hostid="261"></div> The pandemic has made people realise that uncertainty in life is a reality and not just a sales pitch. Given that, the realisation of the need for insurance has increased, especially for term and health insurance. We have seen demand rising, not just in the metros and Tier 1 cities but even in the smaller towns and rural areas. With reduced spending on lifestyle expenses, people have greater disposable income in hand which they are keen on investing in financial instruments such as life insurance. Parents too, are increasingly keen on investing in child plans. Findings from our recent #FutureFearless survey have shown that the pandemic has influenced Indian parents to rethink their financial health and priorities for their children. Saving for their children’s education, future and milestones has emerged as the top priority for parents, along with saving for medical emergencies. In 2022, as an industry, we need to further capitalise on this demand. Using various platforms, especially the cost-effective digital medium, we need to further educate people and create awareness on the role of insurance in financially securing themselves and their families against life’s uncertainties, while allowing them to pursue their dreams. Nikhil Bharadwaj, Head – Corporate Communications, Bajaj Allianz General Insurance <div type="image" title="Nikhil Bharadwaj, Head - Corporate Communications, Bajaj Allianz General..." msid="88591976" hostid="261"></div> The pandemic has taught us that communication is of utmost importance not just for your customers, but also for other stakeholders including employees. Going forward, simplicity and authenticity, will be the most important part of all communication! While inclination towards digitization is increasing, print is not going away, in fact I see it making a strong come back. Digital media is surely the future and I see another year where this belief is reinforced further. In fact, we’re already listening to talks of OTT platforms of news channels, which might be something totally new with custom content. On the internal communications side, as always it remains as a tool which helps organizations provide right information to their employees. However, I feel that it will also play a role of culture builder wherein it will no longer be restricted to communications or HR team, but various other functions getting involved in it. With complex business models, we’ll see custom built communications for specific SBUs.

Marketing: Trends to watch out for in the BFSI sector in 2022

<ul><li>The pandemic brought with it a lot of fears and anxiety among all stakeholders, and <keyword id="9793034" type="UNKNOWN" weightage="20" keywordseo="effective-communications">effective communications</keyword> help in making things simpler and clearer.</li><li>Corporate Communications has to put out the best foot forward for the organisation internally and externally, and ensure all changes are towards the greater good, writes <keyword id="9793035" type="PERSON" weightage="20" keywordseo="nikhil-bharadwaj">Nikhil Bharadwaj</keyword>, Head – <keyword id="2209559" type="ORGANIZATION" weightage="20" keywordseo="corporate-communication">Corporate Communication</keyword>, <keyword id="113665" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-General-Insurance">Bajaj Allianz General Insurance</keyword>.</li></ul> The role of an effective communications team is to drive change management throughout the organisation, and its ecosystem, consisting of employees, partners and customers. There has been no change greater than what we are going through right now with the Covid-19 pandemic. I think one of the toughest parts of this was that there was no playbook, no previous experience to go by! We all made the rules as we went along and pivoted as the situation evolved. There was a large amount of uncertainty, anxiety and fear amongst all stakeholders. As a communicator, where everyone saw negativity and anguish, we had to see the silver lining on the grey cloud. We had to ensure that there was transparency and cut out the irrelevant noise. Thus, far we have been able to achieve significant impact for all our stakeholders, which I will break down as below: Employees &amp; Channel partners: With a lot of information around this pandemic, it was and is difficult to determine what’s factual and what’s not, what should you believe and what not. Such a situation naturally creates anxiety and panic amongst people. The challenge here is to ensure that the right communication goes out amongst stakeholders, providing them with much needed guidance wherever required. Employees of our company were naturally very apprehensive about the virus and there was over information on social media, which led to further panic. To mitigate this, we created a sort of ready reckoner for employees which gave information on COVID-19, this spoke about signs, symptoms, how to detect, test centres, Govt. Helplines and even hospitals that were treating COVID19. As insurance falls into essential services, we still had limited staffing for office work, and for them instructions needed to be crystal clear in terms of dos and don’ts. We went about creating dos and don’ts posters as well as instruction posters on the safety measures in office and even the smallest things about how to wash hands, and how to use the sanitiser. Similar communication was also sent to our channel partners &amp; our distributors who are our backbone. Another critical element to note here is that, all other communication to employees that was not pertaining to Corona or relevant information thereof, was put on hold. To keep the employees engaged, we came out with a Work from Home digest in a pdf format, which had curated content, comprising of leadership podcasts, handpicked ted talks videos, articles, and even Jokes &amp; riddles. This gave employees something to look forward to, which was a change from their day to day work and provided much needed optimism. Customers and Citizens at large: In this stage, thinking that we would be able to serve our customers exactly how we did, when we worked from office would have been a wrong approach. We have always been a forward thinking, digitally capable organisation, which stood us in great stead to bring all customers onto a digital platform, especially when all offices were shut. But merely having digital platforms wasn’t enough, this had to be communicated effectively to current as well as potential customers. One of the best modes which we chose, was their trusted source of information i.e. media. We shared relevant pitch noteswith media charting out clear proposition of what we were doing to ensure customers are serviced well. This resulted in participation in multiple stories clearly highlighting the changes in the customer journey from a service, renewal and sales perspective. All our Leaders and spokespersons ensured that they spoke about this in all their interactions on print, television or even social mediaably led of course by our MD and CEO. As an organisation we sent out email, SMS and app notifications to all our customers about these changes and they were displayed on our website as well. The results were amazing, we saw customers move to Digital channels, get self help from WhatsApp and our mobile app. And what’s more, we were able to issue close to 3 million policies and settle close to 1.5 million claims. I strongly feel that expanding industry interest and product awareness goes a long way towards increasing penetration of any product/service. If you’re brand is strong enough, you will be a part of the consideration set of the customer, as long as they have trust in the base product offering of the industry. We felt that the time was right to also create more awareness on importance of health insurance, though this may seem opportunistic, I would like to think of it as topical. At the same time, we participated in a lot of industry stories about insurance with a sea change of regulation centred around giving customers more breathing space in terms of a delayed premium payment etc. In times of changes like the one that Covid brought about, Corporate communication played a key role in change management. In times like this, I would now say that it is ok to communicate more than normal, even at the risk of over communication, especially when it comes to employees and current customers. A good communicators role is to be the wingman for marketing functions and help with the 1st and 2nd stage of AIDA (attention interest desire action) &amp; play a complimentary role. Corporate Communications has to put out the best foot forward for the organisation internally and externally, and ensure all changes are towards the greater good!

A brand's perspective on the critical role effective communication played during Covid-19

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Marketing: Trends to watch out for in the BFSI sector in 2022

Samarpita Banerjee

A brand's perspective on the critical role effective communication played during Covid-19

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