Experts identify innovative marketing strategies for financial products

In the ever-evolving landscape of marketing and advertising, staying ahead of the curve is paramount. As industries shift and consumer behaviours change, companies must adapt, innovate, and deliver tailored solutions to meet their clients’ needs. This was precisely the focus of a recent event where leaders from the BFSI industry had gathered to discuss the cutting-edge advancements in programmatic advertising and contextual targeting in a cookie-less era of advertising, spearheaded by Hybrid in partnership with Adgully.

The event witnessed an insightful panel discussion on ‘Innovative Marketing Strategies for Financial Products’. Moderated by Session Chair: Meghna Chettri, Chief Manager, ICICI Bank, the panellists included:

Anand Chakravarthy, Chief Growth Officer, Omnicom Media Group India

Mihir Mehta, Managing Partner, 0101

Riaan Rodrigues, Senior Vice President – Digital Business and Marketing, TATA AIG

Sonica Sharma, Associate Director West & South, Hybrid

The Hybrid BFSI Konnect event commenced with Meghna Chetri questioning the panellists, “In a category that is so cluttered with competition, regulations, obligations, and eligibility criteria, how has your experience been working with multiple segments, brands, insurance companies, and mutual funds as part of your career? How do you perceive working through innovations and experiences?”
Mihir Mehta replied, “We often have a narrow perspective on innovation. However, I believe it is not just about innovating to showcase to others; it is about innovating towards specific goals. In the BFSI category, despite regulations, there is ample room for innovation. Strong products make promotion easier. Ultimately, it is about your goals. If driving sales is the aim, innovation should occur not only in marketing, but also in your on-ground team. Personally, I have never found the category challenging because there are many opportunities to explore.”

Anand Chakravarthy added here, “When I started investing in mutual funds, there was minimal online influence to guide decisions. The challenge was significant due to the market’s low penetration of less than 1% and a plethora of 350 products. Simplification became crucial. A standout example is AMI’s ‘Mutual Funds Sahi Hai’ campaign, which tackled category barriers effectively. Companies face difficulties in such initiatives amidst targets and product development.”

“In the insurance sector, there’s a common belief that it is highly regulated and controlled. However, it is a complex product, and innovation is possible, but must be approached cautiously to avoid misleading customers and subsequent complaints. While there are creative boundaries, there’s room for innovation in mediums and targeting, considering context and placement,” opined Riaan Rodrigues.

Sharing her views, Sonica Sharma said, “We’ve transitioned from online banking to mobile payments, with e-wallets becoming integral to daily life. The BFSI sector has seen significant innovation in the past decade, redefining user experience and customer engagement. Innovation arises from recognising opportunities, and adapting global insights to local contexts, such as with Vox for dynamic market stocks and hybrid triggers. Despite regulation, there is ample space for innovation.”