What does young India want from BFSI marketing?

BFSI is seen as a world of complex jargons and long-winded forms, and this image made us seem a little old-fashioned.  But here's the thing: India is changing, and so are the people we need to serve. India is a nation brimming with youthful energy. With a median age of 28 and about 65% under 35, India's 1.4 billion population includes over 910 million millennials and Gen Z - the world's largest. This generation has grown up with the internet in the palm of their hands. They're used to instant information, on-demand services, and brands that seem to 'get' them. To truly resonate with this demographic, BFSI brands need to adopt a more conversational and empathetic approach, focusing on education, empowerment, and building trust through authentic storytelling. 

To effectively connect with young audiences and capture their attention, it is important for BFSI brands to first understand who they are and what they value. Some facts to consider:

• Millennials and Gen Z are digital natives who prioritize authenticity, transparency, and social responsibility. 
• They are comfortable transacting online and embrace digital financial solutions.
• They seek brands that align with their values and are more likely to switch brands for better experiences.
• Young people are looking for convenience, flexibility and transparency – they want brands that speak their language and products and services that are relevant to their lifestyle and goals. 

What does the Young Audience want?

The Millennials and Gen Z desire a connection with brands and want to see themselves reflected in the messaging. They are looking for guidance on goals like buying a home, getting health insurance, funding education, or planning for the future instead of the traditional financial communication that just emphasises the products. To successfully engage with this younger India, brands must embrace innovation, authenticity, and customer-centricity. Here are some strategies to consider:

Simplified Language 

In today's rapidly evolving digital landscape, brevity is paramount. Complex and technical jargon can alienate young audiences. If they don't comprehend what we're offering within seconds, they’ll swipe away. 

Relatable Stories

Instead of pure stats and features, tell stories they connect with. For instance, the story of a young freelancer worried about covering unexpected medical costs will resonate more than actuarial tables.

Visuals that Speak

Gen Z thrives on visual content. Instagram Reels and memes are more digestible than traditional text. Visuals engage rapidly and leave a lasting impression, fitting the generation's fast-paced lifestyle.

The Channel Matters as Much as The Content

In reaching out to a younger audience, it's essential to consider not just what you're saying but also where you're saying it. To effectively connect, it's crucial to engage them on platforms they frequent.

The Power of Social Media: To effectively engage with younger audiences, it's imperative to meet them where they are, primarily on Instagram, YouTube, and other new emerging online platforms. Collaborating with relevant influencers holds significant value, as it fosters trust and authenticity that traditional corporate messaging often struggles to achieve.

Gamification: Shift from dull financial lectures to interactive games or quizzes for awareness. Injecting fun and engagement fosters better retention, ensuring individuals grasp essential finance concepts effectively and enjoyably.

It's About Trust, Not Just Transactions

Ultimately, BFSI brands aren't just selling policies or accounts, we're selling security and peace of mind. And that kind of trust takes time to build, especially with a generation that can sometimes be wary of traditional institutions.

Transparency is King & Queen 

Transparency is paramount when discussing financial matters and health-related decisions. 

Millennials and Gen Z value authenticity and are more likely to do business with brands that demonstrate honesty and integrity. Hence, clearly outlining costs, exclusions, pricing and benefits builds trust and mitigates unpleasant surprises. Whether it's financial investments or healthcare plans, upfront communication empowers individuals to make informed choices, fostering a sense of security and confidence in their decisions.

Education First 

Transitioning from product-centric strategies, our emphasis should be on educating young audiences about the basics of budgeting, financial planning, health insurance literacy, saving, and investing to help build long-term relationships based on trust and loyalty. This approach fosters a foundation for informed decision-making down the line, empowering individuals with essential knowledge for navigating the complexities of insurance options effectively.

Show the Human Side

By leveraging data and technology we can deliver personalized experiences across channels. From tailored product recommendations to targeted marketing messages, customization is key to capturing the attention and loyalty of young consumers. Also, by spotlighting authentic customer experiences and testimonials, we can demonstrate our grasp of the challenges and anxieties, individuals encounter. This humanises our approach, fostering trust and showcasing our commitment to addressing real-world concerns.

The Game Changers: Best Practices for Engaging Young Audiences

Several BFSI companies have successfully connected with young audiences by implementing innovative strategies and marketing initiatives to empower young audiences to make informed decisions about their health and financial well-being. Partnering with the right influencers who align with your brand values and have a strong and engaged audience can also be a game-changer for BFSI brands. The younger generation trusts recommendations from the people they follow online. Collaborate with them to create content that educates and entertains – think explainer videos, Q&A sessions, and even fun challenges that raise financial awareness.

The marketing and communication landscape is changing. And brands have a major role to play when it comes to delivering accurate and relatable information to its audience. For example, ManipalCigna’s recent campaign 'Mere Choice ka Health Insurance' targeted young audiences.

In India, Health Insurance as a category typically targets families, and individuals of a certain age. Through a series of four short films focusing on a young couple aged between 25-28, the campaign spoke directly to young adults. It utilized relatable scenarios encountered during early adulthood (e.g., budgeting, self-care, responsibilities towards ageing parents) to emphasize how health insurance mitigates the financial risks of unexpected medical events.

In Conclusion

The dynamics of millennials and the Gen Z demographic, particularly in India, are shifting rapidly, presenting both learnings and opportunities for brands seeking to establish meaningful connections. However, connecting with a younger audience isn't a quick fix for the BFSI sector, it's a mindset change. We need to evolve how we communicate, the channels we use, and most importantly, the value we add to the lives of a generation that holds the key to our future. Through innovation, authenticity, and adopting a customer-centric approach, BFSI brands can build meaningful relationships with young consumers and position themselves for long-term success in the digital age. 

This article is penned by Sapna Desai, Chief Marketing Officer – ManipalCigna Health Insurance.