BFSI sector's digital ad impressions see 40% surge in 2023: TAM report

TAM India's 2023 cross-media advertising report for the BFSI (Banking, Financial Services, and Insurance) sector compares advertising trends across television, print, radio, and digital platforms.

In television and print media, the report indicates that advertising volumes in the BFSI sector increased by 13% and 15% in 2023 compared to 2022 respectively. The report also notes five new advertisers entered the top ranks in 2023 in the print sector, while Life Insurance and LIC of India retained the number one spot in both the top categories and top advertisers' lists, respectively on television.

Muthoot Finance Loan Against Gold emerged as the leading brand in 2023 on television, accounting for 8% of total ad volumes. When it comes to print, among the top 10 brands, four were from the Life Insurance Corporation of India. 

When looking at television genres, news channels dominated with a 65% share, followed by movies at 15%. For print media, the South Zone led BFSI advertising with 34% of total ad space, with Bangalore ranking as the top city within the region.

On radio, ad volumes for the BFSI sector on radio grew by 13% in 2023 compared to 2022. Meanwhile, digital ad impressions for the sector saw a significant surge, increasing by 40% in 2023 over the previous year. Whereas, in the ranking of advertisers, the Life Insurance Corporation of India maintained its top position, accounting for 24% of ad volumes on radio in 2023, a strong hold over 2022. Additionally, among the top 10 categories, Mutual Funds led the list, with these categories collectively representing 92% of total ad impressions on digital.

Maharashtra ranked first in 2023 for BFSI sector ad volumes, capturing a 20% share on radio. On digital platforms, the top advertiser was AMFI, which accounted for 8% of total ad impressions in the BFSI sector and Programmatic was the top transaction method for
digital advertising in 2023. Whereas in the radio sector, BFSI advertising was most popular during the morning and evening time slots. 

You can view the full report here: