‘It’s time for personalization in financial services’

In the seventh episode of Brand Studio Live a series that gets the brains behind India's top brands to decode marketing innovations and more7 marketing mavericks discussed the fundamentals of building a successful financial services brand on the internet

Knowing a customer’s needs, and providing him banking or investment solutions based on those needs, are the two things that every financial services brand should work for, said Ajay Kakar, Chief Marketing Officer, Aditya Birla Capital, on Tuesday.

Kakar was speaking at the seventh edition of HT Brand Studio Live—a series that gets the brains behind India’s top brands to decode marketing innovations and more.

The event is webcast from the HT newsroom, and is co-hosted by HT Brand Studio and DMAasia.

This time, the theme was ‘Building financial services brands on the internet’. The show thus sought to decipher how financial services providers can take advantage of the rapidly evolving digital ecosystem to better connect with customers.

“When a brand provides solutions to consumers that they actually need, it also manages to gain their trust," Kakar added.

The importance of adopting a customer-centric approach was further outlined by Yashish Dahiya, Co-founder & CEO, PolicyBazaar.com Group, who said, “Be true to your consumers. You cannot sell irrelevant financial products to them."

Personalization, therefore, is the key to delivering a superior customer service experience on the internet.

Said Balaji Viswanath, Vice President-Digital Acquisition, American Express, “Yes, there is concern over how brands mine data to offer personalized experiences. However, if you can convince your customers of the benefits of exposing the data, you automatically get their consent."

Anika Agarwal, Senior VP and Head-Marketing, Digital and Direct Sales, Max Bupa Health Insurance, spoke about how technology has made it easier for financial services companies to reach out to consumers. She also elaborated on how brands can aid millennials in navigating health insurance options.

“It all boils down to whether digital mediums are helping simplify the lives of consumers or not," said Vishwajeet Parashar, Senior VP & Group Marketing Head, Bajaj Capital, who also outlined how analyzing a customer’s expenditure patterns and risk appetite goes a long way in offering better products to them.

Shaji Varghese, Executive Director and Business Head, PNB Housing Finance Limited, discussed customer acquisition and retention strategies for a financial services brand.

The show ended with Rajiv Bansal, CEO, HT Digital Streams, drawing parallels between the media and financial services industries, especially on the grounds of fostering brand loyalty.

“Brands belonging to these industries have to constantly strive to build authenticity," he said.

To watch the previous episodes of Brand Studio Live, please click here.

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