Indian BSFI CEOs’ top concern is engaging millennials: MSLGROUP report

The majority of CXOs surveyed (87%)  for a study on financial communications in India, said that millennials customers were driving their communications strategy.

The study, ‘Fincomm Imperatives 2017’, brought out by MSLGROUP in India spoke to 50 CXOs in BSFI on a range of questions about their communication challenges. Among the key findings is the fact that 84% of the CXOs believe that customers today want instant gratification of their needs when it comes to financial service apps. This is in keeping with the social media environment that encourages such behaviour.

While, most CXOs said that they are going for a digital strategy in keeping with what the customer wants, the report says BSFI communicators should focus on innovation and being present where the customers are. The report, specifically suggests creating the post of a ‘Chief Data Officer’ in order to drive interaction between Big Data and analytics.

MSLGROUP also suggests making an effort to capture what it calls ‘micro moments’, that moment when a customer makes an important financial decision. MSL said that there are digital cues that the customer gives out when he or she is ready to make a buy decision and BSFI communication must be present at these key moments.

The reputation concern for BSFI

MSLGROUP says that the threat of data security is a very important customer concern and that communication must address these given the current debate on Aadhar cards.

The report suggests that the social media presence of C Suite leadership helps to create better trust and engagement with customers. It cites the example of TD Ameritrade CEO as a great way to keep engaged via Twitter.

Listing out the best ways to leverage content, the report says podcasts and listicles are the popular:

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