Internet penetration is growing in all aspects in India. Be it better internet connections, active user base, time spent online, growing confidence of marketers towards the internet and the money pouring into this medium in terms of investments and advertising. Internet is changing the way businesses operate in India, primarily due to the very ability of this medium to do an end-to-end tracking.
One of the most established and dominating industries, the BFSI (Banking, Financial Services and Insurance) industry has started taking the internet medium more seriously than ever before. With penetration of Internet Banking, Plastic Money (Debit and Credit Cards) moving into every pocket, increase in financial information searches online, BFSI Industry is connecting more aggressively with the power internet users carry with them online.

Three most lucrative product-lines in BFSI i.e. Loans, Insurance and Investments are exploring to move towards completing their transactions on the internet. The option of buying investment products is actively available online; almost every General Insurance company has started selling their consumer side insurance policies online. Bajaj Finserv Lending (earlier Bajaj Finance) is the first loan provider to start issuing consumer durable loan approvals online. Max Bupa Health Insurance is not just present on every health-related search term on Google, on high traffic websites and in your mail box, but also very active on social platforms like Facebook & Twitter.
When we talk about insurance, traditionally we are always influenced by our next door agent to guide us in selecting which insurance policy to buy. Now there are various platforms online like InsurancePandit.com, ApnaPaisa.com and PolicyBazaar.com, allowing you to find the best insurance product that suits your needs and also buy them online. These platforms are estimated to influence more than a million users every month in taking informed decisions when it comes to buying an insurance product.
Almost every BSFI player started off their online marketing journey with search engines, but now, their presence is everywhere online. Their presence can be seen in not just in search and high traffic portals, but also on platforms like Youtube, Twitter and Facebook. One of the best advantages of the internet is that you can measure the performance of every action online and the BFSI sector is taking maximum advantage of this. They now exactly know about spends and impact of every impression they get online by using various online tracking tools.
The growing influence of the internet in buying decisions has impacted the budget allocation towards online marketing. As per one of the reports published by IAMAI, internet display advertising spends were estimated to be around INR 4.3 billion in 2009-10 with the BFSI contributing around 15 percent. Google estimates internet advertising spends to touch nearly INR 11 billion in 2010-11.

It all started with generating inquiries online and is now becoming a direct medium of sales. Surely, with increasing online collections, BFSI industry’s share of internet advertising spends will be on the rise day by day.
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