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With financial vehicles wobbling and consumer sentiment on the edge, the banking, financial and insurance (BFSI) industry is met with a strategic dilemma - whether to go all in with marketing and do trust building or cut back cash and conserve. And the answer? With investor confidence shaken and all major financial vehicles in the red, marketing strategies are undergoing a quiet transformation - less chest-thumping, more credibility, and a digital media tilt.
Experts agree that even though the marketing budgets have not been reduced significantly, the focus is more on nurturing relationships, promoting financial literacy and going easy with cash.
“In a shaky market, customers don’t need hype—they need help. Life insurance is, by nature, counter-cyclical. In times of uncertainty, people seek stability, so our focus right now is on reassurance. Our messaging highlights security—certainty, flexibility, and the power of staying invested. We’ve doubled down on educating consumers about products that combine protection with long-term value,” said Akhil Almeida, Head-Marketing, Bandhan Life. He further added that the goal isn’t to outshout the volatility—it’s to become the voice of calm through it.
The sentiment remains the same within the brokerage firms such as Yes Securities and m.Stock.
According to Amit Bhandare, Head Marketing and Corporate Communications, Yes Securities is exploring more cost-effective channels like organic social, email marketing, and partnerships to maintain visibility without overspending. He added, “In the current environment, our marketing priorities have shifted to focus more on efficiency, retention, and long-term brand value. Instead of pushing for aggressive acquisition we're investing more in nurturing existing customer relationships and creating content that builds trust and brings value during uncertain times.”
Meanwhile, Supriya Ghosh, Vice President & Head - Brand Marketing at m.Stock by Mirae Asset Capital Markets believes that brand positioning doesn’t change as per the market sentiments. However, messaging or priority products / services / features do differ from time-to-time as per market conditions and business requirements.
Ad Spends
This shift in tone is also reflected in how brands approach ad spends. Marketing experts believe that if a category is not performing, it is often understood that brands may not be in a position to spend heavily on marketing. A more balanced approach is generally recommended because going completely invisible could impact long term visibility of a brand.
Shradha Agarwal, Co-founder and Global CEO of Grapes Worldwide said, “Instead of pulling back entirely, brands can consider reallocating their budgets towards more cost effective channels such as digital and social media. These platforms allow for wider audience, real time optimisation, and measurable ROI. Even with limited spends, performance driven campaigns and consistent messaging can help maintain visibility.”
She further added that the focus during such phases can shift towards empathetic communication, storytelling that reflects the current sentiment, and building brand affinity. Staying present in a thoughtful and strategic manner may help brands be better positioned for stronger engagement when the market sentiment improves.
The question lingers then - with BFSI brands eager to gain consumer trust, has their marketing budgets remained steady, and which medium is taking the largest share of the pie?
Most of the brands are witnessing a change in their overall marketing budgets, thanks to the increased volatility in the market sentiment. Thus, as the budgets remain tight, it only makes sense that digital is taking home the largest share of the pie given its reach in today’s time.
Bhandare said, “While overall spend has become more conservative, we’re being strategic with reallocations like pulling back slightly on traditional media where ROI is harder to quantify and shifting those funds toward digital channels that offer clearer attribution and agility.”
He added that digital continues to gain the most traction because of the ability to optimize in real time and measure results closely. They’re also investing more in owned content and community building to create lasting engagement. And, even as experiential marketing is still part of their mix, it's become more targeted at smaller, high impact events or brand activations with strong digital tie-ins to extend reach.
Meanwhile, for m.Stock - the focus is more on quality over quantity to be achieved via content and experiential marketing. Ghosh said, “Our plan is to have more meaningful engagements with the target audience through both online and offline channels.”
She further shared three points of focus and priority. First, m.Stock is building technical & fundamental literacy programs for audiences via videos and written content. Secondly, they are also planning to bring financial literacy live webinars through social media channels. And third, they are participating in many offline events across the country to meet and engage with investors & traders at large.
While most have cut down budgets and are focusing heavily on digital, for Bandhan Life - the budget has remained steady with a sharp focus on refining channels so that they compliment each other. Almeida said that customers remember messages, not mediums. That’s why they optimize for impact, not just impressions.
According to him, digital is a great engine for contextual targeting and lead generation, but traditional media—especially regional print, outdoor, and radio—continues to play a key role in trust-building. It’s not either-or. The most effective campaigns today blur the line between brand and performance.
Finfluencer Marketing
As digital media gets the largest share of the media mix, this also includes influencer or in BFSI sector case, finfluencer marketing. These influencers can help the brands to tap into wider audiences by spreading financial literacy and in regaining trust through their content.
Almeida said, “We focus on content (and creators) who bring financial concepts down to earth—especially for first-time buyers, women decision-makers, and the self-employed. The content that performs best simplifies insurance without overselling it—it creates stronger engagement and drives more meaningful queries.”
This was reiterated by Ghosh who added that they do spend consistently every month to drive financial literacy via influencer marketing. This year, their focus is to co-create a pool of dedicated technical and fundamental video content along with financial literacy partners to double down on this effort.
However, even as the common sentiment across brands echoes of financial literacy - Yes Securities have come up with their own initiatives to achieve that. They have launched their own dedicated initiatives: The Wize Whispers for school-aged children and WongaWits for college students.
Bhandare shared, “Finance isn’t a one off decision, it’s a lifelong journey. Concepts like the power of compounding or understanding risk management can’t be fully grasped through a single post or campaign. They require repetition, trust, and meaningful engagement, especially when you're reaching out to younger audiences or communities that have historically been underserved.” He further added that it is why they have invested in long term education, not just during uncertain times, but consistently.
With discretionary spending at an all-time low, how do BFSI brands then justify ad spends, especially on loans or high-risk investment products, especially if the ROI isn’t that great.
Agarwal clarified that in a cautious market environment, advertising high-involvement financial products may seem difficult to justify but instead of looking at it purely from a conversion lens, this phase can also be viewed as a chance to build awareness and long-term brand trust.
“The ROI may not reflect in immediate numbers, but staying consistent in communication might place the brand in a stronger position when consumer confidence returns. Investing in brand building during such phases may not be a loss, but it could help in building preference when the market picks up again,” she said and added that so while high spends may not be feasible, a shift towards informative, transparent campaigns could possibly serve both brand relevance and audience need in the long run.
Market Priorities
BFSI brands are navigating turbulent times by spotlighting products like insurance, which offer long-term security, while reinforcing that asset allocation is a cornerstone of sound financial planning—not a lever to be pulled in response to short-term market swings.
Almeida noted that during periods of market volatility, consumers seek more than just returns—they seek reassurance. This is where life insurance plays a pivotal role. “Our philosophy is simple: serve the customer based on their life stage, needs, and risk appetite. When volatility rises, people value reassurance. Insurance, done right, becomes less of a product and more of a promise. So, when we highlight options, we also ensure we communicate their role clearly—so customers can make informed, long-term choices with confidence.”
Meanwhile, Bhandare highlighted the importance of staying disciplined in turbulent times. He further shared that their approach is to help customers invest with their life goals in mind whether it's buying a home, funding their children’s education or planning for retirement. Once those objectives are clearly defined it becomes easier to maintain discipline even during turbulent times. While market fluctuations are inevitable, history has shown that staying invested with a well diversified portfolio typically yields positive returns over the long term.
“Our focus is on helping clients build financial resilience and confidence, so they don’t feel compelled to make emotional decisions when markets dip. In short, we guide them to look beyond short term noise and stay committed to their long-term vision.”
What works best?
Agarwal further shared that brand recall campaigns as well as product-specific push serve different objectives, and the choice often depends on the brand’s stage and the overall market mood. In a slow market, where consumer sentiment is low and spending is more cautious, it may be helpful to focus on strategies that either maintain presence or drive essential purchase decisions.
She then highlighted what works best for well established brands as opposed to newer or mid-sized brands.
For more established brands, brand recall campaigns are often suggested. These campaigns help amplify reach and keep the brand’s maintain a strong top-of-mind recall value without pushing for immediate conversions. Purpose-driven storytelling, emotional narratives, and relatable content may create familiarity and trust, which can influence decision-making when the market improves.
For newer or mid-sized brands, a product-focused approach may be more relevant. Offers, bundles, or conversion-led creatives that clearly communicate value might entice the audience, especially when they are not actively looking to splurge. This type of communication can help encourage considered purchases during a cautious spending phase.
Agarwal added, “In most cases, a balanced mix of both, tailored to the brand’s goals and audience mindset, could be more effective. It is often useful to experiment with formats, monitor campaign performance closely, and stay flexible with content and media strategies.”
She concluded by emphasising that staying relevant today requires marketers to tune into consumer sentiment and adapt their tone with care. The focus has shifted from aggressively pushing products to offering guidance, empathy, and financial literacy. Messaging is now rooted in problem-solving rather than hard selling—a thoughtful approach that helps brands stay connected to the real concerns of their audience.
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