New Delhi, Aug 7 (IANS) Indians are increasingly taking charge of their financial journeys through digital content, communities, and creators, as 81 per cent of consumers use Facebook, Instagram, or WhatsApp during the discovery phase of financial products, a report said on Thursday.
“Financial advice is no longer confined to expert columns or in-branch consultations – it’s happening on Reels, in WhatsApp groups, and through Instagram creators demystifying jargon in under 60 seconds,” according to a joint report of Meta, the parent company of Facebook, Instagram and WhatsApp, and global market research firm IPSOS.
According to the report, 81 per cent of consumers use Meta platforms when first discovering financial products, and this influence continues through the evaluation stage (79 per cent) and remains strong at the final purchase stage (83 per cent).
The digital platforms play a key role throughout the decision-making journey for specific products, including loans (86 per cent), investments (84 per cent), insurance (78 per cent), and savings (82 per cent), the report stated.
“Financial planning is integral to the lives of most Indians across income groups. But this process is rapidly evolving, fueled by digital. Whether it’s the growing role of Meta platforms in the purchase journey, the increasing influence of Reels and creators, the rising role of business messaging or the growing number of women who are taking independent financial decisions,” said Shweta Bajpai, Director Financial Services, Media, Travel, Real Estate, & Services (India), Meta.
Despite being an industry with substantial offline presence and touchpoints, the report shows that 6 out of 8 touchpoints in the purchase journey of financial products are now digital, with 50 per cent of these digital touchpoints attributed to Meta platforms.
Additionally, more than 50 per cent of financial services consumers view personal finance and investing content on Meta platforms.
Financial products might be complex, but consumers don’t need long-form storytelling to resonate with the user, the report stated.
Short-form content is capable and effective at turning complexity into clarity. Instagram Reels and Facebook videos are the new face of financial literacy.
The study showed that 57 per cent of users rely on Instagram and 53 per cent on Facebook to make informed financial decisions, the report highlighted.
“Short-form video and Reels are transforming the way businesses connect with new customers and fuel product and brand discovery,” said Anoop Manohar, Chief Marketing Officer, Axis Bank.
The report also highlights a shift in user preferences, with people seeking authenticity over authority.
A significant 75 per cent trust financial podcasts, while 67 per cent look to influencers and subject matter experts for guidance.
The report was prepared after surveying over 2,000 respondents aged between 25-45 across Delhi, Mumbai, Bangalore, and Kolkata, who are current or prospective buyers of financial services products.
–IANS
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