A rewiring for balanced growth in BFSI The global economy is in a fractious state, with the IMF forecasting growth to fall from 3.4% in 2022 to 2.8% in 2023, before settling at 3% in 2024. However, India and China represent two bright spots, accounting for half of the global economic growth this year, with India expected to grow at 6.8% this year, and China at 5.2%. A multitude of factors will likely affect how and what banks do to collectively support and engage with economic actors and agents globally.
India’s banking and financial services sector has undergone a radical change owing to rapid digitalization, increased mobility, and burgeoning competition, with new-age FinTech firms offering services that are more customer-centric, customisable, efficient, and cost-effective continue to challenge the traditional methods of banking.
Additionally, a fundamental shift in consumer behaviour and expectations has put additional strain on BFSI's conventional marketing models. Face-to-face interactions have fallen to the wayside, with trust today predicated on how well, consistently, and quickly the customer experience is delivered across channels.
With the number of banking and financial service providers increasing in the market, consumers are spoilt for choice while selecting and comparing the financial products. Hence, it’s also important for organisations to come up with tailormade products and services to stay competitive and build consumer trust.
While it can be difficult for businesses to keep up with the changing needs of a new generation of customers and to navigate data protection concerns, some brands have risen to the occasion and, in doing so, have earned a place in the exclusive pantheon of the Most Trusted BFSI Brands 2023.
The 2nd Edition of Most Trusted BFSI Brands of India promises to be an exclusive gathering of the brands within this sector that are revered and have over the years garnered consumer trust. They represent a new paradigm of trust and excellence, which will be recognised in a gala ceremony in Mumbai that celebrates their successes.