NEW DELHI: Financial products in India have traditionally been marketed to men but that is starting to change as an increasing number of women choose to make their own investment decisions.
The percentage of women making investment decisions independently has increased from 37% in 2013 to 52% in 2016, according to Nielsen data cited by Best Media Info. The trend seems more apparent in the new digital platforms that are challenging traditional banking operations.
BankBazaar, for example, an online marketplace where users can get quotes on personal finance products, saw a 183% increase in the number of female visitors in 2016 and expects a similar rise again in 2017.
And online investment platform 5nance.com, claimed that more than a quarter of its investors are women and it expects the number of women visiting its website to grow.
“Today you see more than 90% of the financial brands talking to men only,” said Raisa Kazi, VP, Digital Marketing & Brand Strategy at 5nance.com, adding that “Indian society has always seen men leading the financial domain” and taking decisions for women in their capacity as fathers, brothers, husbands or friends.
But, she contended, “Indian women are better financial decision makers than men. They have learnt the art of saving, investing and managing money since childhood.
“If she is encouraged by financial brands to take her own decisions and at the same time comforted with right content and language, I am sure they will lead this domain too.”
FCMG brands are leading the way in adopting a new, progressive approach to marketing to India’s women, from Ariel’s Dads Share the Load campaign to Nike’s Inspiring the Athlete Within. WARC’s Asian Strategy Report 2017 noted how an increasing number of Indian campaigns have sought to align brands with emerging cultural narratives, particularly the changing role of women in society.
“At times brands fall into the trap of following societal norms,” Kazi noted. “In fact, brands create, drive and at times encourage certain kind of behaviour among the target group.”
Sourced from Best Media Info; additional content by WARC staff