MxMIndia

Tag: BFSI

  • To strengthen its brand narrative

    Pitchfork to partner Intellimation

    By Our Staff

     

    Intellimation Market Services Ltd (Intellimation.ai), an Enterprise AI company that uses its proprietary natural language processing and machine learning methods in the BFSI sector, has hired Pitchfork Partners Strategic Consulting LLP to drive its strategic communication. Pitchfork Partners’ initiatives will support Intellimation.ai’s business growth and strengthen its brand narrative.

     

    Har Pulak Bahadur
    Har Pulak Bahadur

    Said Har Pulak Bahadur, CEO, Intellimation.ai: “Artificial Intelligence (AI) products will fundamentally alter the way in which businesses are set-up and conducted. This trend will continue, especially due to the increasing adoption of AI as an operational backbone. We are in the early stages of a fourth industrial revolution! At this stage, brand communication is critical, and I am positive that Pitchfork Partners’ expertise will play a key role in our success.”

     

    Jaideep Shergill
    Jaideep Shergill

    Added Jaideep Shergill, Co-founder, Pitchfork Partners: “We are honoured to assist Intellimation.ai in transforming the operations landscape of financial institutions. It’s a privilege to be part of its journey in India.”

     

  • BFSI is the biggest spender on digital media, notes Dentsu Aegis Network’s annual digital report unveiled yesterday

    Digital to contribute 29% of ad market by 2021

     

    On Wednesday, the Dentsu Aegis Network’s DAN Digital Report was released in the presence of a cross-section of the media and marketing professionals. Here are key highlights from the report and an executive summary:

     

    :: As of 2018, the Indian advertising market stands at Rs 61,878 crore ($8.76 billion) and is estimated to grow with a CAGR of 10.62% till 2021 to reach a market size of Rs 85,250 crore ($12.06 billion).

     

    :: “The digital advertising market size is around Rs 10,819 crore ($1.3 billion) and the estimated CAGR growth will be 31.96% and the market will expand to Rs 24,920 crore ($3.52 billion).

     

    :: Television and print take the largest share of media spends at 70% aggregated followed by digital media at 17%. Digital will contribute 29% of the ad market size by 2021.

     

    :: Currently, BFSI is the biggest spender on digital media with a contribution of 38% of all their marketing budgets. This is followed by consumer durables (36%), e-commerce (34%) and telecom (31%). FMCG spends heavily on the television (63%) and the retail sector spends largely on print (54%) medium of advertising.

     

    :: The advertising expenditure on the digital advertising formats is led by social media (29%) followed by search (25%), display (21%) and video (20%).

     

    :: The main drivers of the growth of digital media will be voice, vernacular and video. Apart from this, some of the other drivers of digital media growth will be engaging mobile experiences based on augmented reality (AR) and virtual reality (VR).

     

    Executive Summary:

    :: Internet penetration and adoption of digital media in India is growing at an unprecedented rate, which is creating huge opportunities to tap into the unchartered arena of digital space in newer ways. The ever-evolving digital industry and the advancement of technology opens various opportunities to interact with the audiences. Marketers can now choose innovative ways to reach out to their target audience and cater to the demand to create unforgettable experiences for them.

     

    :: As of 2018, the Indian advertising market stands at Rs 61,878 crore ($8.76 billion) and is estimated to grow with a CAGR of 10.62% till 2021 to reach a market size of Rs 85,250 crore ($12.06 billion). The digital advertising market size is around Rs 10,819 crore ($1.3 billion) and the estimated CAGR growth will be 31.96% and the market will expand to Rs 24,920 crore ($3.52 billion).

     

    :: Television and print take the largest share of media spends at 70% aggregated followed by digital media at 17%. Digital transformation is being adopted at a substantial scale, which in turn, is increasing the adoption of digital media at a rapid pace.

     

    :: Currently, BFSI is the biggest spender on digital media with a contribution of 38% of all their marketing budgets. This is followed by consumer durables (36%), e-commerce (34%) and telecom (31%). FMCG spends heavily on the television (63%) and the retail sector spends largely on print (54%) medium of advertising.

     

    :: The advertising expenditure on the digital advertising formats is led by social media (29%) followed by search (25%), display (21%) and video (20%). The BFSI vertical spends the largest share of its digital media budget on search (38%), while FMCG spends the largest share of its digital media budget on video (33%).

     

    :: Currently, 18% of all digital media is bought programmatically and has grown from 15% last year. The major reason for the growth are technological advancements,  improvements in data science & analytics, implementation of algorithm to automate various procedures, better ad fraud detection and improved data policies & regulations. The rapid increase in the penetration of mobile devices and internet has led to 47% of digital media spends on mobile devices and is expected to grow at CAGR of 49% to reach spends share of 67% by 2021.

     

    :: Machine Learning (ML) and artificial intelligence (AI) will see heavy adoption and implementation in various media in the near future. The main drivers of the growth of digital media will be voice, vernacular and video. Apart from this, some of the other drivers of digital media growth will be engaging mobile experiences based on augmented reality (AR) and virtual reality (VR). In the near future, data-driven decision-making and business strategies will be more transformative and will entail building and merging of different types of business models and its implementation.

     

    Commenting on the report, Ashish Bhasin, Chairman & CEO- South Asia, Dentsu Aegis Network said, “Today, you no longer have to sell ‘digital’ to a client. This is the only medium which gives you a very measurable ROI, and almost an immediate impact. We have about 500 million people on the internet today and in the next three to four years, another 300-400 million people will join in. Concurrently, the next phase of internet users will speak regional languages and as a result, you will probably see a lot more advertising in regional languages on digital in the years to come. Dentsu Aegis Network understands this scope. Consequently, we are over-weight on digital. Of our 3500 people, more than 1600 are in our digital agencies. Nearly 48% of our revenues comes from digital at a time when the market average in India is still 15-17%. As leaders in digital, we recognise the need for an industry level research report which not only covers the market size but also gives a direction towards which this industry is moving. The lack of detailed and accurate Digital Advertising Spends is surprising for a medium that lends itself to measurement. It is to fulfil this gap that all the 8 agencies of the Dentsu Aegis Network i.e. Isobar, iProspect, Merkle Sokrati, WatConsult, Dentsu Webchutney, SVG Media/Columbus, Fractal and Amnet collaborated again for the 3rd edition of our Digital Report that extensively covers digital trends, spends and insights across all sectoRs The report has now become the industry standard for digital marketing and this year the report summary will also be available on Alexa.”

     

     

  • How various sectors like BFSI, Telecom and FMCG are coping with the challenges and finding solutions to resolve issues through social listening

    Big Data trends spotted on engaging and leveraging social media analytics

    By A Correspondent

     

    Big data analytics is steadily emerging as a viable means of generating actionable business intelligence. Wikibon has predicted that the big data market will top $84 billion by 2026. Although adoption of big data is on the rise, its utilization is less impressive with Gartner predicting that 85 per cent of Fortune 500 companies will be unable to exploit big data for competitive advantage in 2015. Needless to say, the scope for brands to indulge in big data analytics is huge. KonnectSocial – India’s fastest growing social listening and analytics platform has identified these key trends –

     

    – Brands are eager to embrace big data in exchange for actionable insights

    A 2014 study by IDG Enterprise observed that 70 per cent of enterprise organizations have either deployed or are planning to deploy big data-related projects and programs. Several Indian brands have showed inclination towards harnessing big data analytics. They want to achieve homogeneity of data obtained from their current systems and big data. Trend spotting, demographics and psychographic evaluation are the key areas where big data analytics has been deployed.

     

    – Customer centrism is paving the way for big data applications

    Mass marketed brands are taking their customer centric approach to the next level by engaging in social listening. Here’s how different sectors are going about it –

    A. BFSI – Brands from this sector are punching bags for a variety of reasons such as allegations of fraud, negligence & unauthorized transactions. Currently the social listening approach taken by leading brands from this sector revolve around managing the brand’s reputation. As these brands get comfortable with brand reputation, social listening as a means of identifying sales leads and gaining real time market insights will go mainstream. This is mostly because big data applications already have analytics features built into them. Social media teams simply need to warm up to the advanced applications of such tools.

    B. Telecom – This sector is perennially plagued by complaints. For brands from this sector response management is of great importance as customer attrition is high. This is mostly attributed to TRAI mandated MNP facility which allows consumers to change mobile operators while retaining the same mobile number. Not only is it critical for telecom brands to respond to every grievance, they also need to be efficient at resolving them. Social CRM workflows are need of the hour to track the response team’s turn around time and manage conversations from every online avenue.

    C. FMCG – FMCG brands rely on market intelligence to launch new products and gauge sentiment for course correction. With listening tools they can now gather such intelligence in real time. We are going to witness a lot of brands engaging in social listening for accurately building psychographic profile of their TGs to drive brand engagement. Crisis management is also something brands can do much more efficiently with such big data applications.

     

    – Mass marketed brands will lead the march towards big data adoption

    Due to the proliferation of social media, the impact of social conversations on reputation is felt by all leading brands. In order to enhance and safeguard their reputation, several brands have an active presence on social media. They have also subscribed to listening tools for discovering brand conversations and acting on them. The benefit of such big data tools is that the data from them can be churned to gain market intelligence in real time. They bring previously unknown correlations to fore. Some leading brands have started to make optimal utilization of such tools to generate predictable & tangible benefits. The benefits gained by them will serve as case studies for laggards to follow suit.