Indians taking charge of financial journeys through digital content & creators, shows study
MUMBAI: Even as traditional channels have long guided financial decisions, a new wave is gaining momentum – Indians are increasingly taking charge of their financial journeys through digital content, communities, and creators.
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, showed a study commissioned by Meta and conducted by IPSOS.
The study 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.
The study also shows that 81 per cent of consumers use Meta platforms during the discovery phase of financial products. The influence doesn't just stop there – it continues through evaluation (79 per cent) and remains strong at the final purchase stage (83 per cent). For products like loans (86 per cent), investments (84 per cent), insurance (78 per cent), and savings (82 per cent), our apps play a definitive role throughout the decision-making funnel.
A significant 75 per cent trust financial podcasts, while 67 per cent look to influencers and subject matter experts for guidance.
More than 2000 respondents aged 25-45 across Delhi, Mumbai, Bangalore, and Kolkata were surveyed for the study.
'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 – the study dispels many myths about how financial products are discovered and bought today, offering valuable insights for marketers and brands in the industry,' said Shweta Bajpai, director financial services, Media, travel, real estate & services (India) at Meta.
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