Digital Leads BFSI Ad Growth With 74% Increase In H1FY24

The advertising volumes for the Banking, Financial Services and Insurance (BFSI) sector saw significant growth across digital, TV and print platforms in the first half of 2024, though radio experienced a decline, according to the TAM Adex report.

Print media saw a 37 per cent increase in BFSI ad volumes compared to the same period in 2023. TV ad volumes rose by 14 per cent and digital ad impressions increased by 17 per cent, while radio saw a 2 per cent decline in ad volume growth.

BFSI ad volumes on television grew by 19 per cent in H1’24 compared to H1’22. The top 10 advertisers in this sector were Muthoot Fin Loan Against Gold (8 per cent), AMFI (Association of Mutual Funds in India) (7 per cent), SBI Life (4 per cent), Visa Card (4 per cent), National Payments Corporation of India (3 per cent), Tata AIG Health Insurance (3 per cent), IIFL Finance Gold Loan (3 per cent), LIC Jeevan Akshay 7/Jeevan Shanti (3 per cent), Share.Market (3 per cent) and LIC New Pension Plus (2 [per cent).

News channels were the most preferred by BFSI advertisers, with news bulletins and feature films accounting for 63 per cent of the sector's TV ad volumes. Primetime, afternoon and morning slots made up 74 per cent of the ad volume. Most TV ads in this sector were between 20 to 40 seconds, with this duration, along with ads under 20 seconds, covering 92 per cent of ad share.

BFSI ad volumes in print media surged by 27 per cent in H1’24 compared to H1’22. The leading advertisers were LIC of India (12 per cent), National Payments Corporation of India (6 per cent), SBI (State Bank of India) (3 per cent), Union Bank of India (2 per cent), AMFI (Association of Mutual Funds in India) (2 per cent), Aadhar Housing Finance (2 per cent), Canara Bank (2 per cent), Indiabulls Housing Finance (1 per cent), SBI Funds Management (1 per cent) and Nippon Life India Asset Management (1 per cent).

English-language publications captured the largest share of BFSI ad space at 55 per cent with the South Zone leading geographically, accounting for 34 per cent of ad volumes. Chennai in the South and New Delhi in the North were the top cities for BFSI print ads.

BFSI sector's radio ad volumes saw a 30 per cent increase in H1'24 compared to H1’22. Top advertisers included LIC of India (27 per cent), LIC Housing Finance (15 per cent), Acko General Insurance (8 per cent), Union Bank of India (7 per cent), Manappuram Finance (6 per cent), SBI (State Bank of India) (5 per cent), Punjab National Bank (3 per cent), Bank of Baroda (3 per cent), National Payments Corporation of India (2 per cent) and AU Small Finance Bank (2 per cent).

Maharashtra led radio advertising with a 20 per cent share, while 89 per cent of the sector's radio ads aired during morning and evening time slots.

Digital ad impressions for the BFSI sector skyrocketed by 74 per cent in H1’24 compared to H1’22. Bajaj Finserv led the top advertisers with 9 per cent, followed by Life Insurance Corporation of India (5 per cent), ICICI Bank (5 per cent), ICICI Prudential Life Insurance (5 per cent), National Payments Corporation of India (5 per cent), Max Life Insurance (4 per cent), IDFC First Bank (4 per cent), Angel Broking (4 per cent), AMFI (4 per cent) and Kotak Securities (4 per cent).

Programmatic advertising was the dominant method for digital ads in the BFSI sector, covering 80 per cent of the share in H1'24.