Financial Discovery, Evaluation, and Purchase in India are being revolutionized by Meta Platforms, with short-form videos, creator-led Reels, and direct business messaging leading the charge.
In a significant revelation, a new study titled From Feeds to Financial Futures, commissioned by Meta and conducted by IPSOS, has highlighted the growing role of digital platforms like Instagram, Facebook, and WhatsApp in shaping financial decisions among Indians. The study, which surveyed over 2,000 respondents aged 25-45 across four metro cities, sheds light on the evolving financial decision-making process in the country.
The study underscores the central role of these digital platforms in the financial product purchase journey. Six out of eight touchpoints in this process are digital, with Meta platforms accounting for three. According to the study, over 80% of users rely on Meta apps during the financial product discovery phase, while about 79% do so during the evaluation phase, and 83% at the purchase stage. Instagram is relied upon by about 57%, Facebook by 53%, and WhatsApp by approximately 50% during the evaluation phases.
The study also emphasizes the role of these platforms in financial literacy and simplification. Short-form content such as Instagram Reels and Facebook videos, often creator-led, are simplifying complex financial topics like mutual funds, insurance, and credit scores, making them more accessible and engaging. These bite-sized educational formats demystify jargon in under 60 seconds, enhancing financial understanding.
WhatsApp groups and business messaging facilitate interactive communication and peer recommendations during the financial decision process. Users spend significant time on WhatsApp (averaging 56 minutes) discussing and evaluating products. This shift from traditional channels like branches, print ads, and expert consultations to a dynamic, multi-channel discovery journey dominated by digital content, creators, and communities is a testament to the changing landscape of financial decision-making in India.
The study also highlights growing participation of women in independent financial decisions and increasing influence of creator trust and reels as important factors shaping how financial products are discovered and bought. Policybazaar reported a 43% higher conversion rate using Click to WhatsApp campaigns versus traditional Meta web campaigns. Women have higher engagement on Instagram and WhatsApp compared to men.
In conclusion, these digital platforms are reshaping Indians' financial journeys by serving as key enablers for discovery, education, trust-building, evaluation, and purchase of financial products through engaging digital content, social interaction, and widespread accessibility. Shweta Bajpai, Director Financial Services, Media, Travel, Real Estate, & Services (India), Meta, shared that the study offers valuable insights for marketers and brands in the financial industry. The article is published by our brand name Staff India, which is an international franchise of our brand name Media.
[1] Meta – https://www.meta.com/ [2] IPSOS – https://www.ipsos.com/ [3] Policybazaar – https://www.policybazaar.com/ [4] From Feeds to Financial Futures – https://about.fb.com/news/2021/04/from-feeds-to-financial-futures/ [5] Meta platforms – https://www.facebook.com/ and https://www.instagram.com/
- The study, titled From Feeds to Financial Futures, conducted by IPSOS and commissioned by Meta, reveals that social-media platforms like Instagram, Facebook, and WhatsApp significantly impact financial decision-making among Indians, with over 80% of users relying on these apps during the discovery phase and around 79% during the evaluation phase.
- The study further underscores the central role of technology and digital platforms in financial literacy, demonstrating how short-form content on platforms like Instagram Reels and Facebook videos simplify complex financial topics, making them more accessible and engaging to users.
- The increased participation of women in independent financial decisions, coupled with the influence of creator trust and reels, are key factors shaping how financial products are discovered and bought among Indians, as indicated by the study. Marketers and brands in the financial industry can leverage these insights, as shared by Shweta Bajpai, Director Financial Services, Media, Travel, Real Estate, & Services (India), Meta.
