The 2nd Edition of the Most Trusted BFSI Brands 2023 hones in on brands radically transforming the manner in which financial services are embedded in our daily lives
With the global economy mired in a fractious state, the crystal ball for the banking and financial services sector presents something of a gloomy picture. Myriad factors contribute to this outlook, such as simmering geopolitical tensions, sluggish energy production, global trade and capital flows being stymied, and supply chain finance impacted.
These are but some of the factors helping paint this future and creates something of an inflection point for the industry at large. All eyes are on how the sector collectively supports and engages economic actors and agents globally, with a future-proof growth strategy the need of the hour.
New approaches for a new normal
The skeptics are right to question the pathways being pursued by industry players, especially in the light of challenges such as cross-industry platforms with a vastly superior economic mode such as PayPal, MobiKwik, and Google Pay to name a few. But to ignore the size of the India opportunity would be folly. India’s BFSI sector is predicted to grow to $175.1 billion by 2030, at a CAGR of 16.9% until the turn of the decade. India’s Fintech market is an even brighter spot; it is anticipated to record 10x growth to reach $1 Tn. in Assets Under Management (AUM) and $200 Bn in revenue by 2030.
Organisations are facing a future characterised by a fundamental rewiring of business models, offering services that are more customer-centric, customisable, efficient, and cost-effective to appeal to a consumer base that is increasingly digital-first. Those that successfully manage this transition will become bigger and more profitable and grow faster, creating value at an exponentially higher rate than at perhaps any other point in the industry’s history.
The traditional approaches used to establish customer trust have come under the scanner, with trust today predicated on how well, consistently, and quickly the customer experience is delivered. As the average customer becomes more knowledgeable, demanding and tech-savvy, their benchmarks too have evolved. With the number of banking and financial service providers increasing in the market, consumers are spoilt for choice while selecting and comparing the financial products. Hence, it’s also important for organisations to come up with products and services that are more custom curated to stay competitive and build consumer trust.
The new paradigm of trust
Because financial transactions are inherently founded on trust, it is a crucial element in the BFSI sector. Therefore, companies that place a high priority on data protection, transparency, and customer satisfaction are more likely to build strong, long-lasting relationships with their customers, resulting in increased sales, improved reputation, and sustainable business growth.
While it can be difficult for businesses to keep up with the changing needs of a new generation of customers and to navigate data protection concerns, some brands have risen to the occasion and, in doing so, have earned a place in the exclusive pantheon of the Most Trusted BFSI Brands 2023.
The 2nd Edition of this research-driven initiative promises to be an exclusive gathering of the brands within this sector that are revered and have over the years garnered consumer trust. They represent a new paradigm of trust and excellence, which will be recognised in a gala ceremony in Mumbai that celebrates their successes.
This 2nd Edition of this unique research-driven initiative promises to be an exclusive gathering of the brands within this sector that are revered and have over the years garnered consumer trust. The brands being recognised have been arrived at after a rigorous industry-wide consumer study conducted by LeadCap Ventures, with brands appraised on the following parameters:
- Relative importance
- Perceived popularity
- Quality & consistency
- Uniqueness
- Value delivered
- Brand affinity
- Innovation
- Privacy
- Affluence
- Advocacy
Offering his thoughts ahead of the event, Akash Tiwari, Co-Founder, Team Marksmen Network, said, “The coming era represents a thrilling opportunity and challenge for BFSI players. They will have to realign their thinking to enter arenas never before explored, all of them offering a laser-like focus on meeting distinct customer needs. This goes beyond conventional explorations by these organisations, and calls for fundamental shifts in the rules of engagement. The brands recognised as Most Trusted BFSI Brands 2023 have navigated these daunting contours and have emerged as trusted beacons in their spheres, ready to tap into huge opportunities defined by higher margins, new revenue streams, and loftier valuations. Their willingness to embrace the future and make bets that are strategic and well-informed have differentiated them, and set them on a course of future success.”
To know more about this unique initiative, write to us at contact@teammarksmen.com.
About Team Marksmen
Through an array of bespoke industry-centric knowledge platforms, using a variety of formats, such as Roundtables, Summits & Conferences, Workshops, and Recognition Ceremonies, Team Marksmen helps senior industry decision makers navigate through issues of critical importance and informs their world-view for better decision-making.
Team Marksmen has successfully executed more than 20 events with 300+ domestic and international B2B and B2C brands, helping businesses across industries create opportunities to engage audiences through on-ground and virtual experiences.
The organisation empowers industry leaders by providing them with insights, ideas, and opportunities that fits their unique industry and context. Through content shared via its flagship website, Marksmen Daily, and print magazine ‘in Focus’ focused on business, leadership, and lifestyle, they help advance the practice of management.
