The financial services industry is at its best at the moment
in India. There are numerous types of services ranging from
home loans to credit cards in the market. The industry is
witnessing vibrant activity like never before. Since 2001,
when the insurance industry was privatized, various new
services have filled the market gaps. Before privatization
in the insurance industry, there was only a single player
i.e., the Life Insurance Corporation of India (LIC) in the
market. Therefore, the volume and frequency of advertisements
were low.
The post-liberalization era has brought in certain striking
transformations in the financial market. The investment
avenues have grown manifold. The country is emerging as
a nation of investors from being a nation of savers. Numerous
loan products have also filled the market gaps. In India,
loans were not solicited much in the past. But the scenario
has changed radically since the financial markets started
expanding their horizons. New needs of the customers, new
avenues of financing and investing have evolved. The customer
has become more aggressive and demanding as far as financial
products/services are concerned.
This scenario has led to a rise in volume and frequency
of advertising for financial products. Innovative ways of
advertising messages have emerged over time. Advertisements
also reflect the profile of the consumer and his expectations
from the financial markets.
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