Are 81% of Indians Using Facebook, Instagram, and WhatsApp to Discover Financial Products?

New Delhi, Aug 7 (NationPress) A recent report reveals that Indians are taking control of their financial journeys through digital platforms, with 81% of consumers utilizing Facebook, Instagram, or WhatsApp during the initial discovery phase of financial products.

According to the joint study by Meta, the parent company of Facebook, Instagram, and WhatsApp, and global market research firm IPSOS, financial advice is transitioning from traditional expert columns and in-branch consultations to engaging formats like Reels and WhatsApp groups, where Instagram creators simplify complex jargon in under 60 seconds.

The report indicates that the influence of Meta platforms extends beyond the discovery phase, as 79% of consumers continue to use these platforms during the evaluation stage and 83% at the final purchase stage.

Digital platforms play a critical role throughout the decision-making process for various financial products, including loans (86%), investments (84%), insurance (78%), and savings (82%), as highlighted in the report.

Shweta Bajpai, Director of Financial Services at Meta, stated, "Financial planning is essential for most Indians, regardless of income level. This process is rapidly changing, driven by digital innovation. The increasing importance of Meta platforms in the buyer's journey, the growing influence of Reels and creators, and the rising number of women making independent financial choices are noteworthy trends."

Despite having a strong offline presence, the report highlights that 6 out of 8 touchpoints in the purchasing journey of financial products are now digital, with 50% of these attributed to Meta platforms.

Additionally, over 50% of financial services consumers engage with personal finance and investment content on Meta platforms.

Although financial products can be intricate, the report notes that consumers do not require extensive storytelling to connect with the content. Short-form content, such as Instagram Reels and Facebook videos, is proving to be effective in simplifying complex topics.

The study found that 57% of users rely on Instagram and 53% on Facebook to make well-informed financial decisions, emphasizing the transformative role of these platforms.

Anoop Manohar, Chief Marketing Officer at Axis Bank, stated, "Short-form video and Reels are revolutionizing how businesses engage with new customers and promote product and brand discovery."

The report also points to a shift in user preferences, with individuals favoring authenticity over authority. A significant 75% of respondents trust financial podcasts, while 67% seek guidance from influencers and experts.

The findings are based on a survey conducted with over 2,000 respondents aged 25-45 in major Indian cities like Delhi, Mumbai, Bangalore, and Kolkata, who are current or prospective buyers of financial services products.