Consumer behavior has changed in India, over the past few years as a result of increasing income and exposure to new ideas and technologies. However, there have been changes in the sea in this behavior posting Covid-19 pandemics.
Due to LED Pandemic restrictions, the more people adopt a digital way to utilize services. From online shopping, to order food ingredients online, use digital payments, etc. Changing the way the company is issued, developing their products, functioning, reaching consumers, and providing their services.
With almost 54 percent penetration of smart phones in India and the availability of cheap internet, people in the smallest cities have internet access and digital platforms. Step towards digital in the state and smaller cities also witnessed a big boost during a pandemic.
People increase their acceptance to digital payments / wallets, digital insurance, e-commerce in the past half a year; Consumption of platforms such as Youtube, over-the-top digital services, online classes also increase. The use of this digital platform has now settled at a high level which indicates that the shift in consumer behavior is not temporary but there is always forever.
Like every other segment, the personal financial segment is also affected by a consumer digital shift. Personal financing companies have joined digital music trains to reach consumers and serve their financial needs and services. Whether it’s a mutual fund company, stock market brokers, real estate industry, insurance industry, each category accelerates the digital route to meet changing changes and consumer needs.
Digital has also played a role in building awareness of various financial services. It is especially true for small cities and small cities, where people have shown interest in investment (especially after covid), and digitally helps them build awareness about various financial tools and investment options.
Mutual Fund companies encourage consumers to carry out online transactions that serve themselves; Stock broker companies offer online services with zero brokers, the government encourages purchasing digital gold (through sovereign gold bonds), financial applications developed to increase financial literacy among consumers.
The insurance sector witnessed the transformation in the way insurance products were purchased, sold and serviced. Insurance companies, distributors, web aggregators are increasingly using digital models and application-based platforms to reach consumers throughout the country. Digital has proven to be very helpful providing insurance in the smallest cities and cities, and serving sudden demand in the category of life and health insurance.
Speaking of insurance segments, insurance insurance companies / digital also helps in building awareness of insurance and utilizing the right insurance products. Insurance is a sector in India which always has large latent needs but there is a lack of awareness and accessibility. There are around 700 million consumers who always need insurance but there are shortcomings for accessibility.
Digital helps in making insurance reach 700 million people, mostly stay at level 2, 3 cities and so on. Efforts to consumer outreach, using digital still take place in the insurance segment.
If companies in the personal financial segment want to increase their consumer base; They need to continue working on their channel strategies and constantly improving their technology. The company does not only need to accumulate on their digital offers, but also needs to direct brick and mortar workers to serve a more digital-oriented consumer segment.
