Something unusual is happening in Indian banking and finance. Once content with conservative advertising, BFSI players have suddenly emerged as some of the biggest spenders in the country’s marketing landscape. And they’re not just buying eyeballs, they’re buying cultural relevance, aiming squarely at Gen Z and the fast-growing audiences in India’s Tier-3 and Tier-4 cities.
The story is all in the numbers. According to Pitch Madison Advertising Report (PMAR) 2025, the BFSI sector contributed Rs. 2,942 crore to advertising across TV, print, and radio in 2024, accounting for 5% of the overall category share. Media agency experts IMPACT spoke to said that the BFSI sector is estimated to spend an upwards of Rs 4500 crore in 2025 on advertising.
Gen Z the new battleground
Gen Z doesn’t just want security; they want speed, relevance, and a sense that their bank gets them. India’s BFSI giants are scrambling and experimenting to keep up. Banks are speaking in reels, memes, pop-culture references, and even street slang. HDFC Bank, the industry’s blue-blooded stalwart, plays the long game but with surprising flair. For instance, the bank launched its Pixel credit card with immersive experience zones and influencer-driven content rather than conventional ATL campaigns.
Ravi Santhanam, Group Head, Chief Marketing Officer & Head – Direct to Consumer Business, HDFC Bank, says, “We are one of the top spenders in the BFSI category and have ensured consistent presence in media for our new core products as well as digital offerings that have been launched in the recent past.” He adds that, “Through in-house development and fintech partnerships, the Bank has developed agile, digital-led banking solutions to reach the newer generation of customers. With back-end platforms and our product offerings aligned to the Gen Z customers, we have leveraged digital as well as new age platforms such as CTV to reach out to this audience in a meaningful manner with our product narratives.”
Citing Pixel as an example, he highlights their move towards experiential launches. Santhanam states, “We have adopted experiential launches for new-age offerings rather than traditional events. For Pixel, we created immersive experience zones for food, travel, lifestyle for consumers, media and influencers. They were also able to create digital avatars enabled by our Pixel card to experience the key benefits.”
Kotak Mahindra Bank reimagines finance through creator-led explainers and short-form storytelling, making credit cards feel like lifestyle hacks. Kotak Mahindra Bank’s Kotak 811 is another example. What could have been just another savings account now struts around like a lifestyle accessory. Ranveer Singh, in his high-octane avatar, fronts the campaign with a wink and a nudge: banking doesn’t have to be boring. Kedar Ravangave, Head of Marketing, Kotak Mahindra Bank highlights, “The GenZ playbook has to shift from messaging to meaning, and by that I mean that it is a generation that does not just buy products anymore, they are buying into values. They value transparency and are looking at experiences more than materialistic things.” He adds, “For them, finance has to feel empowering, it should never be intimidating. If they feel they are being judged or evaluated for eligibility, it immediately puts them off from choosing one product over another. In that sense, our approach is more about co-creation than just communication.”
Speaking about the use of an authentic voice through influencers, Ravangave explains, “We partner with influencers not as billboards or just amplifiers, but as collaborators who have the independence to speak the language which their followers understand better. You have to be where they are, be it on Instagram or YouTube shorts or gaming ecosystems; and that has helped us ensure that finance is more of a lifestyle enabler for them.”
Axis Bank, with initiatives like ‘Moves 2025’ and its ‘Open Experiences’ travel-linked card, is embedding itself in the life-stage journeys of young professionals. By positioning itself as the bank that understands young professionals before they even earn their first salary, Axis is planting seeds of loyalty early.
Anoop Manohar, Chief Marketing Officer, Axis Bank, says, “The first thing we need to do, and we are doing, is to get a lot of Gen Z into the team because you need that kind of diversity to successfully tap that segment. Otherwise, you’re just a bunch of elderly men and women trying to talk to people who are 25, or even 18, because you want to catch them early.” Highlighting the contrast between the consumption patterns of different generations, Manohar underscores, “The way they consume media, the way they talk, the way they understand the world is very different from my generation. That’s why we need more people from their generation on the team. When we engage with this cohort, whether it’s for a credit card or a salary account, we have to acknowledge that their life is different.”
Bank of Baroda, with its bob-BRO account and #PehchaanCon campaign is building relevance among students with travel perks and fraud awareness drives packaged like snackable social content. Senthilkumar VG, Head of Marketing & Branding, Bank of Baroda, highlights, “Particularly for our bob-BRO account, which targets the 18–25 age segment, we conduct a lot of college connect programs with leading institutions like IITs and IIMs. We also organise several on-ground engagements, which often lead to account openings.” He continues to explain how the bob-BRO accounts are not just ordinary accounts but zero-balance accounts, with no minimum balance requirement.
They also provide a platinum card with lounge access. Explaining why this matters, he adds, “Nowadays, you can see students traveling extensively, to colleges, hostels, and by flights. So, which other bank is giving airport lounge facilities with a card that requires no minimum balance? We want them to have that experience.” He further notes that, “At this point, we don’t want their balances; we want their experience to be good. And as they grow in their careers, we want them to associate with us to meet all their financial goals over time.”
The asset managers have also joined the cool kids’ table. Franklin Templeton’s #ChangeTheSoch and ‘Date a Mutual Fund’ campaigns recast investing as a conversation about compatibility and trust, delivered via reels, memes, and OTT. Think of SIPs described as commitment-phobic partners finally ready to settle down.
Geetanjali Sachwani, VP & Head – Marketing, Franklin Templeton, says, “Gen Z is financially curious, but attention is their scarcest resource. Our approach has been about meeting them where they are, speaking their language, and aligning with their values. With Date a Mutual Fund, we flipped finance on its head. Instead of risk-return ratios, we spoke about compatibility, trust, and long-term commitment. We tapped into humour, short-form reels, memes, and snackable videos to make investing feel less intimidating. We consciously prioritised Instagram, YouTube Shorts, and Connected TV, platforms where this cohort spends the bulk of their time, rather than relying on traditional print or long-form ads. The communication was conversational, authentic, and fun, never preachy.”
For small-town India, BFSI is positioning itself as the passport to mobility and modernity. Insurance, once the category Gen Z would swipe left on without thinking, is learning new moves. Kotak Life’s emotionally heavy campaigns, paired with Canara HSBC Life Insurance’s ‘Depend on Insurance’ series, try to make protection feel immediate, even stylish.
Ashish Nair, CMO, Head - CVM & Health Tech, Kotak Life Insurance, highlights,“Gen Z is a key cohort for us. One of the things that has stood out is that many adult Gen Zs see life insurance as relevant, but not enough of them are actually buying it. When we dug deeper to understand why, it really boiled down to four reasons. First, the Gen Z cohort looks for a tangible benefit with immediacy. Second, there’s the cost factor, they often perceive it to be more expensive than it actually is. Third is their need for instant gratification. And fourth, when buying a product, they’re not just looking at the product itself; they’re focused on what more is being offered. What is the added feature? What is the extra value that comes with it?”
The formats are telling, cinematic long films to tug at heartstrings on YouTube, but also snacky edits designed to slip into your reel feed. Rishi Mathur, Chief Distribution Officer-Alternate Channels and Chief Marketing Officer, Canara HSBC Life Insurance, highlights, “Unlike traditional financial institutions that maintain a distant, formal tone, Canara HSBC Life has shifted its brand behaviour to embody authenticity, empathy, and relatability: qualities Gen Z values in any institution, especially financial ones. This shift is evident in bringing unfiltered voices (e.g., entrepreneurs, changemakers) to the forefront in the ‘Depend on Insurance’ series, allowing real, relatable stories to build emotional trust. Instead of standalone online vs offline journeys.” Mathur also states that “Canara HSBC Life is building a hybrid ecosystem that resonates with Gen Z’s need for fluid, connected experiences. A QR-linked video walkthrough at partner branches that plays back real-life stories of customers or AI led product explanatory videos - blending digital storytelling with physical decision-making.”
Geetanjali Chugh Kothari, CMO, Generali Central Life Insurance, says, “Our focus has always been the 24–44 age group, but within that, Gen Z is becoming increasingly important. For this cohort, it is crucial to simplify and avoid jargon of any kind. Influencer marketing is one way to achieve that. Short-term plans are also a big draw because we’re talking about a YOLO generation, it’s all about what I can get right now. So our product propositions are designed in a way that appeals to younger audiences. We are also investing heavily in how we sell to them. Everything is being digitised, it has to be available at the click of a button, with fewer forms, faster turnaround, and quicker conversion. Our focus is digital-first, which is why we are integrating AI into every aspect we possibly can.”
Ravindra Rai, MD & CEO, Bobcard Limited, says, “Our marketing spends have grown steadily in line with our business scale. From the start, digital has been our backbone, nearly 70% of spends go there. It gives us agility to measure impact in real time, optimise quickly, and most importantly, ensure every rupee delivers on ROI.” Rai further explains that, “Gen Z doesn’t want brands preaching to them, they want authenticity, relatability, and fun. That’s why we create short, quirky content that taps into cultural moments and collaborate with creators who make credit cards feel cool. Our IPs like #LifeIsBetterWithBOBCARD and #GhumoBefikrWithBOBCARD brings out everyday adventures in a way that resonates.”
Raman Khanduja, CEO and Co-Founder, Mintoak, says, “Gen Z is a rapidly growing segment of our overall stakeholder set, contributing close to 20% of overall engagement today. We’ve strategically increased our marketing investments, with spends growing by approximately 28-30% YoY, focusing heavily on digital-first and contextual campaigns across channels. For us at Mintoak, connecting with Gen Z is not about campaigns or trends but about being real. We know this generation cares about purpose and impact, so we try to live that every day. Through #MintoakCares, our people get to support causes close to their hearts, whether it’s rural upliftment, animal welfare, or youth development.”
Beyond the Metros: Bharat Beckons
And while the metros are buzzing with all this digital-first sparkle, the real battleground is Tier-3 and Tier-4 India. Cheaper smartphones, dirt-cheap data, and regional-language content have transformed smaller cities into the country’s most exciting financial frontiers. BFSI companies are flooding these markets with hyperlocal campaigns, ads in dialects, festive-themed schemes, and women-led agent networks that turn neighbors into financial advisors.
Muthoot Finance is a poster child for this trust-driven growth. Gold loans, often frowned upon in metros, carry zero stigma in smaller towns, they’re quick, efficient, and deeply embedded in cultural logic. Abhinav Iyer, Senior General Manager – Marketing & Strategy, The Muthoot Group, puts it in perspective, “Overall, our annual advertising budget is to the tune of Rs. 200+ crore. We have been consistently expanding our branch network and increasing our footprint across India, rather globally. In places where Muthoot Finance is not present, we have been opening branches under Muthoot Money, and getting closer to people than ever before. In the last financial year (FY24-25) alone, we added almost 850 Muthoot Group branches to our ever-growing branch network. About 70% of our branches are in semi-urban and rural India.”
Kunal Jhunjhunwala, Founder, Airpay Payment Services highlights, “We have increased our marketing investments by around 35% YoY, with a sharper focus on digital performance channels, content marketing, and merchant education campaigns. We are leveraging AI-driven content optimisation to improve discoverability and reach, while also building vernacular SEO strategies to connect with Bharat’s next 500 million internet users in their own languages. This helps us widen our funnel in semi-urban and rural India, where trust builds faster in the local tongue.”
Technology is the invisible engine behind it all. AI-driven personalisation is letting banks and insurers slice audiences more finely than ever before. For a generation that’s allergic to ‘one-size-fits-all,’ this microtargeting is not a nice-to-have, it’s survival.
Akhil Almeida, Head – Marketing, Bandhan Life highlights, “This generation values transparency, speed, and autonomy. Our WhatsApp journeys, AI-enabled servicing, and paperless onboarding are built for digital natives who expect intuitive, low-friction experiences. Even if they aren’t buying life insurance today, we’re designing it so they don’t ignore it tomorrow. We’re also focused on content that educates and empowers. Our recent campaigns use relatable scenarios and light humour to demystify life insurance—making it feel relevant, not intimidating. The goal is to translate financial concepts for younger audiences in an authentic, no-nonsense way. It’s education first, pitch second.”
Venkata Swamy, Chief Digital & Marketing Officer at HDB Financial Services, says, “Gen Z is emerging as a key customer segment with nearly 25% of our loan disbursements in August attributed to this group. To connect with this audience, we’ve consciously shifted to platforms and formats that align with their preferences. We maintain a strong digital presence across our mobile app, WhatsApp, and social media channels, ensuring a seamless, mobile-first experience. Our messaging is hyper-localised, tailored to specific customer segments and regions, rather than relying on a one-size-fits-all approach. We are also using AI to generate customised videos, music, and lyrics, enhancing speed and cost-efficiency.”
The competition isn’t just for deposits or policies anymore; it’s for attention, trust, and cultural relevance. So if your mental image of a banker is still a stern man in a pinstripe suit, it’s time to update that. Today’s banker might be a finfluencer with a mic, a gold-loan agent in a dusty small town, or even Ranveer Singh dancing through a reel. Finance in India has stopped being about numbers alone. It’s about narratives, networks, and the nerve to show up where the next generation already lives.
