Performics’ Cyrus Shroff: Shaping BFSI’s Digital Future with AI

Cyrus Shroff, Vice President & Industry Head – BFSI at Performics India, is a seasoned marketing leader with over 15 years of experience in driving brand growth and digital transformation. Having worked with multi-million dollar brands across various sectors, Cyrus brings a wealth of knowledge in customer acquisition, engagement, and retention. In this interview, he shares his thoughts on the evolving BFSI landscape, the impact of AI on marketing strategies, and the future of digital marketing within the sector. His insights offer a glimpse into what lies ahead for BFSI brands in the digital age.

 

How is the BFSI industry embracing AI?

At Performics, we leverage AI to enhance customer engagement, optimise marketing strategies, and drive business growth for our BFSI clients. Here are key ways we are utilizing AI in this sector:

  • Hyper-Personalized Targeting and Messaging:
    • Customer Segmentation: We use AI to analyze customer data, creating granular segments for highly targeted marketing campaigns.
    • Dynamic Creative Optimization (DCO): Our AI tools generate personalized ads, boosting engagement and conversion rates for our BFSI clients.
    • Real-Time Bidding (RTB): AI algorithms analyze user behavior in real-time to optimize bidding strategies, ensuring the right message reaches the right audience at the right time.
  • Predictive Analytics for Customer Journey Optimization:

At Performics, we have developed a proprietary AI product called Performing Funnels that enables us to:

    • Creative Performance Analysis: AI helps us identify top-performing creatives by analyzing past data, enabling continuous optimization for better engagement and conversion rates.
    • Visit & Lead Scoring: AI analyzes lead characteristics to identify high-value prospects, allowing sales teams to focus on the most promising leads.
    • Customer Lifetime Value (CLTV): Our AI predicts the long-term value of each customer, helping marketers allocate resources efficiently and maximize ROI.
    • Churn Prediction: Our AI models identify customers who are likely to switch to competitors, allowing our clients to implement proactive retention efforts.
  • Content Creation and Optimization:
    • Automated Content Generation: We leverage AI to create informative content & blog articles, saving time and resources for our marketers.
    • Content Optimization: Our AI tools analyze content performance and suggest improvements to enhance engagement and SEO rankings, ensuring our clients’ content is effective and visible.
  • Voice Search Optimization:
    • Voice-Activated Chatbots: As voice search becomes more popular, we help BFSI companies develop scripts for voice-activated chatbots to answer customer questions and provide financial information.
    • Voice-Optimized Content: We optimize content for voice search by using natural language and long-tail keywords, ensuring our clients’ content is easily discoverable through voice queries.

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With over a decade of experience in the media industry, especially in BFSI, how has the landscape evolved over the years?

  • Rise of Digital:
    • Traditional channels like print publications and industry events have seen a decline in reach, with audiences shifting to online content.
    • Digital marketing has become crucial, with BFSI institutions leveraging websites, social media, and targeted advertising.
  • Evolving Content Consumption:
    • There’s a growing demand for bite-sized, easily digestible content like infographics, explainer videos, and social media posts.
    • Personalized content tailored to individual financial needs and goals is increasingly important.
  • Focus on Transparency and Education:
    • Regulations and a more informed consumer base have pushed BFSI firms to be more transparent about their products and services.
    • Educational content that empowers consumers to make informed financial decisions is key.
  • Fintech Integration:
    • The rise of FinTech has blurred the lines between traditional media and financial services.
    • Content might integrate directly with financial tools and services.
  • Data-Driven Marketing:
    • Data analytics are used to understand audience behaviour and tailor content and marketing strategies for better engagement.
    • This allows for more targeted advertising and personalized communication.
  • Social Media as a Double-Edged Sword:
    • Social media offers immense potential for engagement and brand building.
    • However, it also presents challenges like managing online reputation and countering misinformation.

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The BFSI sector is experiencing a digital transformation, compelling them to meet the expectations of a digital generation. What are some of the BFSI trends you are most excited about?

  • Hyper-Personalization Powered by AI: AI enables BFSI institutions to tailor messages, product recommendations, and user experiences to individual customer needs and financial goals. Imagine an AI assistant that understands your financial situation, suggests personalized investment strategies, or helps you optimize your budget in real time.
  • Open Banking Fostering Innovation: Open banking allows customers to securely share their financial data with third-party applications. This opens doors for a wave of innovative financial products and services tailored to individual needs. Expect to see new players emerge, offering solutions that leverage open banking data to provide a more holistic and personalized financial experience.
  • The Rise of Micro-Influencers: While celebrity endorsements hold some weight, relatable financial influencers with engaged communities are gaining traction. Partnering with these micro-influencers allows BFSI brands to reach specific demographics and promote products or services in a more authentic and conversational way.
  • Interactive Content for Deeper Engagement: Static marketing materials are becoming a thing of the past. Look out for more interactive content formats like financial simulations, gamified experiences, and AR/VR applications. These can make financial concepts more engaging and accessible, allowing users to experiment and learn in a safe and immersive environment.

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Artificial Intelligence has made the need for ethical AI use and regulatory practices very apparent. What do you think are some of the regulations that should come into effect to use AI ethically?

While India doesn’t have specific AI regulations yet, there’s a growing awareness of the need for ethical AI use in the BFSI sector. Here are some potential regulations that could be implemented:

  • Building on Existing Frameworks:
    • Leverage the Right to Equality and Right against Discrimination enshrined in the Indian Constitution to ensure AI algorithms don’t perpetuate bias based on factors like caste, religion, or gender.
    • Align with the Principles for Responsible AI outlined by NITI Aayog, India’s policy think tank. These principles emphasize fairness, inclusivity, privacy, and human-centric values.
  • Focus on Fairness and Transparency:
    • Mandate bias audits for AI models used in loan approvals, credit scoring, or insurance pricing. This would identify and mitigate bias against specific demographics.
    • Require a level of explainability for AI decisions, particularly those impacting customers. This allows individuals to understand how AI arrived at a decision (e.g., loan rejection) and potentially challenge it if unfair.
  • Data Governance and Security:
    • Strengthen the recently enacted Digital Personal Data Protection Act (2023) to address the specific challenges of AI data collection and use in BFSI.
    • Mandate clear user consent for the use of personal data in AI models and ensure robust data security measures to prevent breaches.
  • Human Oversight and Accountability:
    • Establish clear lines of accountability for AI-driven decisions. This could involve requiring human oversight for critical financial decisions (e.g., large loan approvals) or establishing clear appeal processes for customers impacted by AI decisions.
  • Regulatory Bodies and Algorithmic Governance:
    • Consider establishing a dedicated team within existing financial regulators (RBI, SEBI, IRDAI) to oversee the development and deployment of AI in BFSI.
    • This team could develop and enforce ethical guidelines and best practices for the industry, potentially in collaboration with NITI Aayog.

 

Looking ahead, what do you envision as the future of digital marketing within the BFSI sector?

The future of digital marketing within the BFSI sector is intrinsically linked to the advancements and trends discussed above. AI-powered personalization, open banking, the rise of micro-influencers, interactive content, and ethical AI use will shape the landscape. These elements will drive deeper customer engagement, more innovative financial solutions, and a greater emphasis on ethical practices.

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About Neha Mehta

Neha started her journey as a financial professional but soon realized her passion for writing and is now living her dreams as a content writer. Her goal is to enlighten the audience on various topics through her writing and in-depth research. She is geeky and friendly. When not busy writing, she is spending time with her little one or travelling.

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