BFSI advertising sees 7% growth on TV, 22% on radio, 16% in print in 2024: TAM report

Advertising by India’s Banking, Financial Services, and Insurance (BFSI) sector rose notably across media platforms in 2024, with particularly strong growth seen on radio and digital, according to the latest cross-media report from TAM AdEx. The data provides a comprehensive overview of trends in advertising volume and spend across television, print, radio, and digital formats.

Ad volumes for the BFSI sector on television increased by 7% in 2024 compared to the previous year, continuing an upward trend that has persisted since 2021. Life insurance and mortgage loan categories retained their top positions. LIC of India was the sector’s leading TV advertiser, accounting for 12% of total ad volumes. Muthoot Finance’s 'Loan Against Gold' remained the top brand, with a 10% share.

News channels were the dominant genre for BFSI TV ads, capturing 68% of ad volumes, followed by movie channels (14%). Prime time was the most preferred time band, with 31% of ad volume.

Print

Print saw a 16% year-on-year increase in ad space devoted to BFSI in 2024, with growth sustained since 2021. Life insurance led all categories, taking 10% of ad space. LIC of India again topped the advertiser list, followed by the National Payments Corporation of India (NPCI) and State Bank of India.

The South Zone led regionally, accounting for 33% of BFSI print ad space, with Bangalore the leading city in that region. English-language newspapers made up 57% of ad space, with business and finance-focused publications being the most preferred.

Radio

BFSI advertising volumes on radio grew by 22% in 2024 compared to 2023. Life insurance was again the top category, making up 30% of all radio ads. LIC of India was the leading advertiser with 27% share. LIC Housing Finance was the most advertised brand on radio, capturing 12% of the ad volume.

Radio advertising was concentrated in the morning and evening time slots, which together accounted for 89% of all BFSI ad time. Maharashtra topped the list for state-wise ad volume, followed by Gujarat and Tamil Nadu.

Digital

Digital advertising by BFSI firms showed a 29% increase in ad impressions in 2024 over 2022, although there was a decline in quarterly impressions after Q1. Securities and share broking organisations led category-wise, followed closely by life insurance.

The top digital advertiser was NPCI, accounting for 6% of impressions. UPI Chalega emerged as the leading digital brand, contributing 27% of total ad impressions. Programmatic advertising dominated transaction methods, with 78% of all digital ads served via programmatic channels.

Integrated trends

Across media, Life Insurance Corporation of India remained the most visible BFSI brand, dominating television, print, and radio. Digital saw more diversity in advertisers and brand presence, with UPI and mutual fund campaigns making notable gains.

While each medium recorded annual growth, all platforms showed a decline in advertising activity after the first quarter of 2024. This quarterly drop was most pronounced on radio and digital, where Q2 to Q4 impressions and volumes fell significantly compared to Q1.

The report highlights the increasing complexity and multi-platform nature of BFSI advertising strategies in India, reflecting broader shifts in how financial services brands are targeting diverse consumer segments across regional and digital channels.