Advertising for the Banking, Financial Services & Insurance (BFSI) sector grew notably in 2024 over 2023 across all media, with radio witnessing the highest growth at 22%, followed by print at 16% and TV at 7%, according to the TAM AdEx - 2024 cross media BFSI advertising recap report. Digital ad impressions, while slightly down from 2023, still posted 29% growth over 2022. 

Amongst advertisers, LIC of India dominated across platforms, with its products such as LIC Jeevan Utsav, LIC Housing Finance featured in the top brand lists across all media. On radio, 7 out of the top 10 brands belonged to LIC, reveals the report.

While LIC and other traditional players continued to dominate TV and print, digital saw aggressive play from NPCI, fintechs, and mutual funds.

The report offers a nuanced look at media-wise advertising trends, category leadership, brand strategies, and regional targeting preferences within the BFSI domain.

Key highlights across media:

Television

The traditional medium remains the sector’s stronghold, with overall growth seen in the sector, continuing a four-year growth streak. Among categories, Life Insurance retained its top position, contributing 23% of TV ad volumes. LIC of India was the leading advertiser, topping the TV charts with a 12% share while Muthoot Finance’s Loan Against Gold was the most advertised BFSI brand with a 10% share.

Among genres on TV, BFSI advertisers leaned heavily on News (68%) and Movies (14%) genres, with News Bulletin being the most used program format.

Print

Print saw a regional and language-driven focus with the medium witnessing an overall  1.71x growth in ad space since 2020. English publications accounted for 57% of ad space.

Again, Life Insurance led the categories rank, with 10% share of ad space. 

Among territories, the South Zone dominated (33%), with Bangalore emerging as the leading city. 

Among brands, LIC continued its dominance, placing three brands in the top 10. Bhim App and Hyundai Motor India–IPO were notable new entries.

Radio

Radio showed the highest growth among media, with BFSI ad volumes on the medium surging 22% in 2024 over 2023. Life Insurance again led the categories, with 30% share.

LIC of India (27%) held the top spot among advertisers, followed by LIC Housing Finance (12%). LIC Housing Finance emerged as the most advertised BFSI brand on radio.

Among states, Maharashtra led with 18% of ad volumes, followed by Gujarat and Tamil Nadu.

Digital

Although ad impressions dropped slightly from 2023, 2024 still posted 29% growth over 2022.

Securities/ Sharebroking organisations led the category with 18% share, overtaking Life Insurance.

National Payments Corporation of India (NPCI) emerged as the top advertiser, capturing top spot, while UPI Chalega dominated the brands list with a massive 27% share of ad impressions.

Programmatic was the dominant transaction method, accounting for 78% of impressions. With over three-quarters of digital ads transacted programmatically, the BFSI sector is clearly embracing tech-driven efficiency.

The 2024 advertising trajectory of the BFSI sector reflects a careful balancing act: leveraging the trust and reach of legacy media while accelerating adoption of targeted, tech-enabled platforms. Overall, the dominance of the South Zone in print and significant ad shares from Maharashtra and Tamil Nadu in radio signal a shift toward regional targeting in the sector.