The Role of virtual events in driving innovation in the BFSI Sector

The BFSI industry is at the forefront of innovation, and the rapid emergence of virtual events has paved up new avenues for the industry to explore. Digitalization and technological advancement have brought massive transformations to this industry.

In fact, according to the BFSI global report 2023, the global BFSI market size exponentially grew from around $53 billion to around $59 billion in 2023 and is estimated to hit a whopping $90 billion by 2027.

The emergence of virtual events has been a significant driver in this industry, resulting in a more meaningful and strong connection between financial institutions and their customers and stakeholders.

Hence, the industry is gradually drifting more towards virtual events as they offer numerous benefits to enhance customer engagement. This blog will walk you through some incredible benefits that foster innovation in the BFSI sector.

1. Enhanced Audience Engagement

Virtual events offer innovative ways to boost engagement with their audiences. It involves interactive Q&A sessions, networking opportunities, and breakout sessions. This results in keeping audiences engaged and more hooked on the event, leading to better retention of information and active participation.

In addition, it also results in an improved customer experience by providing virtual tours of banks and financial institutions, resulting in a more engaging and interactive experience for them.

2. Improved Accessibility

With virtual events, attendees can join from anywhere across the globe, leading to higher odds for BFSI companies to reach broader audiences with no geographical barriers.

3. Cost-effective

Virtual events are a cost-effective alternative for companies actively looking to connect with customers and participants. With virtual events, companies don’t have to bother about hosting offline events or bear the expenses of travel and accommodations. In addition, by leveraging it the companies can cut down on these expenses and rather reach a wider audience, leading to more growth and market share.

4. Data-driven insights

The best part about virtual events is the kind of data-driven insights they have to offer. BFSI companies can leverage these data-driven insights to track audience behavior and engagement. These insights can help companies tailor their marketing and sales strategies to better meet the audience's requirements.

5. Improve internal operations

The role of virtual events in driving more audience engagement doesn’t stop here, as virtual events can be used as a powerful tool to improve internal operations.

For instance, virtual training sessions can be used to upskill employees on new emerging technologies, services, and products, while virtual team-building activities can help foster collaboration and cohesion among team members.

The impact of virtual events in the BFSI sector can’t be overstated. From enhancing audience engagement to gaining data-driven insights, virtual events serve as a powerful weapon for BFSI organizations to stay ahead of the curve. With the increase in digitization, virtual events will play a more paramount role in fostering innovation and shaping the future of the BFSI sector.