MAM
2023 digital growth in Indian banking & finance sector: Performics India’s industry report
Mumbai: Performics India, part of Publicis Groupe India has launched its banking & financial services round-up report 2023. The report reflects on the digital-led growth and potential of the Indian Banking and financial services sector. The digital-led growth of the Indian banking sector in 2023 has been profound, and Performics India’s report offers valuable insights into the factors driving this change, as well as the challenges and opportunities it presents.
The report underscores the role and significance of digital transformation in propelling the banking sector. With an ever-evolving demographic profile, banks are now compelled to meet the expectations of a new generation that is inherently digital-centric. As fintech companies continue to offer alluring products and services, traditional banks have intensified their efforts to remain competitive in this dynamic landscape.
The report summarizes the remarkable digital journey of India’s banking and finance sector driven by innovative financial products (e.g. BNPL, payments), the emergence of new market players, heightened fintech adoption, and improved financial literacy. This growth has been further catalysed by the rapid surge in digitalization, establishing digital as the primary medium for educating and engaging with the masses. This aspect is corroborated by an analysis of trends in organic search intents across various financial products. The report also identifies interesting trends within the banking and financial services industry such as open banking, voice banking, personalised banking, search trends, Generative AI, the rise of ‘Finfluencers’ and regulatory mechanisms for them.
It further highlights the key drivers of Digital Transformation and the growing acceptance of digital payment methods and how it is driving the growth of the banking sector. The report highlights a remarkable shift, 93 per cent of payments in the past year were executed digitally, with QR code transactions surpassing traditional card and cash transactions. The rising trend of biometric payments indicates a growing trust in biometric technology, with consumers increasingly favouring it over traditional cards and devices.
Lastly, the report explores Regulatory Updates and Ethical Practices and its impact on the banking sector, emphasizing the importance of bills like the Digital Personal Data Protection Bill and AI regulation in India. These regulations aim to enhance data protection and promote ethical use of AI, safeguarding the interests of both consumers and financial institutions.
Speaking about the report Performics India CEO Lalatendu Das shared “As the financial services sector undergoes profound transformations, the imperative for digital transformation has never been clearer. The Digital Personal Data Protection Bill and other regulatory measures underscore the importance of safeguarding consumer data in this digital age. Open banking, personalization, and generative AI promise to revolutionize how we engage with our customers, making their financial experiences more personalized, efficient, and secure. With growing competition and dynamic customer expectations, it is important for brands to remain at the forefront of these trends and ensure top-notch services and products. Performics India’s BFS roundup report highlights some key updates and insights from the year 2023, equipping our clients with valuable insights to understand the past year’s trends and strategize effectively for the upcoming year.”
Performics India VP banking and financial services Cyrus Shroff further added, “As we stand on the cusp of an exciting era in the Indian banking and financial sector, the ‘Digital Transformation in the Indian Banking & Financial Sector – Roundup Report’ by Performics India serves as an illuminating guide through the shifting landscape. In an age where digitalization has become paramount, this report showcases the dynamic journey of the sector, driven by innovative products, fintech adoption, and evolving consumer expectations. The Indian banking and financial sector stand at the precipice of remarkable change, and this report offers a valuable compass for all stakeholders to navigate this transformative journey.”
Brands
Lovetc appoints Tamannaah Bhatia as brand face
Ananya Birla’s premium colour cosmetics line gears up for strong second year with 30 per cent monthly growth and fresh face category launch.
MUMBAI: Lovetc is tinting its success story with a starry new shade Tamannaah Bhatia has just been named the face of Ananya Birla’s premium beauty brand. As the colour cosmetics label under Birla Cosmetics completes a vibrant first year in April 2026, it is entering its second chapter with impressive momentum. The brand has delivered 30 per cent month-on-month growth, expanded thoughtfully into offline and quick-commerce channels, and built a loyal following through a digital-first approach mixed with genuine consumer connections.
Priced between Rs 650 and Rs 1,850, Lovetc focused its debut portfolio on lips and eyes categories. Hero products such as Tint, Talk, Etc Radiant Glow Hydrating Tint (SPF 30 PA++), Pout, Perfect, Etc Matte Bullet Lipstick, and Melt, Miracle, Etc Treatment Oil-Infused Lip Balm quickly won hearts. Early shoppers showed strong purchase intent, with average order values ranging from Rs 1,200 to Rs 2,800 and an average of two items per transaction, signalling healthy basket-building and repeat purchases.
The brand made its mark in key metros including Mumbai, NCR, Chennai, Bengaluru, Chandigarh, Patiala, Ludhiana, and Cochin, while Tier-2 cities surprised with robust demand and loyalty. On the distribution side, Lovetc entered 90 offline retail doors in year one and is on track to cross 150 doors by Q2 2026, choosing each outlet carefully to match its premium positioning.
To mark the milestone, Lovetc is stepping into the face category with the launch of Ace, Face, Etc 4K Blur Matte Foundation in eight shades tailored for diverse Indian skin tones. Additional innovations like the multi-purpose The Etc stick and longwear lip tint Love Bites are also in the pipeline.
Tamannaah Bhatia, known for her pan-India appeal across films and her authentic love for beauty, brings cultural relevance and credibility to the brand. Ananya Birla, founder of Birla Cosmetics, said, “Year Two is going to be big. The brief for every new launch remains the same: Does it perform? Is it playful? Is it kind to the person wearing it? Performance, playfulness, and kindness that is the promise we intend to keep. Bringing Tamannaah on board feels especially pertinent because she brings together an authentic love for beauty with a connection that cuts across audiences and geographies.”
Tamannaah Bhatia added, “I have always loved beauty as a form of self-expression, and what drew me to Lovetc is that it feels playful, thoughtful, and modern at the same time. I am excited to be the face of a brand that is creating products with both performance and personality.”
With deliberate growth, quality-focused retail expansion, and a celebrity partner who genuinely connects with beauty lovers nationwide, Lovetc is blending performance with personality in a market hungry for thoughtful premium options. As it steps into year two, the brand is proving that in beauty, the right tint can make everything glow a little brighter. Delhi, Mumbai, or a Tier-2 favourite Lovetc is colouring India’s beauty shelves with confidence and charm.
