How banks, insurers and brands are exploring AI

How banks, insurers and brands are exploring AI-led consumer discovery

Brands like IndusInd Bank, Bajaj Life Insurance and Tanishq are advertising on ChatGPT and AI platforms as conversational product discovery grows.

By Anshul

Banks, insurers and consumer brands are beginning to advertise and build product-discovery experiences on artificial intelligence platforms, as companies test ChatGPT and other AI interfaces as a new way to reach consumers.

IndusInd Bank has started advertising its credit card offerings on ChatGPT, while Bajaj Life Insurance has said it is among the early BFSI brands in India to advertise on the platform.

The moves come as consumers use conversational AI to research products and services by describing their requirements in natural language and asking follow-up questions, rather than relying only on conventional keyword searches.

For financial services companies, the shift could be significant as products such as credit cards and insurance typically involve multiple features, eligibility criteria and use cases that consumers may want to compare before making a decision.

Chandramohan Mehra, Chief Marketing Officer, Bajaj Life Insurance, said the insurer's decision to advertise on ChatGPT was driven by changing customer behaviour around AI-led research, discovery and planning for financial and protection needs.

IndusInd Bank has also described the initiative as an additional digital channel through which consumers can discover its products.

ChatGPT emerges as a new advertising channel

The growing interest from brands follows OpenAI's expansion of ChatGPT Ads, opening the platform to advertisers looking to reach users during AI-led discovery.

Razorpay has partnered with OpenAI to help Indian businesses launch and manage campaigns on ChatGPT through its Engage platform. The offering includes support for product catalogue preparation, product feeds, campaign creation and performance measurement.

Brands participating in the early programme include Tanishq, Fastrack, Traya, Tata Neu, Shaadi.com, Axis Max Life and Palmonas, among others.

Tanishq's ChatGPT campaign was supported by HiveMinds as the jewellery brand explored how advertising on the platform could fit into its consumer engagement strategy.

The development gives advertisers another digital channel alongside established platforms such as search engines and social media. The difference is that the interaction begins with a conversation rather than a conventional search query or an ad impression.

AI-led discovery extends beyond advertising

The shift is not limited to paid advertising.

Justdial has integrated its local business search capabilities with ChatGPT, allowing users to discover local businesses and access information such as ratings and service details through conversational queries.

Glance has also introduced an AI-powered shopping experience for iPhone and iPad users through Siri AI. Users can ask for shopping suggestions and receive personalised product recommendations, while the platform is also rolling out an on-device virtual try-on feature.

These developments point to a broader change in how companies are approaching digital discovery. AI platforms are being used not only to answer questions but also to connect consumers with products, services and businesses.