RBI's New Rules Transform Influencer Marketing in Finance Sector

For years, financial brands have struggled with one basic challenge: how do you make products like insurance, investments, loans and digital banking relevant to consumers who often find the category complicated and intimidating?

The answer, increasingly, has been creators.

From fintech startups to insurance companies and investment platforms, BFSI brands have been steadily moving beyond traditional advertising to work with influencers who can explain financial products in everyday language. Some BFSI companies are now allocating 10-20% of their digital marketing budgets towards creator-led campaigns, while top creators command fees ranging from lakhs to crores depending on their influence, expertise and audience trust.

But the next phase of this growth story will come with tighter scrutiny.

The Reserve Bank of India’s new framework, effective January 1, 2027, will make banks, NBFCs and other regulated entities accountable not only for their own marketing communication but also for claims made by third-party partners, including influencers, affiliate marketers, lending service providers and digital acquisition agencies. While the move is expected to increase compliance checks, industry executives believe it will not slow down creator marketing in BFSI. Instead, it could push the category towards a more structured and mature ecosystem, industry leaders shared.

End of ‘Hot Tips’?  

Financial brands are increasingly using creators not just for reach, but to build understanding and trust.

Shekar Saurabh, Head of Marketing at Tata AIG General Insurance, said the company prefers creators who have a genuine connection with the product rather than paid endorsements alone. "Our approach is simple: authenticity comes first. Whether it's a customer, a creator, or even a celebrity, we prefer working with people who have genuinely used our products and are comfortable sharing their real experiences."

According to Saurabh, "Nothing beats real consumers and real stories. We don't work with influencers who haven't used our products, and we don't pay people to pretend they love our brand. If it's an advertisement, we'll clearly call it an advertisement."

Unlike some digital-first brands that are heavily dependent on creators, Tata AIG continues to keep influencer marketing as a smaller part of its overall strategy, contributing around 3-5% of its marketing mix.

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Speaking in the context of taking a broader approach, Sahil Rawal, Senior Vice President and Head of Brand and Media at Axis Max Life Insurance, said at the recent Pitch CMO Summit that the insurer views creators as a way to simplify financial conversations. The company works with a wide range of voices, from gaming creators such as Payal Gaming to celebrity personalities like Rohit Sharma, while also partnering with creators from Tier II and Tier III markets.

The objective is not only to create awareness but making complex insurance concepts easier for consumers to understand through relatable storytelling.

Another example is MMTC-PAMP that uses creators to help bridge the gap between financial education and lifestyle relevance.

Gaurav Nijhawan, Head of Marketing at MMTC-PAMP, explained that influencer marketing serves two distinct objectives for them: building trust around gold as an investment and creating relevance around gifting occasions.

"We look for creators who bring both credibility and relevance. Financial influencers help consumers understand the purity and investment aspects of our products, while lifestyle influencers showcase how our products fit into gifting and celebration moments." 

According to Nijhawan, finance creators play an important role in explaining MMTC-PAMP's 99.99% purity standards and the investment value of gold, while lifestyle creators help consumers connect the products with festivals, celebrations and gifting moments.

"We have found that influencer-created content often performs better than traditional animated creatives. By acquiring usage rights for 45 days to three months, we can maintain consistency in our messaging and use those assets across our marketing campaigns."

‘Compliance costs will rise but creator spending won’t drop’

Since brands are becoming more comfortable with creator-led marketing, agencies say RBI's new framework is unlikely to reverse that trend. Instead, it will introduce stricter checks around disclosures, approvals and creator education.

Ajay Kulkarni, Business Head at Ykone Barcode, said influencer marketing has become a meaningful part of digital spending for many financial brands, particularly fintech and insurtech companies looking to engage younger consumers. "For progressive BFSI brands, influencer marketing today accounts for roughly 10-20% of the digital marketing budget, though the number varies by category. Fintech and insurtech brands often allocate a higher share because creators help humanise complex products and drive consideration among younger audiences."

As spending rises, so do creator payouts. "The range varies significantly based on category expertise and campaign objectives. Micro creators can earn anywhere between ₹15,000 and ₹1 lakh per campaign, mid-tier creators between ₹1 lakh and ₹10 lakh, while marquee creators and celebrities can command anywhere from ₹25 lakh to several crores annually through long-term partnerships. BFSI typically pays a premium because trust and credibility are critical," he said.

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However, agencies say follower count alone is no longer the primary metric.

"In BFSI, credibility often outweighs pure reach. Brands increasingly evaluate audience trust, relevance, engagement quality, and the ability to drive qualified actions such as app installs, leads, or account openings," Kulkarni said, adding that niche finance creators often outperform larger entertainment creators when it comes to conversion.

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Ayush Shukla, CEO of Finnet Media, said there is no standard benchmark for creator budgets in the category because spending varies significantly depending on campaign objectives, scale and the role creators are expected to play. "The earning range can vary significantly depending on the creator's profile. Campaign fees can start at around ₹50,000 and go up to ₹15 lakh or more for larger creators and premium partnerships."

As per Arsh Goyal, a software engineer and content creator who recently collaborated with Jio Finance on a LinkedIn campaign, “From a creator's perspective, BFSI brands are among the better-paying categories in the industry. Typically, outreach happens through marketing agencies working on behalf of these brands rather than directly from the company." 

‘A Turning Point For BFSI Influencer Marketing’

While agencies do not expect creator partnerships to slow down, they believe rules will fundamentally change how campaigns are planned and executed.

Kulkarni described the framework as a watershed moment for the industry.

"The new RBI guidelines are a watershed moment for BFSI influencer marketing. Influencers are no longer just media channels; they are now part of the regulated customer acquisition ecosystem. The biggest impact will be on accountability, disclosures, and claims."

According to him, brands will need stronger vetting processes, legal reviews and creator education programmes before campaigns go live.

"While this may slow down execution initially, it will ultimately increase consumer trust and bring greater maturity to the category."

Shukla echoed a similar view, arguing that responsible brands and established creators are already operating within these guardrails.

"I don't think the new guidelines will have a significant impact on credible creators and responsible brands. Most established creators already avoid making misleading claims, and BFSI brands are generally cautious about compliance. The framework is more likely to affect the small set of bad actors in the ecosystem."

From Product Promotion To Financial Education

The regulations are also expected to reshape the kind of content creators produce for financial brands.

Kulkarni said creators will need to be far more careful about the claims they make and ensure they fully understand the products they promote.

"Creators must clearly understand the product they are promoting and avoid making return guarantees, misleading claims, or giving personalised financial advice unless qualified to do so."

He believes the category is moving away from aggressive sales messaging and towards practical financial education.

"The era of hot stock tips and exaggerated financial promises is coming to an end."

The shift is already visible in the briefs agencies receive from financial brands. Most campaigns today focus on awareness, trust-building, app adoption, insurance, loans, investments and financial literacy.

"We typically convert product-led briefs into relatable stories, real-life use cases, and problem-solution formats while ensuring every claim is fact-checked and compliant. Influencer marketing in the BFSI space should not feel like finance content, but like useful life advice."

Shukla added that responsibility can no longer sit with brands alone.

"Creators should ensure they're working with legitimate and trustworthy brands. Compliance isn't just the responsibility of the brand. Creators should also understand the claims being made and satisfy themselves that the information being communicated is accurate and not misleading."

Why Lifestyle Creators Are Entering The BFSI Playbook

As financial brands look beyond traditional finance audiences, lifestyle creators are becoming a bigger part of creator strategies.

Kulkarni believes the industry is shifting from product marketing to life-stage marketing.

"Consumers don't wake up wanting a credit card or insurance policy. They want to travel, buy a home, start a family, or build wealth. Lifestyle creators help brands participate in these moments naturally."

That makes a travel creator discussing travel insurance or a lifestyle creator talking about financial planning more relatable than a direct sales pitch.

"The content must educate and contextualise rather than promise. Compliance and relevance need to go hand in hand."

Shukla believes lifestyle creators will continue to grow in importance, although finance specialists will remain essential for credibility and product education.

"Brands are looking to build aspiration and reach new audiences, which is why they're expanding beyond finance-focused creators, though category expertise continues to remain important."

For Kulkarni, the long-term direction of the category is clear.

"The future of BFSI influencer marketing will be less about selling financial products and more about helping consumers make informed financial decisions. The new RBI guidelines accelerate that shift."

While the new framework has sparked concerns about additional compliance requirements, agencies largely view the regulations as a step towards professionalising the sector rather than restricting it.

The biggest change is likely to be in campaign planning. Brands may need to invest more time in creator vetting, legal reviews and claim verification before campaigns go live. Influencers, meanwhile, will be expected to have a stronger understanding of the products they promote, particularly in categories involving investments, insurance and lending.