The financial service business is more about building a fruitful and beneficial relationship for both the parties. The key to this successful relationship is customer satisfaction, trust and commitment. The customer should be satisfied with the services they are getting from the financial institution they are engaged with and they must have an idea that this is the best which they can get and may not be considering switching to competitors at any point in time. This service industry is Business to Business (B2B) or Business to Customer (B2C) by nature. It requires internal marketing of its values and the ideology about customer satisfaction which needs to be delivered. The staff must be competent enough to understand and satisfy the needs of the customers. It should define the staff clearly that their role is not only to deal with the customers face to face but also to support and assist the customers with the interface. This requires relationship management which is concerned directly to cater customers and be interactive with them regarding ongoing purchases and future benefits available about making certain transaction. The financial market is complicated and risky both, so the new entrants must be communicated about the volatility of the market. DIFFERENTIATION To create value of the product for the customer the marketer must first understand the nature of the financial service themselves. They must always seek for opportunities to create differentiation of the product. These opportunities can be sought by understanding the culture and norms of the individuals. Usually all that a marketer can do is to make a value proposition and then the customer will derive value in use from the offerings....
Studying about the functionality of various markets can improve that skill of adaptability. This course of Financial Services Marketing has highlighted many areas and challenges which a business of such nature has to face. Learning about these challenges has helped me in assessing all the businesses and their functionality.
CREATIVITY AND INNOVATION
Today’s job market has become very competitive. Employees have to undergo through several challenges on every walk of their career. Only those individuals who think outside the box become successful. It was creativity and innovation which made Steve Jobs and Bill gates successful. Wait for the right opportunity and avail it when it comes with the right attitude. Following the above mentioned attitude ensures success. Always be prepared for challenges because only those people who get through these challenges accomplish their goal.
ENHANCED ANALYTICAL SKILLS
Studying Financial Service Marketing has enhanced my analytical skills to great extent. I am positive that this will help increase my chances of future employability. Thorough learning provided me with the opportunity to analyze a large volume of data. This course has prepared me about how to apply various marketing models to analyze or speculate a business. Now, I can deal with problems more effectively and hope to handle problems before they become a major problem.
Studying financial services’ marketing has enhanced and polished my skills of applying the marketing concepts on the financial services industry and what challenges does a marketer have to face while doing so…
The paper tells that it is possible two-ways – either through telephone banking services or online services that students can access from anywhere whether in college, school, home or sitting and passing the free time in the canteen. The best part of becoming a customer of Bank AlJazira female customers is that they can remain updated on each and every transaction and that too with total privacy and comfort of operation.
Barclays Bank. A major issue that commercial banks are faced by includes the issue of marketing. Here several different aspects of the company like, marketing tools used by the company, the issues faced in terms of the customers, control system issues faced by the company and several other elements will be discussed.
The conclusion from this review states that Morgan Stanley is a well known in the financial sector and is based in the United States but has offices all over the world. The biggest strength of the company is its brand image and a large base of employees. The company also has experience of many years in the financial sector.
The researcher of this essay aims to pay special attention to types of products and strategies for the development of financial service. There are six types of new products that are in a company and marketplace. These include new-to-the-world, new product lines, additions to existing product lines, enhancement as well as revision of existing products, repositioning and cost reductions.
Generally, the promotional strategies of a financial services organization are different from that of a physical good producing organization. This is because the financial services or products offered by a financial services organization are dissimilar from the physical goods in terms of ‘intangibility’, ‘heterogeneity’, ‘inseparability’, and ‘perish-ability’ (Ennew & Waite, 2007).
MCorp conducted a survey with 67 financial services firms of various sizes, across multiple lines of business, to determine the top branding and marketing priorities for 2005. These priorities depict what customers want and what is important to their financial success and how marketing affects the financial services industry.
used by the company, the issues faced in terms of the customers, control system issues faced by the company and several other elements will be discussed. This paper will deal with in detail the issues and challenges faced by Barclays Bank as well as a clear and well drawn out