As the UK continues gradually onward towards economic stability, the notion of trust is increasingly being seen as the key to reforming the finance industry. Consequently, the way in which banks and building societies market and promote themselves as being trustworthy institutions is something that is likely to be debated by those within the industry, as well as government MPs and the public, consistently over the next year.It is unsurprising then that many financial services courses are offering modules which specialise in marketing, and deal with the specific concerns of the promotion of organisations within this unique and competitive industry. So what does marketing in this area entail?
One of the most intriguing and challenging aspect of marketing for banks and other finance institutions is the diversity of consumers who use such services, simply put nearly everyone in the UK depends on the financial services in some shape or form – and may do in many different spheres such as business and individually. Therefore, when developing new strategies much time will likely be devoted to the differing types of customers therein – and how certain institutions are striving to appeal to such a huge range of people.Following this study of potential customers, a portion of focus will also be dedicated to the notion of customer loyalty – a major factor within efficient bank management, and something which has recently proven quite difficult for many financial institutions to maintain throughout the financial crisis. Ensuring that customers continue trusting your institution, services and produce is one of the key aspects of being a marketer in this sector.Perhaps one of the most significant aspects of financial services marketing is the way in which it varies within differing media channels, and how they change themselves. For example, notions of in-branch marketing will differ significantly to digital online marketing – and with the continuing rise of internet banking, such issues are more and more important to banks, customers and marketers respectively.
Marketing within the financial services industry is a unique and challenging. And with changing technologies, and post-crunch opinions of how banks should treat their customers, those who find themselves in such a role will have big responsibilities in an ultimately rewarding sector.
Our life has been transformed by the positive effects of technology. Technological innovations have simplified our life. The changes are visible in every sector. The Banking and Finance sector are among one of those sectors which have completely changed due to technological innovations. Nowadays, we use several advanced banking and financial services like Internet Banking, ATM Transactions, Core Banking Services (CBS), Electronic Funds Transfer, and Cashless Transactions while shopping. These are just a few examples of the changes experienced.The banking services mentioned above have become a common way of life. A few decades ago there were not even a concepts as such in the banking and financial services sector. More recently, people used to hesitate while using these types of services. They were concerned about the security of their personal information as well as their money. But, secure security implementation techniques in the delivery of such services, packed with time sensitive results encouraged people to leverage the benefit of these services and the use of these services has increased year in year.
To provide a interactive and user friendly service, banks and financial institutions have adopted the most recent technological trends. Queuing at banks is a thing of the past; nowadays customers can enjoy various facilities at the doorstep of their banks and at other locations. Phone banking and SMS banking services can also keep customers updated with the status of their money, investments and offer an array of additional services.Consumers can use most of the banking services anytime and nearly everywhere. You can transfer funds, pay utility bills, deposit your insurance premiums, and shop online with the assistance of online payment facilities and technology to access these services. Stock or share trading is also not spared with the changes in technology Stock brokers or even everyday normal buyers can have an almost instant up-to-date update and status of the market status of stocks of their interest. They no longer need to wait for newspaper, news channel or need some fancy program.
Most consumers have accepted these significant change in the banking and finance sector. The early adapters are more experimental and they are more willing to accept anything that can make a significant difference in their daily life. One of the best examples of the change in consumer behavior is the global popularity of social networking websites like Facebook, MySpace and the micro blogging website twitter. Just another reflection of how consumers are more readily accepting technology and innovative changes to enrich their life’s or make it easier and more convenient.