IUP Series on Marketing of Financial Services: Trends and Cases

The financial services marketer of today must have the intent to understand the customers’ needs, their financial priorities and the resultant increase in the financial institution’s profit. For this purpose, strategies like cross-selling, third party selling and many other techniques have been developed by financial institutions. Marketing financial services has become a retail trend in India and has been attracting many investors into its domain, due to each service’s unique profit-making capabilities. The financial services marketer is challenged with marketing these services using different strategies and techniques. Right from lead generation for sales to post-sales services, the financial services marketer has the responsibility to carefully review the customer and understand his needs. A customer’s financial priorities play a vital role in his purchase of the financial service – right from products and services like savings accounts to advanced services like mutual funds. Good communication skills are considered essential to build, nurture and expand customer relationships and selling services. By asking the right questions, opportunities quickly become apparent. By learning how to listen, needs can be fulfilled and relationships can be cemented. Nowadays, the major initiative taken by today’s financial institutions and banks is towards data and information security. Many software packages and techniques have been developed to facilitate financial institutions to secure their customer data as well as internal data and statistics. This book of marketing financial services gives an overall perspective of different marketing strategies followed in marketing different services like banking services, mutual funds and insurance.