30-01-2013, 02:30 PM
MARKETING OF FINANCIAL SERVICES
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Definition Of Financial Services
Financial Services is defined as the products and services offered by financial institutions which include banks, credit card companies, consumer finance company, stock brokerage, investment funds and some government sponsored enterprises.
Banks
Account management, checkbooks, personal loans, commercial loans, credit cards, debit cards, ATMs and fund transfer.
Investment Management
Asset management, Hedge fund Management..
Insurance
Insurance Brokerage. Insurance Underwriting and Reinsurance
CHANGING TRENDS
1991
maintaining profitability
regional economy
industrial credit
cost management /expense reduction
2010
Service quality
Global economy
retail lending
investment to stay competitive
MARKET RESEARCH FINDINGS
Simplicity and certainty will drive the product selections of consumers
Customers will look beyond price to find value
Service must be innovative and flawless
Trust and heritage will play an increasing role in brand choice
Consumer Sovereignty: Consumers will drop vanilla products in their search for individualism
‘Too big to fail’ will drive consumers to the personal and the local banks
Winning new customers costs 10 times more than simply holding onto existing ones.
Bank of Baroda - Pricing
The pricing policy of a bank is considered important for raising the number of customers’ vis-à-vis the accretion of deposits. The banking organizations are required to frame two- fold strategies. First, the strategy is concerned with interest and fee charged and the second strategy is related to the interest paid. It is essential that both the buyers as well as the sellers have feeling of winning.
The main pricing policy is concerned with the interest rate charged. This interest rate is however regulated by the RBI and IBA
Bank of Baroda - Placement
The Bank of Baroda has good location across the country. Bank of Baroda has an extensive network of 3082 branches spanning the length and breadth of the country.
All this branches are at very convenient place for the customers. Bank considers various good elements while selecting a place for banking transactions.