This Presentation is very useful in service marketing in financial services. such as banking, mutual funds, insurance services. and also marketing mix elements 7P'S
2. NATURE OF FINANCIAL SERVICES
Customer oriented
Intangibility
Inseparability
People based service
3. IMPORTANCE OF FINANCIAL SERVICES
Economic growth and development
Contribution in GDP
Promotion of liquidity
Link between savers and investors
Helps in projects selection
4. AREAS OF FINANCIAL SECTOR
AREAS OF FINANCIAL SECTOR
Banking Services
Mutual fund
services
Insurance
services
6. BANKING SERVICES
A bank is a financial institution that accepts
deposits and channels the money into lending
activities.
Bank marketing refers to all the functions needed
to cater to the financial and other closely related
needs of the customer.
7. BANKING SERVICES
Major service: bank collect and realize bills,
cheques, interest and dividend warrants, etc., on
behalf of their customers.
Other service: lockers facility, issue of traveller’s
cheques and gift cheques, payment of insurance
premium etc.,
8. MARKET MIX OF BANKING SERVICES
Product
Product is defined as tangible or intangible forms
Example: bank a/c is seen in terms of customer satisfaction,
such as safety, convenience of paying dues, keeping records,
status, transferring funds etc.,
Price
Pricing policy of bank is considered important for raising the
number of actual customers, interest rate charged by different
banks, these framed by RBI directive.
Value based pricing
Cost plus pricing
Going rate pricing
9. MARKET MIX OF BANKING SERVICES
place
It is the location analysis for banks branches.
1. Adequate availability of transportation
2. Location of branch, head office, ATMs
3. Communication, electricity and other necessary facilities
for smooth functioning of the bank
4. Neat and clean surroundings
5. Safety
Promotion
Bank services can be promoted in two ways:
1. Personal promotion: more effective with direct contact
2. Impersonal promotion: advertising, publicity and sales
promotion measures, such as news paper, radio, television,
magazines and ball pens, calendars, dairies etc.,
10. MARKET MIX OF BANKING SERVICES
people
An organization is supposed to changing needs of customers
its natural that all customers have their own likes and
dislikes, customer can satisfy possible of the segmentation
of market makes the task of bank professionals easier
process
It is necessary that the process is very customer friendly and
customer easily able to understand and easy to follow .
Physical evidence
Its overall layout of the place and entire bank has been
designed.
11. RECENT TRENDS IN BANKING SERVICES
Electronic payment services- E-cheques
Electronic funds transfer (EFT)
Automatic teller machine (ATM)
Electronic data interchange (EDI)
Tele banking
13. INSURANCE SERVICES
A financial risk management tool in which the insured
transfers a risk of potential financial loss to the
insurance company that mitigates it in exchange for
monetary compensation known as the premium
Insurance policies, a contract between the policy
holder and the insurance company are of different
types depending on the risk the mitigate.
Categories include life, health, motor, travel, home,
rural, commercial and business insurance
14. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
Product
A product means what we produce. An insurance company
sells services and therefore services are their product.
Price
1. The Premium charged against the policies
2. Interest charged for defaulting the payment of premium
and credit facility
3. Commission charged for underwriting and consultancy
activities
15. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
Place
1. Managing the insurance personnel
2. Location of the branch
3. Factors- accessibility, availability, safety, civic amenities and
facilities, parking facilities.
Promotion
1. Advertising through the telecast media, print media
2. Social media- facebook, tweeter, etc.,
3. Publicity
4. Word of mouth
5. Personal selling
16. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
people
1. Strong relationship with intermediaries
2. Use of IT for efficiency
3. Training & development both at the staff and agent level
process
1. It should be customer friendly
2. Speed and accuracy of payment is of great importance
3. The processing method should be easy and convenient to
the customers
17. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
Physical evidence
1. The total layout of office
2. Used remote distribution channels such as telephone
or internet so as to reach more customers
3. Uses various intermediaries
19. MUTUAL FUND SERVICES
Mutual fund is a kind of investment that uses money form
many investors to invest in stocks, bonds or other types of
investment
Mutual fund is an investment vehicle that pools money form
investors and invests the money in stocks, bonds, short term
money market instruments, other securities or assets with a
predetermined investment objective
20. SERVICE MARKETING STRATEGIES FOR MUTUAL
FUND SERVICES
Product
As mutual fund deal with the savings of the people, they
have to shoulder more responsibility and be very
cautious in introducing mutual fund product/schemes
with innovations and new instruments to attract
investors.
Price
Price of fund is depends on the stock’s performances and
the stock market trends.
21. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
Distribution
1. Own employees
2. Distribution companies
3. Agents
4. Banks
5. Post offices apart from internet
Promotion
Regularly advertised in newspaper and magazines
22. SERVICE MARKETING STRATEGIES FOR INSURANCE
SERVICES
Physical evidence
1. Positive relationship between the company and the
investors
2. The offer documents and mutual fund statements
3. Statement should be regular, easily understandable
Process
The Process through which investors money is invested in
different schemes & the returns are provided to them
The process should be less complex.