The document outlines various marketing strategies for financial services, focusing on banking, insurance, and mutual fund services. It emphasizes the importance of customer orientation, the service mix including product, price, place, promotion, people, process, and physical evidence, and recent trends such as electronic payment methods. Additionally, it details the specific marketing strategies relevant to each sector, highlighting the need for innovation and accessibility to enhance customer engagement.

1. MARKETING STRATEGIES FOR
FINANCIAL SERVICES
By Devi Ramachandran

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

5. BANKING 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

12. INSURANCE SERVICES

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

18. MUTUAL FUND SERVICES

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.

23. THANK YOU