Marketing Financial Products


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Marketing Financial Products Textbook | Courseware

Trends in Banking and Insurance Marketing - Chapter 12

The financial services segment has witnessed many trends in recent times and this chapter takes a comprehensive look at some of these trends. The technological changes in the financial services segment have been impressive. Though banking services are the major adopters of high-end technology, other financial services like insurance are also leveraging on technology for delighting customers and gaining a competitive edge. Kiosks are used as a cost-effective tool for product communication, customer management, and brand building. Stored Value Cards (SVC), also called electronic purses, eliminate the need to carry hard cash. Digital security is a technological endeavor that enables safe and secure digital transactions and has gained legal acceptance. Digital certificates will soon gain prominence with increasing focus on e-governance, online trading, and online transactions. Business intelligence is a widely implemented decision making tool. It includes OLAP, data warehousing, and data mining. Business intelligence systems help the marketer to analyze information and take suitable decisions. Enterprise-wide IT solutions, such as Core Banking Solutions, have helped financial product marketers in streamlining their internal operations and delivering greater value to the customers.

The banking sector is going through a major transformation. Notable trends witnessed in the banking segment are bancasssurance, mutual banking, rural banking and technology inclusion, financial inclusion, increasing focus on Small and Medium Enterprises (SME), overseas and international banking, and universal banking. Micro-finance involves providing financial services to weaker sections of the society.

Electronic Fund Transfer (EFT) and Electronic Clearance Service (ECS) schemes have been introduced by the Reserve Bank of India. EFT enables the quick transfer of funds on the same day or by the next day. ECS is used for both credit and debit clearing. M-commerce or mobile commerce is another emerging trend. Customers can send SMS messages to banks to get information. This service is available for viewing account balance and transaction details, requesting issue of new cheque books, etc.

Banks can also opt for self-regulation, by voluntarily adopting a code of conduct that has been laid down by the Banking Codes and Standards Board of India (BCSBI), Post-liberalization, the insurance industry has seen a lot of changes. Insurance marketers have introduced new products. Micro-insurance, film insurance, health insurance, and specific insurance products for women, are some emerging avenues for insurance marketers.

Chapter 12 : Overview

Technology and Marketing
Kiosks as Marketing Tools
Stored Value Cards
Digital Security
Business Intelligence
Enterprise-wide IT Solutions

Trends in Bank Marketing
Mutual Banking
Rural Banking and Technology Inclusion
Financial Inclusion

SMEs: The New Focus of Banks
Overseas Banking
Universal Bankin
Electronic Fund Transfers & Clearing Services
Code of Commitment from Banks

Trends in Insurance Marketing
Film Insurance
Health Insurance
Insurance for Women