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Services (WM)
By
Padmini Sundaram
Discussion Flow
1. Competing in the 21st Century
2. Impact of globalization
3. Marketing Challenges in Financial
Services
4. Discussion on a Financial Market
5. Strategies to overcome these challenges
6. Customer Relationship Management
Banking in the 21st Century
Impact of Globalization
Customer is King
No of new entrants
Technology
Product Suite
Global expertise
Place
Product
Inc Differentiation
Promotion
Inc Branding
Physical Evidence
Process
CRM
Technology
Banking in the 21st Century
Challenges in Marketing of
Financial Services
Key differentiators for survival
Product Pushing Vs Consultive Selling
Building Trust
Entry barrier
New Entrants
Barclays/IIFCL/Religare/ICICI Securities/Ask
Challenges
Client Acquisition/Retention strategies in view of the changing
environment.
Banking in the 21st Century
Strategy Discussion
Expanding the Total Market
Getting The New User
DSA/Appointment of Dealers
Feet On Street
Outdoor Promotion/TV/Newspaper Ads
Database/Events
Telecalling
Case Study 1 - The Home Loan Market
Case Study 2 - The PL/Credit Card War
10
Strategy
Promotion
Client: Mid-Sized Financial Firm
Challenge:Increasing the firms visibility and reinforcing its credibility.
External Agency Work:Worked with this selected partner to package
their expertise and position them as resource to the media for background or
expert commentary, story ideas, and by-lined articles. Obtained speaking
opportunities at financial service firms that served as referral sources.
Client Benefit:
Enhanced visibility A steady stream of articles, interviews, and profiles,
increased the firms visibility and reinforced its key-player status in
financial services.
Reinforced credibility Third-party validation resulting from speaking, and
media attention emphasized their credibility and top-market positioning in
financial services.
Leveraging Rankings on lists increases a firms visibility and contributes
to top-of-mind awareness.
Opportunity for leverage Using marketing material as communication
vehicles, e.g., distributing reprints/eprints, posting on website, etc., extended
visibility as well as the shelf life of the marketing investment.
Banking in the 21st Century
11
Strategy
Promotion
Client: Large -Sized International
Financial Firm
Challenge:Late Entrant into the Market
Strategy adopted :Tied up with a Leading
Angel Investor who has invested in
businesses in the country on a referral fee
basis for getting entry into new client
relationships.
Banking in the 21st Century
12
Relationship Management
in
Financial Services
Relationship Management
Why do we need it
How do Banks imbibe it
Segregation of Accounts
Mapping of Accounts
14
(CRM)
Why CRM is the need of the hour
Using the backend knowledge to improve
the human interface efficiency.
15
CRM contd
Discussion on CRM tools used
Detailed Profiling of customer at Entry inc
KYC
Call Reports and Portfolio Reports
Call back / Recorded Line
Inter Departmental/Geography Referral
incentive scheme
Banking in the 21st Century
16
Thank You