Understanding Financial Services and Consulting Services better...
Hello everyone
Moving forward from where we left and in continuation to the previous blog wherein a basic overview on the financial services was presented. It's time at we discuss them in a detailed manner.
Banking services refers to all the services involved in accepting and safeguarding money by other individuals and entities and providing credit management services in order generate profits. Whether its the Insurance sector, lending or full banking services. Therefore, its important to understand the dimensions that compose an effective banking customer experience, especially when the banking sector of any Country forms the the backbone the Country's Economy. You see the banking sector is always backed by the Country government. So the bank stocks can be highly volatile or may make bad investment choices but none the less always a save bet for the Risk- averse investors.
Take example of 2008 financial crisis when the US Banking system collapsed due unsecured lending, Sub-Prime mortgages and this was a prime example of forgoing due-diligence in the history of Crisis. The entire incidence of the failure was on the banks and them not being able to repay the depositors money because of non-repayment of the loans. But, in the end the government stepped in, bailed out the banks by printing money. Recently, the merger of 11 major banks into 4 main functional units by the Government of India was debatable but a merge to bail out banks from the NPA (Non- Performing Assets) crisis. So, Banks and the government work individually but also in support of each other. All of this is directly or indirectly related to each other. Tough that's a different story to be discussed some other time but ultimately in-order to seek overall growth and development banking systems and services play an integral role.
Marketing Banking Services
Banks these days are giving much importance to marketing the services provided by them in-order to build long lasting relationships with clients who would stick with the banks to maintain their account and related services. After all, customers are god in the banking sector. Therefore, customer satisfaction is important and so banks keep on introducing new instruments and methods to attract the customers. The importance of marketing in the banking sector is increasing day by day due to the environmental changes, high competition, increased profit motive, new and evolving technology, urbanization etc. The integration of banking services with mobile implies nothing but more custom optimized and responsive apps. Also, creates awareness of customer journey and personalized responses. The advanced data analytics in the banking system helps to understand and record the customer experiences and preferences and thereby, providing the customer preferred options. The benefits include higher response and conversion rates, brand loyalty, repeat customers, implied reach and increased relevance.
