Description
Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
Marketing of Financial
Services in India
How customer-centric are we?
September 11, 2002
Is customer – centricity aggressive selling ?
You're at a party with friends and see a gorgeous girl.
One of your friends goes up to her and pointing at you says, "He's fantastic."
That's Advertising.
You see a gorgeous woman at a party. You go up to her and say, "I'm fantastic."
That's Direct Marketing.
You're at a party and see a gorgeous girl. You get up and straighten your tie, you walk up to her and pour her a drink. You open the door for her, offer her a ride, and then say, "By the way, I'm fantastic."
That's Public Relations.
You're at a party and see a gorgeous woman. She walks up to you and says "I hear you're fantastic."
That's Brand Recognition.
80’s…the days of Grateful Banking
• Customer bonding paramount.
– Meet at least 20 staffers to get your paper sanctioned.
• Keeps your money safe.
– Spend at least one hour to get it.
• Zero error banking.
– Will take about a week to check the papers.
80’s…the days of Grateful Banking
• Convenient timings.
– For the staff, that is.
• Personalised service.
– Everyone gets a token all for himself.
• Friendly personnel.
– They can’t stop talking to each other.
Complaints are at an all time low – since we hired Mehta. He is stone deaf.
• Quick loan disbursal.
– If at all you can get it sanctioned.
80’s…the days of Grateful Banking
• Fantastic service.
– If you have the moolah, we have the time.
• Great atmosphere.
– Do you belong to the club
• Egalitarian approach.
– Only for the more equal among equals.
• Provided a keyhole view of possibilities in banking.
90’s .. finally something to be truly grateful for
• Affordability.
– Class for the masses.
• Customer service.
– More free time for yourself.
• Convenience.
– Take your money when you want it.
90’s .. finally something to be truly grateful for
• Multiple channels.
– You choose - come to the bank or the bank will come to you.
• New range of products.
– Variants catering to different needs.
• Asset products.
– Take money from me easily, for a change.
But what does the customer also see?
No Differentiators !!!!
Consumers faced with commoditised
brands & product pricing parity Yet most Banks talk about customer - centricity
The question is – what is the customer really perceiving ?
Banks have taken the
easy option … To clone the FMCGs
Cloning the FMCG’s of the world
• One of the biggest blunders :
– Branded financial products in the hope that it will create a differential in the marketplace. – But it is easier to remember the brand name of a soap than that of a financial service. – Can’t touch, see, smell, taste the promise of future gains.
• Branding commoditised products does not produce customer - centricity
Are Banks truly marketing-savvy and customer - centric?
• Myth 1 – The larger the range of products, the more customer-centric I am.
Mythbuster – The range of products has emerged from being competition-centric.
Myth 2 – Better technology (read CRM) leads to better customer service.
Mythbuster – Technology alone does not deliver, helps people do.
Myth 3 – Launch a product and the customer will start
using instantly.
- Give a customer a card and he will learn how to play
with it immediately
Mythbuster – Customers need To be educated too…
Myth 4 – The only way to get a customer is from competition.
Mythbuster – Customers are not only present where competition is.
Myth 5 – Just advertise and - You will sell.
Mythbuster – Advertising will only sell, Not retain customers.
Myth 6 – No difference between marketing & selling
Mythbuster – “Selling focuses on the needs of the seller; marketing on the needs of the buyer.
Myth 7 – In the absence of relationships ‘trust’ builds financial brands
Mythbuster – Trust is not a differentiator at all… it is the very minimum that the customer expects!!
So what will the differentiators be :
• Technology ?
• Brand ?
The real differentiator of customer – centricity in a commoditised world of financial
products -
Customer Service !
doc_991963954.ppt
Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
Marketing of Financial
Services in India
How customer-centric are we?
September 11, 2002
Is customer – centricity aggressive selling ?
You're at a party with friends and see a gorgeous girl.
One of your friends goes up to her and pointing at you says, "He's fantastic."
That's Advertising.
You see a gorgeous woman at a party. You go up to her and say, "I'm fantastic."
That's Direct Marketing.
You're at a party and see a gorgeous girl. You get up and straighten your tie, you walk up to her and pour her a drink. You open the door for her, offer her a ride, and then say, "By the way, I'm fantastic."
That's Public Relations.
You're at a party and see a gorgeous woman. She walks up to you and says "I hear you're fantastic."
That's Brand Recognition.
80’s…the days of Grateful Banking
• Customer bonding paramount.
– Meet at least 20 staffers to get your paper sanctioned.
• Keeps your money safe.
– Spend at least one hour to get it.
• Zero error banking.
– Will take about a week to check the papers.
80’s…the days of Grateful Banking
• Convenient timings.
– For the staff, that is.
• Personalised service.
– Everyone gets a token all for himself.
• Friendly personnel.
– They can’t stop talking to each other.
Complaints are at an all time low – since we hired Mehta. He is stone deaf.
• Quick loan disbursal.
– If at all you can get it sanctioned.
80’s…the days of Grateful Banking
• Fantastic service.
– If you have the moolah, we have the time.
• Great atmosphere.
– Do you belong to the club
• Egalitarian approach.
– Only for the more equal among equals.
• Provided a keyhole view of possibilities in banking.
90’s .. finally something to be truly grateful for
• Affordability.
– Class for the masses.
• Customer service.
– More free time for yourself.
• Convenience.
– Take your money when you want it.
90’s .. finally something to be truly grateful for
• Multiple channels.
– You choose - come to the bank or the bank will come to you.
• New range of products.
– Variants catering to different needs.
• Asset products.
– Take money from me easily, for a change.
But what does the customer also see?
No Differentiators !!!!
Consumers faced with commoditised
brands & product pricing parity Yet most Banks talk about customer - centricity
The question is – what is the customer really perceiving ?
Banks have taken the
easy option … To clone the FMCGs
Cloning the FMCG’s of the world
• One of the biggest blunders :
– Branded financial products in the hope that it will create a differential in the marketplace. – But it is easier to remember the brand name of a soap than that of a financial service. – Can’t touch, see, smell, taste the promise of future gains.
• Branding commoditised products does not produce customer - centricity
Are Banks truly marketing-savvy and customer - centric?
• Myth 1 – The larger the range of products, the more customer-centric I am.
Mythbuster – The range of products has emerged from being competition-centric.
Myth 2 – Better technology (read CRM) leads to better customer service.
Mythbuster – Technology alone does not deliver, helps people do.
Myth 3 – Launch a product and the customer will start
using instantly.
- Give a customer a card and he will learn how to play
with it immediately
Mythbuster – Customers need To be educated too…
Myth 4 – The only way to get a customer is from competition.
Mythbuster – Customers are not only present where competition is.
Myth 5 – Just advertise and - You will sell.
Mythbuster – Advertising will only sell, Not retain customers.
Myth 6 – No difference between marketing & selling
Mythbuster – “Selling focuses on the needs of the seller; marketing on the needs of the buyer.
Myth 7 – In the absence of relationships ‘trust’ builds financial brands
Mythbuster – Trust is not a differentiator at all… it is the very minimum that the customer expects!!
So what will the differentiators be :
• Technology ?
• Brand ?
The real differentiator of customer – centricity in a commoditised world of financial
products -
Customer Service !
doc_991963954.ppt