Marketing Financial Products
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Chapter 12 : Trends in Banking and Insurance Marketing
Technology and Marketing
Kiosks as Marketing Tools
Stored Value Cards
Digital Security
Business Intelligence
Enterprise-wide IT Solutions
Trends in Bank Marketing
Bancassurance
Mutual Banking
Rural Banking and Technology Inclusion
Financial Inclusion
Microfinance
SMEs: The New Focus of Banks
Overseas Banking
Universal Bankin
Electronic Fund Transfers & Clearing Services
M-Commerce
Code of Commitment from Banks
Trends in Insurance Marketing
Micro-insurance
Film Insurance
Health Insurance
Insurance for Women
Chapter Summary
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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. |
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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.
Next Chapter>>
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Short Case Studies / Caselets