Marketing of Financial Products with Special Reference to Banking Industry

Abstract

Financial products marketing, today, occupies a predominant position across the entire globe. Gone are the days when we had only limited avenues for investment & savings. Moreover, investors were also very conservative in nature having a very traditional mind set. But now because of the era of globalisation, financial products industry has undergone a sea change. People now have become very liberal, aware and keen to invest in innovative financial products and services like American Depository Receipts and Global Depository Receipts, eurobonds and many other hybrid securities having diverse features. As a result, it has now become inevitable for the marketers to have a profound knowledge of the various financial instruments emerging at a very fast pace. Marketing of financial products has to be carefully planned and executed to avoid mistakes that can be costly and hard to recover from. With heavy competition, financial institutions have to be aware of the current market trends and must keep informing their clients about their latest service or products to make sure that their clients use them. It is necessary to have a sound, carefully planned marketing strategy to recruit more customers, generating more revenue. This calls for extensive market research and competitive analysis and knowing how to lure customers by sending out the right message in the advertisements. This research paper will throw light on the role and relevance of marketing in financial service industry with special stress on Indian banking sector.