Modern Techniques of Promoting the Banking Financial Services and Insurance (Bsfi)

Abstract

Marketing of banking and financial services are not that much easy because of characteristics like intangibility, heterogeneity and inseparability. Financial institutions have done swift changes in the operational milieu. The marketing of financial services and products has become a very difficult subject as it rivets the understanding of money matters, sociology, psychology and also very important marketing idea. Financial services marketing submit to the united exercise of marketing strategiesy employed by marketers in the financial services sector to attract new customers or retain existing ones. . Financial institutions have done rapid changes in the operational environment.. Currently, banking and financial service firms are facing novel challenges: must swing from mass marketing to exceedingly individualized marketing. The present promotional mix elements of classical, conventional techniques - combined advertising, personal selling, sales promotion, public relations and direct marketing have become insufficient for major banking conglomerates. Due to heavy competition among firms and usage of modern technology forces the banking and financial firms to adopt modern techniques to promote their operations to retain and attract new customers..The article will give inputs regarding various new modern marketing techniques adopted by banning and financial service institutions.