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Marketing of Financial Services

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ABOUT THE COURSE:In today's competitive and rapidly evolving financial landscape, effective marketing strategies are crucial for financial institutions to attract, retain, and grow their customer base. The "Marketing of Financial Services" course explores the unique characteristics and challenges of marketing within the financial sector, which includes banks, insurance companies, investment firms, and fintech enterprises. This course provides a comprehensive understanding of key marketing concepts as they apply specifically to financial services. It covers topics such as consumer behavior in financial markets, branding and positioning of intangible financial products, relationship marketing, regulatory considerations, and the growing impact of digital technology. By the end of the course, students will be equipped with the skills to develop strategic marketing plans tailored to financial service firms, understand the role of trust and customer experience, and analyze how marketing contributes to long-term success in the financial industry.INTENDED AUDIENCE:UG & PG Students, Professionals and Entrepreneurs.PREREQUISITES: 12th passedINDUSTRY SUPPORT:N.A.

Syllabus

Week 1:Introduction to Financial Services Marketing

Financial System- An Overview
Definition and Scope of Financial Services
Difference between Goods and Service Marketing
Role of and Challenges to Financial Services Marketing
Factors influencing Financial Services Environment

Week 2:Consumer Behavior in Financial Services

Consumer Decision-making in Financial Services
Factors Influencing Consumer Decisions
Risk Perception, Trust and Credibility in Financial Services
Customer Segmentation and Targeting
Differentiation and Positioning of Financial Services
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Week 3:Market Research and Analysis

Importance of Market Research
Tools for Financial Services Research
Competitor Analysis in Finance
Customer Needs and Expectations Analysis
Regulatory Environment Analysis

Week 4:Product Design and Development in Financial Services

Financial Product Lifecycle
Innovation in Financial Services
Customization and Personalization
Role of Technology in Service Design
Value Proposition Creation

Week 5:Branding in Financial Services

Importance of Brand in Financial Services
Building Trust Through Branding
Elements of a Strong Financial Brand
Case Studies of Successful Financial Brands
Brand Loyalty and Customer Retention

Week 6:Marketing Mix for Financial Services (7Ps)

Product: Designing Financial Offerings
Price: Pricing Strategies in Finance
Place: Distribution Channels (Digital & Physical)
Promotion: Advertising, PR, and Sales Promotion
People, Process and Physical Evidence

Week 7:Digital Marketing in Financial Services

Website and Mobile App Strategies
Social Media Marketing for Finance
Email and Content Marketing
SEO & Paid Media (PPC) in Financial Sector
Compliance and Ethical Considerations in Digital

Week 8:Relationship Marketing and CRM

Importance of Long-Term Customer Relationships
CRM Tools and Techniques
Personalization Strategies
Customer Satisfaction and Feedback Loops
Measuring Customer Lifetime Value (CLV)

Week 9:Regulatory and Ethical Issues in Marketing

Key Financial Regulations (e.g., GDPR, KYC, AML)
Advertising and Mis-selling Laws
Ethical Marketing Practices
Transparency and Disclosure
Corporate Social Responsibility in Finance

Week 10:Marketing Financial Services to Different Segments

Retail Banking Customers
High Net-Worth Individuals (HNIs)
SMEs and Corporate Clients
Millennials and Gen Z
Financially Excluded and Underbanked Populations

Week 11:Measuring Marketing Effectiveness

KPIs in Financial Marketing (CAC, ROI, etc.)
Analytics Tools and Dashboards
Attribution Models
Campaign Performance Tracking
Adjusting Strategies Based on Data

Week 12:Future of Financial Services Marketing

AI and Machine Learning in Marketing
Open Banking and API Economy
Personal Finance Management Apps
Blockchain and Marketing Implications
Evolving Consumer Expectations and Agility

Taught by

Dr. Shashi Yadav

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