Metamorphosis of Marketing Financial Services in India
The Financial Service industry in India has grown tremendously particularly after
eighties. Number of new services and products like credit cards, ATMs, consumer
finance, mutual funds, dematerialization, factoring, securitization, credit rating,
leasing, investment banking, forfeiting, have become a norm since then.
The driving forces behind this development are liberalization, economic reforms
and deregulations, economic changes and rapid developments in capital markets.
All these factors provided a greater freedom to private sector to become more
competitive, productive, effective and efficient. The customers have become
more demanding and prefer innovative products and quality services at faster
speed from the companies. This has made the job of financial service company
much tougher and challenging, as they need to understand the customers
changing needs, offer new products and services and most importantly they
have to promote these.
Therefore in the present day context it has become even more important to learn
the application of marketing theories of product, providing service quality,
distribution and planning for a customer oriented marketing strategy.