Question

Marketing Financial World

1. What is the general problem for the marketers in the financial industry?

Answer 1

The key issue is a general lack of awareness and understanding of the various aspects of financial services among customers. Research has shown that customers are often very weak in their knowledge of financial markets. Statistics show that customers can handle at any time only approximately 7 pieces of information, so they are not able to interpret the information provided in financial service advertisements completely.

The pricing of financial services can not be quantified. For example, most consumers in the industry do not typically know the compensation payout activity of an insurance company. This is because the risk-sharing by a large number of customers will never result in direct losses for policyholders.

Investors' commitment to the benefits of the assurance scheme, investment portfolio returns, or commercial bank checking services never generates much excitement and enthusiasm. This does not generally lead to high customer interest, expectations, emotions, or feelings being associated with financial services.