Marketing of Financial Services

Study materials of Marketing of Financial Services, Marketing of Financial Services (MFS)

Marketing of Financial Services, Marketing of Financial Services (MFS), Short Notes of Marketing of Financial Services, E-Banking, Retail and wholesale product, Customer Loyalty Program, Islami banking product, Environmental Risk Management, Customer satisfaction, Why Customer Satisfaction is Important, Product Line, Consumerism

List of Short Notes of Marketing of Financial Services (MFS):

What is E-Banking?

e-banking or virtual banking, Online banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services.
The customer visits the financial institution's secure website, and enters the online banking facility using the customer number and credentials previously set up. The types of financial transactions which a customer may transact through online banking are determined by the financial institution, but usually includes obtaining account balances, a list of the recent transactions, electronic bill payments and funds transfers between a customer's or another's accounts. Most banks also enable a customer to download copies of bank statements, which can be printed at the customer's premises. Some banks also enable customers to download transactions directly into the customer's accounting software. The facility may also enable the customer to order a cheque book, statements, report loss of credit cards, stop payment on a cheque, advise change of address and other routine actions.

What is retails and wholesale product?

A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use. The transaction itself can occur through a number of different sales channels, such as online, in a brick-and-mortar storefront, through direct sales, or direct mail. The aspect of the sale that qualifies it as a retail transaction is that the end user is the buyer.
Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services. In general, it is the sale of goods to anyone other than a standard consumer.

What is a Customer Loyalty Program?

A customer loyalty program is a rewardsprogram offered by a company to customers who frequently make purchases. Aloyalty program may give a customer free merchandise, rewards, coupons, or even advance released products.
Loyalty programs encourage shoppers to return to stores where they frequently make purchases. Some of the incentives may include advanced access to new products, additional discounts or sometimes free merchandise. Customers typically register their personal information with the company and are given a unique identifier, such as a numerical ID or membership card, and use that identifier when making a purchase.

What is Islami banking product?

Islamic banking or Islamic finance or sharia-compliant finance is banking or financing activity that complies with sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (Profit sharing and loss bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost plus), and Ijar (leasing).
Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). Investment in businesses that provide goods or services considered contrary to Islamic principles.

What is Environmental Risk Management?

Environmental risk management and mitigation are key drivers for ensuring safe and sustainable operations. In order to maintain environmental compliance, our operational business units have developed implemented processes, procedures, and tools specific to their work.
As a tool to continuously reduce environmental risks, Panasonic has established an Environmental Risk Management System specific to each Company. In accordance with the basic risk management policy for all Companies, we promote (1) identification of environmental risks and group-wide risk management each year, and (2) ensuring quick responses to reported environmental risks. When an environmental risk is found, the relevant Company, related job functions, and Regional Headquarters collaborate to promptly implement emergency measures and recurrence prevention measures adapted to the risk level. Also, the management flow in case of risk discovery is standardized to prevent the occurrence of secondary risks as a result of confusion.

What is Customer satisfaction?

Customer satisfaction is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals.
The Marketing Accountability Standards Board (MASB) endorses the definitions, purposes, and constructs of classes of measures that appear in Marketing Metrics as part of its ongoing Common Language in Marketing Project. In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.

Why Customer Satisfaction is Important?

Quality, efficiency, service, and reliability are the terms we often hear when we discuss customer satisfaction. Smart businesses know, retaining a customer is an art. But, businesses also need to start measuring customer satisfaction to know customer loyalty and a simple way of measuring this is deploying a customer satisfaction survey.
Customer satisfaction is a marketing term that measures how products or services supplied by a company meet or surpass a customer’s expectation.
Customer satisfaction is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.
In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses.
Here are the top six reasons why customer satisfaction is so important:
It’s a leading indicator of consumer repurchase intentions and loyalty It’s a point of differentiation
It reduces customer churn
It increases customer lifetime value
It reduces negative word of mouth
It’s cheaper to retain customers than acquire new ones

What is Product Line?

A product line is a group of related products under a single brand sold by the same company. Companies sell multiple product lines under their various brands.
In marketing jargon, product lining is offering several related products for sale individually. Unlike product bundling, where several products are combined into one group, which is then offered for sale as a units, product lining involves offering the products for sale separately. A line can comprise related products of various sizes, types, colors, qualities, or prices. Line depth refers to the number of subcategories a category has. Line consistency refers to how closely related the products that make up the line are. Line vulnerability refers to the percentage of sales or profits that are derived from only a few products in the line.
Product lining is a marketing strategy that companies adopt which they offer products in the same product line for sale individually. Product line is a group of related products defined by their functions and customer market, forming a “line" or category. For instance, the variety of coffees that are offered at a café is one of its product lines and it could consist of flat white, cappuccinos, short black, lattes, mochas, etc. Alternatively, product line of juices and pastries can also be found at a cafe.

What is Consumerism?

Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts. With the industrial revolution, but particularly in the 20th century, mass production led to an economic crisis: there was overproduction – the supply of goods would grow beyond consumer demand, and so manufacturers turned to planned obsolescence and advertising to increase consumer spending. Early criticism of consumerism such as Thorstein Veblen's best known book; The Theory of the Leisure Class, of 1899, which critically examined newly widespread values and economic institutions emerging along with newly widespread "leisure time," at the turn of the 20th century, where Veblen; "views the activities and spending habits of this leisure class in terms of conspicuous and vicarious consumption and waste. Both are related to the display of status and not to functionality or usefulness.
In economics, "consumerism" may refer to economic policies which emphasise consumption. In an abstract sense, it is the consideration that the free choice of consumers should strongly orient the choice by manufacturers of what is produced and how, and therefore orient the economic organization of a society.

List of subjects for Junior Associate of the Institute of Bankers, Bangladesh (JAIBB) Exam:
1. Principles of Economics & Bangladesh Economy (PBE).
2. Business Communication (BC).
3. Laws and Practice of Banking (LPB).
4. Organization & Management (OM).
5. Accounting for Financial Services (AFS).
6. Marketing of Financial Services (MFS).

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