Financial services facilitate transactions, mobilize savings, allocate capital and monitor firms. These functions are critical to the orderly development of an economy.
Marketers of financial services need to understand how their customers make purchasing decisions so they can tailor their marketing efforts accordingly. This requires the use of person-level data, which is often obtained through online and offline interactions with consumers.
People rely on financial services to save for retirement or for major purchases such as a home or car. These services are also used by small businesses to expand their operations or hire new employees.
The financial services industry is a large and growing sector of the economy. It includes banks and other financial institutions, credit card companies, and insurance companies. These organizations also provide investments and other redistribution services.
Benefits to society: The presence of financial services leads to economic growth and prosperity in a country. It encourages more production and increases the value of people’s products.
Increased economic activity allows people to earn more money, which in turn gives them more spending power and helps boost consumer confidence. The government also uses financial services to monitor the economy and provide incentives for areas that have weak growth rates.
Marketing of financial services is intangible and requires a high level of customer service. To do this, firms must have a strong brand image and be known for their quality products. They also need to implement social media strategies that allow them to connect with potential clients.