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On this topic , i learned that financial services not just about handling money but try to adapt to changes such as in technology regulation and customer need.

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The most interesting part was knowing the HIPI which is the dominants characteristic of financial services. These characteristics really important and very different from selling physical good

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I never really thought how much these factors affect bank and insurance .

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By learning on topic 1. Ive become more interesting in learning other topic .

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Type of segmentation

1. Demographic Segmentation-includes ages, gender, income , etc

aspects like address and location

2. Psychographoc Segmentation

Such as lifestyle, values, attitudes

Target indivudiual

3. Behavioral segmentation

such as brand loyaltu, buying behavior

Element of consumer segmentation

1. A priori - indicates something happened already

Demographic

psychographic

2. Post hoc - such as past purchases

behavioural

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What organization invlove in financial services

insurance

Bank

Money exchange

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Heterogeneity

Business is different

Sustainable competitive advantage

Offer superior value

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What is ATM

automated teller machine

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Diagram shows a process conducting marketing financial services 

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Diagram shows a process conducting marketing financial services 

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4 Ps of Marketing

1. Price

such as insurance , investment plan, etc

2. Product

the straegies ncludr fees, charges, and ir.

3. Place

nowadats, financial services can be found on the mobile apps, not only physical branches

4. Promotion

helps attract customers. For example campaigns , ads, loyalty program, etc

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1. Exchange Concept: The core of marketing, where value is exchanged between parties (e.g., money for financial services). It involves mutual benefit, trust, and satisfaction.

2. Relationship Building: Focuses on creating long-term connections with customers through trust, loyalty, and personalized services, especially critical in financial services due to high involvement and trust requirements

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1. Intangibility:

Cannot be seen, touched, or tested before purchase (e.g., insurance policies).

2. Inseparability:

Production and consumption occur simultaneously (e.g., financial advice during a consultation).

3. Perishability:

Services cannot be stored for later use (e.g., a missed financial advisory session).

4. Variability:

Service quality depends on the provider, time, and context (e.g., differing advisor expertise).

5. Fiduciary Responsibility:

Financial providers must act in the client's best interest, building trust.

6. High Involvement:

Decisions involve significant risk and emotional investment (e.g., mortgages).

7. Complexity:

Financial products often require expertise to understand (e.g., investment portfolios).

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DIFFERENCES AND IMPLICATIONS FOR MARKETERS

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DIFFERENCES AND IMPLICATIONS FOR MARKETERS

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- Intangibility: Marketers must use tangible cues (e.g., branding, testimonials) to make services relatable.

-Inseparability: Requires well-trained staff to ensure consistent service

delivery.

- Perishability: Marketers must manage demand through promotions or scheduling.

-Variability: Standardized processes and training reduce inconsistency.

Fiduciary Responsibility: Transparency and ethical marketing are crucial to maintain trust.

- High Involvement: Marketers need to provide detailed information and reassurance.

-Complexity: Simplified communication and education are key to customer understanding.

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FIVE- STEP MODEL OF THE MARKETING PROCESS FOR CREATING AND CAPTURING CUSTOMER VALUE IN FINANCIAL SERVICES 

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FIVE- STEP MODEL OF THE MARKETING PROCESS FOR CREATING AND CAPTURING CUSTOMER VALUE IN FINANCIAL SERVICES 

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1. Understand the Marketplace and Customer Needs: Research financial consumer needs

2. Design a Customer-Driven Marketing Strategy: Segment and target (e.g., high-net-worth individuals) with clear positioning

3.Construct an Integrated Marketing

Program: Use the 4Ps (product, price, promotion, place) to deliver value

4. Build Customer Relationships: Foster loyalty through CRM and post-sale support

Long-term retention.

5. Capture Value from Customers: Generate revenue and loyalty

Sustainable profitability.

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FORCES TRANSFORMING THE SERVICE LANDSCAPE AND THEIR IMPACT ON THE SERVICE ECONOMY 

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FORCES TRANSFORMING THE SERVICE LANDSCAPE AND THEIR IMPACT ON THE SERVICE ECONOMY 

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- Technology: Digital banking and fintech (e.g., mobile apps) enhance accessibility but require investment in cbersecuritv.

- Customer Expectations: Demand for personalized, transparent services pushes firms to adopt Al-driven solutions.

-Globalization: Cross-border services increase competition, requiring localized strategies.

- Regulation: Stricter compliance (e.g., Malaysia's BNM regulations) ensures consumer protection but raises costs.

-Sustainability: Growing demand for ethical investments influences product offerings.

-Impact: Firms must innovate, prioritize customer experience, and comply with regulations to stay competitive in the financial services economy.

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WHY SHOULD SERVICES FIRMS FOCUS THEIR EFFORTS?

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WHY SHOULD SERVICES FIRMS FOCUS THEIR EFFORTS?

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Service firms, especially in financial services, should focus efforts to:

-Enhance Customer Satisfaction: Tailored services meet specific needs, increasing loyalty.

- Improve Efficiency: Focused strategies optimize resource allocation.

- Build Competitive Advantage: Differentiation through niche targeting strengthens market position.

- Increase Profitability :Focused efforts on high-value segments yield better returns

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1. Cost Leadership: Offer low-cost services

e.g., online-only banks like Revolut with minimal fees

2.Differentiation: Unique offerings

e.g, Islamic banking with Sharia-compliant products.

3. Niche Focus: Target specific segments

e.g., wealth management for high-net-worth individuals by CIMB Private Banking.

How it works: Cost leaders attract price-sensitive customers, differentiation builds brand loyalty, and niche focus ensures deep segment penetration

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STAGES OF BUYER DECISION-MAKING PROCESS AND PROBLEMS POSED BY FINANCIAL SERVICES CHRACTERISTICS 

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STAGES OF BUYER DECISION-MAKING PROCESS AND PROBLEMS POSED BY FINANCIAL SERVICES CHRACTERISTICS 

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1. Need Recognition: Consumers identify needs (e.g., retirement planning).

Problem: Complexity makes it hard to recognize specific financial needs. <br> 2.

Information Search: Seek advice or research (e.g., online reviews). Problem:

Intangibility and variability make credible information hard to find. <br> 3. Evaluation of Alternatives: Compare options (e.g., banks vs. fintech). Problem: High involvement and fiduciary concerns increase risk perception.<br>4. Purchase Decision: Choose a provider (e.g., signing up for a credit card). Problem:

Inseparability means trust in the provider is critical. <br>5. Post-Purchase Behavior:

Evaluate satisfaction (e.g., service quality).

Problem: Perishability and variability may lead to inconsistent experiences

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HOW FINANCIAL SERVICES PROVIDERS MARKET A CREDIT CARD USING THE BUYER DECISION PROCESS

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HOW FINANCIAL SERVICES PROVIDERS MARKET A CREDIT CARD USING THE BUYER DECISION PROCESS

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1. Need Recognition: Promote benefits like convenience or rewards to trigger interest

2. Information Search:Provide clear online content, comparison tools, and testimonials to ease research.

3. Evaluation of Alternatives: Highlight unique features (e.g., no annual fees, travel perks) to stand out.

4. Purchase Decision: Simplify application (e.g., online forms, quick approval) and offer signup bonuses.

5. Post-Purchase Behavior: Ensure excellent customer service and loyalty programs to retain users.

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- Core Product: The primary benefit solving a customer's problem (e.g., a loan provides funds).

- Supplementary Services: Additional features enhancing value. These differentiate the core offering and build customer satisfaction.

e.g., online banking, 24/7 support, or flexible repayment options

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1. Market Research-Driven: Develop services based on consumer needs

2.Technology-Driven: Leverage innovations

3. Competitor Benchmarking: Improve on competitors' offerings

4. Customer Co-Creation: Involve customers in design (e.g., feedback for app features).

5.Regulatory Adaptation: Create services compliant with new laws (e.g., ESG focused funds).

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APPLICABILITY OF THE CLASSIC PRODUCT LIFE CYCLE (PLC) TO FINANCIAL SERVICES MARKETING MIX

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APPLICABILITY OF THE CLASSIC PRODUCT LIFE CYCLE (PLC) TO FINANCIAL SERVICES MARKETING MIX

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The PLC (Introduction, Growth, Maturity, Decline) applies to financial services but is less linear due to intangibility and relationship focus: <br>- Product:

Introduction involves launching innovative products (e.g., digital wallets). Growth expands features (e.g., multi-currency support). Maturity focuses on retention (e.g., loyalty programs). Decline may see product replacement. <br>- Pricing:

Introductory low rates (e.g., 0% interest credit cards) attract customers. Growth stabilizes pricing. Maturity uses competitive pricing. Decline may involve discounts to retain users. <br>-Promotion: Heavy advertising in introduction (e.g., campaigns for new apps). Growth targets wider audiences.

Maturity emphasizes loyalty. Decline focuses on niche retention. ‹br>-

Distribution: Introduction uses select channels (e.g., online). Growth expands to branches and agents. Maturity optimizes omni-channel. Decline may reduce channels. Limitation: Long-term relationships and regulatory constraints slow PLC progression.

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WHAT IS MEANT BY "DISTRIBUTING SERVICES?" HOW CAN AN EXPERIENCE OR SOMETHING INTANGIBLE BE DISTRIBUTED?

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WHAT IS MEANT BY "DISTRIBUTING SERVICES?" HOW CAN AN EXPERIENCE OR SOMETHING INTANGIBLE BE DISTRIBUTED?

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- Distributing Services: Delivering intangible services to customers through channels that ensure accessibility and convenience .

- How Intangibles Are Distributed: Through physical , digital, or human channels. Experiences are facilitated by creating touchpointsand ensuring seamless service delivery.

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OBJECTIVES FOR SETTING PRICES FOR SERVICES 

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OBJECTIVES FOR SETTING PRICES FOR SERVICES 

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1. Cover Costs: Ensure profitability

2. Reflect Value: Align pricing with perceived benefits

3.Competitive Positioning: Match or undercut competitors

4. Customer Retention: Use loyalty discounts to maintain

relationships.

5. Market Penetration: Offer introductory rates to attract new customers

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DISTRIBUTIONS CHANNELS FOR FINANCIAL INSTITUTIONS IN MALAYSIA 

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DISTRIBUTIONS CHANNELS FOR FINANCIAL INSTITUTIONS IN MALAYSIA 

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- Bank Branches: Physical locations for in-person applications.

- Online Platforms: Websites and apps for digital applications

- Mobile Apps: Dedicated apps for seamless access

- Agents/ Brokers: Independent agents for personalized sales.

- Partnerships: Co-branded cards with retailers

- ATMs/Kiosks:Self-service application points.

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FACTORS INFLUENCING THE CHOICE OF DISTRIBUTION CHANNELS FOR A BANK AND LIFE INSURANCE COMPANY 

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FACTORS INFLUENCING THE CHOICE OF DISTRIBUTION CHANNELS FOR A BANK AND LIFE INSURANCE COMPANY 

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Bank: Customer demographics (young prefer digital, older prefer branches), product type (simple products like savings suit online, complex like loans need advisors), cost efficiency (digital is cheaper), and regulatory compliance (e.g., BNM's e-KYC rules). <br>- Life Insurance:

Trust (face-to-face agents build trust), complexity (policies require explanation, favoring agents), target market (high-net-worth prefer personal advisors), and technology adoption (younger clients use online portals). Banks prioritize scalability, while insurers focus on relationship-driven CHANNELS

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ELEMENTS OF AN EFFECTIVE SALES PROCESS FOR SELLING LIFE INSURANCE

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ELEMENTS OF AN EFFECTIVE SALES PROCESS FOR SELLING LIFE INSURANCE

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1. Prospecting: Identify potential clients (e.g., young professionals needing coverage).<br>2. Approach: Build rapport through personalized outreach (e.g., financial planning workshops).<br>3.

Needs Assessment: Understand client goals (e.g., family protection). <br>4.

Presentation: Explain policy benefits clearly (e.g., term vs. whole life). <br>5.

Handling Objections: Address concerns (e.g., cost vs. long-term value).<br>6.

Closing: Secure commitment with clear terms (e.g., flexible premiums). <br>7.

Follow-Up: Provide ongoing support (e.g., annual policy reviews) to ensure satisfaction.

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1. Define the Problem: Identify research objectives (e.g. low credit card uptake).<br>2. Develop Research Plan:

Choose methods (e.g., surveys, focus groups) and data sources. <br>3. Collect Data: Gather primary (customer feedback) and secondary (market reports) data.<br>4. Analyze Data: Identify trends (e.g., preference for digital banking). <br>5. Present Findings: Share actionable insights (e.g., target millennials with rewards).<br>6. Implement and Monitor: Apply findings and track results (e.g., campaign performance).

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Relationship marketing focuses on building long-term, trust-based relationships with customers rather than one-off transactions, emphasizing loyalty, personalized services, and ongoing engagement, critical in financial services due to high involvement.

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It involves strategies to retain customers through personalized communication, loyalty programs, and consistent value delivery. In financial services, it means understanding client needs (e.g., via CRM systems) and offering tailored solutions (e.g., customized investment plans).

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- Customer Retention: Loyal customers are more profitable than acquiring new ones. <br>- Trust Building: Essential for high-risk financial decisions. <br>- Cross-Selling Opportunities: Long-term clients are more open to additional products.<br>- Brand Advocacy:

Satisfied clients refer others, reducing acquisition costs.

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- Increased Loyalty: Clients stay longer, reducing churn.

- Higher Revenue: Cross-selling and upselling boost income.

- Cost Efficiency: Retaining clients is cheaper than acquiring new ones.

-Resilience: Strong relationships withstand competitive pressures.