What are Financial Products?
Everything from retail banking and insurance to securities and investments that provide buyers and sellers with any sort of financial gains, either short term or long term, are all collectively known as financial products. Growth potential of the BFSI industry and its products have a critical role to play in the countryâ€™s economy, as it allows liquidity to circulate. As financial products help consumers grow their money to meet their financial goals in the future, more and more people show interest in investing in BFSI products to stipulate the cash movement for a financially secured future. This is why the BFSI industry is very active when it comes to promoting the sales and distribution of its products through various channels. However, it is crucial that consumers are informed of the characteristics and benefits of the products along with the potential risks, limitations, and costs incurred, which is, in fact, vital for smooth functioning of the industry.
Sales and Distribution of Financial Products
The most important objective behind successful financial marketing is to focus on enhancing the customer experience across all of its distribution channels through effective communication. Improving the sales and distribution of BFSI products from a consumer perspective has always proven to drive in better growth, loyalty, and profitability. With the advancement in technology, distribution of BFSI products has also moved ahead with the trend. Nowadays, most financial firms including banks give high preference to using touchpoints such as mobile and social media for communicating and connecting with their consumers. All of these hold paramount importance in improving the consumer experience and bringing about a personalized communication targeting the right audience.
In sales and distribution of financial products like insurance, banking, and investments, personalization of services is of huge significance. Such personalized services have been shown to provide amplified reach and increased relevance of services to the consumers, thereby, benefiting the firms in terms of higher loyalty, higher response rates, and higher conversion rates. Moreover, even the consumers today are indicating a desire for custom-made solutions tailored to their personal needs and situations, which is pushing the BFSI industry to focus more on personalized services.
Distribution channels in BFSI sector provide the access point for marketing of financial products and services to the customers. There are multiple distribution channels in the sector to serve the customers, through which the banking service sector reaches out to the customers the most. Everything from branches, bank contact centers, ATMs, and web portals are means of distribution channels for banks. Moreover, the banking sector also relies on specialized centers to distribute their products of a specific type of activity such as to corporate clients or individual investors. Having a closer, personalized relationship with clients would increase their sales and help distribute targeted services of interest for the clients. Also, several clients requiring more sophisticated products and services from the BFSI sector and demanding high standards of quality can be provided with adequate products knowledge and given high quality of service delivery.
Financial products and services today are witnessing a paradigm shift from pure sales to the knowledge-based distribution of services. Having a broad portfolio of financial products and service offerings can put BFSI companies at an advantage in the industry. A highly qualified and professional team of managers and sales representatives having quality academic and professional backgrounds can help maintain high levels of client service delivery.
Moreover, the immense growth potential within the sector can be enhanced through retail sales and distribution of BFSI products along with advisory and counseling services to the affluent population. Understanding the customer needs, demands, and lifestyle in the context of their status and earning can help BFSI professionals increase sales and distribution of products and provide adequate advisory services facilitating long-term wealth creation for the clients.
No doubt, in-depth knowledge about the BFSI sector and its products is necessary for the professionals to remain competitive, let alone the familiarity with the latest developments in the sector. Deep-seated knowledge about the industry and detailed understanding of its products and services can be an added advantage for budding aspirants looking for an employment opportunity within the sector. To that end, TimesPro, a leading educational institution by The Times of India Group, has been consistently and dedicatedly working to revolutionize the field of professional education in India.
TimesPro has been catering to the needs of the BFSI industry by creating a pool of talented and well-trained banking management professionals who are capable to efficiently work, grow, and excel in the sector. We aim to address the existing gap between the educational sector and the industry employability, thus providing customized, industry-specific, career-oriented professional banking and finance courses that enable the ambitious young minds to take the lead and stand in the forefront in the competitive job market.
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/education.php/494151
Article Added on Friday, May 17, 2019
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