1.Specific Features of Financial Services Marketing
It has been suggested that there are two characteristics, which are specific for financial services marketing. The first one would be fiduciary responsibility and the second one is the two-way information flows.
Fiduciary responsibility is one of the most important features within the financial sector. It has been described through Arthur Meidan as "the responsibility of any financial services organisation to guard the interests of its customers". This feature is very vital because if customers wont have the confidence and the trust in financial institutions, then they wont come back. But once they have gained the trust from the customer it is likely that they would remain with the organisation.
Consumers' expectation is that they will be able to rely on well known financial services organisations taking all steps necessary to meet their fiduciary responsibility. As this is very important there is a substantial framework in place to ensure that customers can expect financial institutions to meet their fiduciary responsibility.
1.2Two-way Information Flows
This characteristic emphasises of the contact that takes place between customer and provider and how it is dealt with. We are not talking here about the amount of times a provider speaks with its clients but that such a contact provides the opportunity for the service providers to give and obtain information from the customer that can help in understanding and therefore meeting customers needs effectively.
A regular one-to-one meeting could help, so that the provider has the opportunity to obtain substantial amount of useful information about their clients' financial needs.
As I am a client of the Natwest since a couple of years I wanted to take the chance and give a few examples for how the handle the difficulties which are presented by the two...