Metamorphosis Of Marketing Financial Services In India | Krishna Chaitanya V.

The Financial Service industry in India has grown tremendously particularly after eighties. Number of new services and products like credit cards, ATMs, consumer finance, mutual funds, dematerialization, factoring, securitization, credit rating, leasing, investment banking, forfeiting, have become a norm since then. The driving forces behind this development are liberalization, economic reforms and deregulations, economic changes and rapid developments in capital markets. All these factors provided a greater freedom to private sector to become more competitive, productive, effective and efficient. The customers have become more demanding and prefer innovative products and quality services at faster speed from the companies. This has made the job of financial service company much tougher and challenging, as they need to understand the customers changing needs, offer new products and services and most importantly they have to promote these. Therefore in the present day context it has become even more important to learn the application of marketing theories of product, providing service quality, distribution and planning for a customer oriented marketing strategy. The paper discusses about i. Understanding the meaning, nature and scope of financial services activities in India. ii. Studying the features of financial services and financial products iii. To frame a marketing strategy on how to attain service quality and focus on effective distribution. iv. To study the key drivers of change in financial service industry.