Financial marketing: definition and uses in business

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Financial marketing, as its name suggests, is marketing applied to the banking sector.
The banking sector is immersed in a profound process of change in its business model .

There are many factors that have intervened in this transformation, the main ones being:

Economic: the crisis that began in 2007 forced it to reconsider its internal functioning and control mechanisms.
Legislative: They have implemented legislative changes and controls both at national and international level, to avoid the mistakes made.
Technological: the application of big data , the use of artificial intelligence, the maturity of smartphone use, process automation systems, etc.
These factors are really changing all of our lives.

Therefore, you should pay special attention to how the giants of the financial sector adapt and act, in order to apply it to your own company.

Despite all these changes, the banking sector has continued to make money, thanks to its customer focus.

This is the essence of financial marketing.

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What is financial marketing?
Financial marketing is the specialized marketing used by the banking sector, that is, the marketing used by banks or credit institutions.

Another definition of financial marketing is that it is the set of actions and techniques used in the banking sector to improve the marketing of its products or services.

Banks apply this in their daily work, within a very complex and changing environment, with an increasingly demanding customer.

In fact, it is the application of your marketing plan , which includes the following points:

1.- Analysis
Internal
Knowledge of your target audience.
Resources available and needed.
Brand image.
Its positioning in the market.
External
Market and sector study.
Positioning your competition.
2.- Definition of objectives
Objectives to be achieved and aligned with the company's global objectives.
3.- Strategy creation
Development of products and services that solve customers' problems.
Pricing by analyzing your costs and objectives to be achieved.
Design of the best distribution channels to deliver your products or dubai whatsapp number services to your customers.
Planning a communication system with your clients, as well as defining advertising campaigns and promotions to implemen