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0:00
Hello. My name is James Devlin,
and I'm a professor
of financial services
and director of the Centre for
Finance Technology and Society
at the Nottingham
Business School,
at Nottingham Trent University.
I'm here today to talk about
marketing financial services.
In Part 1,
I will look at the characteristics
of financial services
and some of the challenges
that marketeers may face
when trying to market
their products
and services successfully.
0:27
First of all, I will
talk you through
what we will cover today.
Of course we will have
a brief introduction,
and then we will look
at financial services
and the range of financial
services that we are talking about
and thinking about
in our lecture.
Marketing financial services is
a very challenging
context to work in,
and we will understand
why that is the case.
We will look at the
product characteristics
that are the cause of
some of these challenges.
We will also investigate
the features of the market
for financial services products.
We will then look at
some of the characteristics
of consumers
and why consumers
sometimes struggle
to engage effectively
with financial services.
We will then consider
why all of this matters,
and also how marketeers may
work to overcome the challenges
that we have highlighted.
Finally, there will
be a case study
focusing on Nationwide
Building Society
and how they are trying to
differentiate themselves effectively
in a crowded market.
1:28
We will now introduce
the topic more fully.
Traditionally, the marketing
of financial services
has been considered
challenging for firms
for various reasons,
and consumers have
often struggled
to engage effectively
with financial services
due to various
underlying causes.
We may reflect that
financial services aren't
particularly exciting,
for many of us.
They may be complicated
and we may encounter
small print and jargon
that we find intimidating
and confusing,
and that puts us off and alienates
us from making decisions.
We really need to think
about why this is the case
and how those responsible for the
marketing of financial services
can work to overcome
the related challenges.
I'm sure we've all
encountered situations where
we're bombarded by small
print or terminology
that we do not understand,
and this creates challenges
for those responsible
for the marketing of
financial services.
