Principles of Marketing Financial Services Essay

Principles of Marketing Financial Services - Essay Example Around the world, financial services organizations are driven to increase revenues while decreasing costs. They need the ability to quickly go to market with new products, deepen customer relationships, increase revenue per customer, and improve the accuracy of their strategic decision making. At the same time, they need to control operational and compliance costs, ensure interoperability of existing applications and infrastructure, and provide seamless interactions with their customers. All within an increasingly complex compliance environment. High-performance financial institutions understand the link between operational performance and financial performance. The ability to uncover and turn vital insights into operational value levers—such as customer-facing activities, exposure to credit risk, and market share—and link them to financial value levers like operating margin, loan-loss ratios, and cost of assets in a timely and accurate fashion is key to optimizing over all performance and driving value creation. Abbey’s vision is to be the outstanding financial services company in the UK. It is the sixth largest bank in the United Kingdom and aims to achieve the largest position in the market. The purpose of Abbey is to achieve above average growth in share holder value over the long term by meeting stakeholders needs. A detailed and more specific description of the products and services offered by Abbey includes – Current Accounts, Credit Cards, Loans, Mortgages, Insurance, Savings, ISAs and Child Trust Fund. ... The ability to uncover and turn vital insights into operational value levers-such as customer- facing activities, exposure to credit risk, and market share-and link them to financial value levers like operating margin, loan-loss ratios, and cost of assets in a timely and accurate fashion is key to optimizing overall performance and driving value creation -> Abbey An Overview : Vision: Abbey's vision is to be the outstanding financial services company in theUK. It is the sixth largest bank in the United Kingdom and aims to achieve thelargest position in the market. Purpose: The purpose of Abbey is to achieve above average growth in shareholder value over the long term by meeting stake holders needs. Products and Services: A detailed and more specific description about theproducts and services offered by Abbey includes - Current Accounts, CreditCards, Loans, Mortgages, Insurance, Investments and Pensions, Savings, ISAs and Child Trust Fund. Strategies Implemented : The right mixture of strategies which suits the market place and customers are being implemented so that there would be an optimum utilization of resources and maximization of profits can be achieved. -> SWOT Analysis : Its main strength is its expert knowledge of finance. This meant that it should focus on this area. Its main weakness is its size. As only the sixth largest bank it could not offer thesame range of products as bigger banks. This meant that it should offer a simplerange. The main opportunity was to provide simpler products which customer wouldbetter understand. The main threat is from other banks, who might want to take over Abbey, so it