Marketing For Financial Companies

The financial sector is the primary business sector in the UK and is the center of the world’s financial markets. The financial sector has been struggling due to the global recession caused by the American subprime market which caused the loss of trillions of pounds to be lost from banks and financial institutions around the world. You need Consumer Portfolio Services to see your asset. Banks, financial institutions are all seeking to regain their losses as there have been casualties. Many in the UK have lost money from the choices made by financial companies and all have been effected in one way or another. For this reason, financial businesses are doing a lot of marketing in order to counteract the bad press they are getting from the mainstream media. Crisis Management The UK as a whole is angry at the financial system, being one that rewarded itself with success in bygone years and now is using taxpayers money as a bailout to help kick start growth once again. For this reason, financial companies are seeking to cushion the blow by means of their marketing. Responding to the public outcry is part of the strategy (which is linked to their PR teams) to help bring consumer confidence and respect back to where it once was. Many of the mainstream banks and financial institutions are conducting sophisticated TV advertising campaigns and sponsorship activities to get their name and brand recognised in the public eye. The TV adverts are part of a rolling campaign to feature openness, friendliness and a safe investment for savings (some are offering cash incentives for larger savings plans such as £1,000 cashback for £16.000 invested). Reshaping Of Financial Systems As a result of the crisis, the government is putting controls in place to ensure that a repeat cannot happen again. This involves greater transparency for the running of financial institutions and a more open door policy as to how the financial sector functions. Many banks are not happy about this; however as part of the agreement the marketing is tailored to being open and honest (‘simple banking’ is a phrase that is used in the media).

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