To ensure that there is smooth running of companies or businesses, you have to be able to have various sections that deal with the different aspects of the company. The finance sector mainly deals with the various aspects and services that are offered in making it easier to access and understand them.
This ranges from personal banking and even the insurance industry. Since it is a part of the national economy, it can sometimes be complicated as it involves a lot of paper work that is hard to keep track of.
There are also institutions that are part of the finance industry like banks, insurance companies, investment firms etc. These companies generally operate in various ways including funds, investments, debt instruments etc.
They are constantly interacting with this factor in our day-to-day financial activities. Every time we deposit a check, apply for credit cards, or even borrow a loan they are working hand in hand with this division. When it comes to institutions and companies, these activities are on a larger scale.
One of the most recognised is Wall Street. It accommodates some of the biggest corporations in the industry. The sector has risen gradually and has become a force to reckon with there have been individuals and corporations who have managed to achieve impressive portfolios.
There have been attempts by various countries to regulate this industry in a bid to protect investors and the economy. Lack of regulations can cause serious hurdles especially in times of economic crisis, since these activities can contribute to crisis situations. The finance industry is a sensitive and vital part of any organisation that needs to be treated accordingly.
The financial sector is the primary business subdivision in the UK and is the centre of the world's markets.
The economic struggle due to the global recession caused by the American subprime market caused the loss of trillions of pounds to be lost from banks and financial institutions around the world.
Many in the UK have lost money from the choices made by monetary companies and all have been affected in one way or another. For this reason, these businesses are doing a lot of marketing in order to counteract the bad press they are getting from the mainstream media.
The UK as a whole is angry at the monetary 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 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 these institutions and a more open door policy as to how the fiscal 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).
Future Of Financial Marketing
As time goes on, the marketing will only intensify as the sector continues to receive bad press. Companies need to ensure that they are perceived to be making changes, taking less risks and listening to customers so as to win back ground that has been lost. This can only be done by the PR and advertising campaigns that are currently running in response to mainstream media stories.