Can we apply technology to reach the Fin Services market? July 20, 2009
Posted by davidcalixto in IFSA/Deloitte Future Leaders Award.trackback
My theme for the IFSA/Deloittes Future Leaders Competition paper is technology and its application to the Financial Services Industry.
In attempting to discover new ways to apply todays technology I felt it first necessary to understand who exactly we are attempting to reach, who exactly is the typical Financial Services customer.
Straight forward analysis of the product lines of most major financial services companies reveals that the main products being sold are Superannuation (i.e. 401k), Life Insurance, Income Protection and Funds Management.
From here it is a simple job of determining the most obvious market for each product. Doing this analysis it was fair enough for me to say that the typical financial services target market can be broken into 3 main segments:
1. The Baby Boomers, who at the moment are close to retirement
2. The Family Bread-winners, concerned with the ongoing support of their family, and
3. The High Net worth, clients looking to invest significant amounts of money into a managed fund.
Below you will find a link to a recent AMP (a large Australian Fin Services Co) advertisement which subtly conveys it’s message of the importance of protecting your family and taking care of your money during retirement, reinforcing my thoughts above.
AMP Ad
I think this is all pretty straight forward stuff, but important nonetheless, the customer should be at the center of all product development and knowing that customer well is the first step in understanding what will and won’t work out there in the market.
I’d love to hear your thoughts on what you believe the target market of the general Financial Services company is. Do we have a specific target market, or do we just direct it at the masses with our marketing messages and our products? Can technology help us to more precisely target our market segment and how?
Please leave a comment below, appreciate your thoughts as always!
Yours Faithfully, D
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