The Banking & Finance industrybegan with the early stage of human civilization, when people learned to exchange commoditieswhich led to the concept of money.Today Banking & financialcomprises of several organizations such as investment & commercial banks, insurance companies, credit card companies, hedge funds, accounting agencies, consumer finance firms, brokerage firms, & various professionals in each of these sectors. The services of these organizations in the industry are mainly related toinsurance & banking services, investments, accounting, and foreign exchange.
But how it all came to be & how marketers of today’s fast paced business world can reach the decision makers of this sector with ease?
OriginsofBanking & Finance industry
It is said that the history of banking & finance industry began withthe prototype banks of ancient merchants who made grain loans to traders & farmers who carried goods. Historians have found evidence regarding thisin India,Sumeria&Assyria. Later in ancient Greece & roman Empires, moneylenders who were based from temples gave loans to citizens while accepting deposits.
The crucial development in banking systems is considered to have happened inmedieval and Renaissance Italy, especially in the cities of Genoa, Venice & Florence. The oldest bank in existenceisBanca Monte dei Paschi di Siena,located in Siena, Italy, operating since 1472. The system of banking spread around Italy & to northern Europe in the 15thand 16thcenturyand finally reached London by the 18thcentury. The developments in telecommunications & computingresulted inmajor improvementsof the operations which let banks dramatically increase in geographic spread & size.
Differencebetween banking & Finance
Most often, the terms banking & Finance are used together even though they differ in the way they works.Banking services aid in managing day to day transactions like accepting demand, term deposits & offering loans while Finance sector is basically about insurance, pensions, stocks, venture capitalists, mutual funds, hedge funds etc.
The main distinguishing factor is that finance services accept deposits while finance services don’t eventhough the motto is same – aid customers (both individuals & firms) manage wealth, lower risks & get better returns.
Banking & Finance industry–A.I& Digitalization
Artificial Intelligence has become a major factor in theBanking & Finance industry& it is set to disrupt even further. Consumers of today can use facial recognition & use voice commands to check their banking details using financial apps. Even half of the tasks of customer service is taken over by Artificial Intelligence. Majority of the banks have already tried with Artificial Intelligence and the rest are onitswayin identifying what the technology can do for them.
Digitalization has also proved its worth in theBanking & Finance industry. Majority of the big banks have already enhanced their customer facing & front end operations with the solutions f digital. Technologists have forecasted that the old brick & mortar banking alone will no longer work in the future.
Reaching the professionals of theBanking & Finance industry
TheBanking & Finance industryhas changed a lot with time. This has also resulted in the way to market to the professionals of this field. The executives of this field are busy individuals who are busy with completing the tasks that are assigned to them. This actually makes it difficult for the modern marketers to officially send across their marketing messages for the promotion of their products & services.
The executives in this field will know the inside out of the businesses, which means they will expect quality information for the marketers who approach them rather than flashy graphics. This makes it necessary to send out targeted messages on how the products & services can actually benefit them.
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