Product Development strategy
Concept of financial service product
The financial service products are different types of services that are provided by the financial institutions to the customers. For example; depositary services, loan services, securities services, certificate of deposit, safety services, remittance services, card services, agency services, guaranty services, advisory services etc are the financial services products. Financial products are contractual services provided to customers that enhance business of the financial institutions and satisfy customers’ needs. The financial service products are intangible, so these products are called the service products. The customers take such services as a sensitive product because financial services have much more affect on the wealth position of the customers. In the case of service products it is difficult task to satisfy customers need because customers take these services in more competitive ways. The banking products are measured by customers in terms of quality and prompt delivery services. So, financial products are such products that are designed by financial institutions to attract target business of specific areas.
Product Development Process
The financial marketing services require product development time to time for enhancing market coverage of financial institutions. Product development refers identification of customers’ needs and providing financial services as per their requirement to achieve institution goal. Such product development ideas can generate from making communication with customers as well as managerial predictability. Furthermore the product development ideas can drawn from the competitive institutions services. The innovative product has more chance to get supernormal profit among competitors. The product development can be new to the financial institutions or new to the customers. The product development can be done in such ways;
o Modify of...