IJFANS International Journal of Food and Nutritional Sciences

ISSN PRINT 2319 1775 Online 2320-7876

CHALLENGES OF MARKETING FINANCIAL SERVICES: REGULATORY AND TRUST ISSUES

Main Article Content

P.Nagendra Swamy

Abstract

This study explores the challenges of marketing financial services, highlighting their impact on the financial services sector. The marketing of financial services presents a myriad of challenges stemming primarily from stringent regulatory requirements and the critical imperative of building and maintaining consumer trust. Regulatory compliance stands as a foundational challenge for financial marketers, necessitating adherence to complex laws and guidelines that govern various aspects of advertising, data privacy, and product offerings. Across jurisdictions, compliance demands meticulous attention to detail to ensure legal standards are met while maintaining consistency in global marketing efforts. Moreover, the landscape of regulatory frameworks continually evolves, requiring marketers to stay informed about changes and adapt strategies swiftly to mitigate legal risks and uphold organizational integrity. Equally significant is the challenge of cultivating trust and credibility among consumers. In an industry where financial decisions are deeply personal and consequential, establishing trust hinges on transparency, ethical practices, and a commitment to consumer protection. Marketers must navigate the aftermath of past financial scandals and proactively manage reputational risks, employing strategies that foster longterm trust through clear communication, ethical conduct, and responsive customer service. The complexity of financial products further complicates marketing efforts, necessitating clear and comprehensive communication of features, risks, and benefits to ensure consumer understanding and informed decision-making. Educational initiatives play a crucial role in bridging knowledge gaps, empowering consumers with the information needed to navigate financial choices effectively. Digital transformation has revolutionized marketing strategies, offering new avenues for engagement through digital platforms, data analytics, and personalized marketing approaches. However, it also introduces cybersecurity concerns, requiring robust measures to safeguard consumer data and maintain trust in an increasingly interconnected world.

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