ONLINE PURCHASE OF BANK AND INSURANCE PRODUCTS/SERVICES

Posted on | By Kalyan Bora

🌐💻 Online Purchase of Bank and Insurance Products/Services: Embracing Digital Convenience

  1. Definition:
  • Online Banking Products: Online purchase of banking products refers to acquiring financial products and services such as savings accounts, credit cards, loans, and investments through digital channels such as bank websites or mobile apps.
  • Online Insurance Services: Online purchase of insurance products involves buying insurance policies, coverage, and related services such as quotes, renewals, and claims processing through insurer websites, online marketplaces, or aggregators.
  1. Accessibility and Convenience:
  • Banking Products: Provides 24/7 accessibility for customers to explore, compare, and apply for banking products from the comfort of their homes or on the go, eliminating the need for physical visits to bank branches.
  • Insurance Services: Offers convenience and flexibility for policyholders to research, select, and purchase insurance policies at their own pace, accessing a wide range of options and coverage details online.
  1. Range of Products and Services:
  • Banking Products: Encompasses a wide array of financial products and services such as savings accounts, current accounts, fixed deposits, credit cards, personal loans, home loans, car loans, and investment products.
  • Insurance Services: Covers various insurance categories including life insurance, health insurance, auto insurance, home insurance, travel insurance, and specialty insurance products tailored to specific needs and risks.
  1. Digital Platforms and Channels:
  • Banking Products: Accessible through bank websites, mobile banking apps, and online banking portals, offering intuitive interfaces, secure authentication, and seamless integration with core banking systems.
  • Insurance Services: Available via insurer websites, insurance aggregators, and online marketplaces, providing comprehensive information, quote comparisons, policy customization, and secure payment gateways for seamless transactions.
  1. Personalization and Customization:
  • Banking Products: Employs data analytics and customer profiling to offer personalized recommendations, tailored product suggestions, and targeted promotional offers based on individual financial needs and preferences.
  • Insurance Services: Utilizes online tools and calculators to help customers assess coverage requirements, customize policy features, and select options that best fit their risk profiles, budget, and lifestyle.
  1. Security and Data Privacy:
  • Banking Products: Implements advanced security measures such as encryption, multi-factor authentication, and secure sockets layer (SSL) technology to safeguard sensitive financial data, transactions, and customer identities.
  • Insurance Services: Adheres to strict data privacy regulations, industry standards, and encryption protocols to protect personal information, policy details, and communication channels from unauthorized access or cyber threats.
  1. Customer Support and Assistance:
  • Banking Products: Offers online customer support through chatbots, virtual assistants, email inquiries, or dedicated helplines to address queries, provide assistance with account opening, and resolve technical issues related to online banking services.
  • Insurance Services: Provides access to customer service representatives, insurance agents, or online chat support for policy-related inquiries, claims assistance, policy renewals, and post-purchase support through digital channels.
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🌐💻 Conclusion

The online purchase of bank and insurance products/services revolutionizes the way customers access and acquire financial solutions, offering unparalleled convenience, accessibility, and customization options through digital platforms. By embracing digital transformation, banks and insurers can enhance customer engagement, streamline sales processes, and expand market reach, catering to evolving consumer preferences and driving growth in the digital economy.

KEYWORDS

  1. Online purchase
  2. Bank products
  3. Insurance services
  4. Accessibility
  5. Convenience
  6. Digital platforms
  7. Personalization
  8. Security
  9. Customer support
  10. Digital transformation
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  1. INTRODUCTION TO MARKETING
  2. MICRO-INSURANCE
  3. ONSITE AND OFFSITE AUTOMATIC TELLER MACHINES
  4. ADMINISTERED VS. DEREGULATED INTEREST RATES
  5. MARKETING OBJECTIVES AND STRATEGIES FOR THE BANKING AND INSURANCE SECTOR
  6. SWOT ANALYSIS
  7. MARKETING AUDIT
  8. DEVELOPING A MARKETING PLAN FOR BANKS AND INSURANCE COMPANIES
  9. MARKETING MIX
  10. RELEVANCE OF MARKETING IN BANKING AND INSURANCE
  11. PERSONAL PROMOTIONAL EFFORTS
  12. PRODUCTS, GLOBALIZING BANKING AND INSURANCE PRODUCTS/SERVICES
  13. BRANDING IN BANKING AND INSURANCE
  14. BANCASSURANCE
  15. TECHNOLOGY-BASED PRODUCTS IN BANKING AND INSURANCE
  16. DESIRABLE PRODUCT MIX
  17. SERVICE CHARGES—BANKING AND INSURANCE
  18. FACTORS INFLUENCING THE RATES OF INTEREST AND PREMIUM
  19. ROLE OF PRICE IN BANK AND INSURANCE MARKETING
  20. MECHANISM OF OPERATIONS; ADVANTAGES TO USERS AND ORGANISATION
  21. ONSITE AND OFFSITE PAYMENT OF PREMIUM
  22. OPPORTUNITIES AND CHALLENGES FOR BANKS AND INSURANCE ORGANIZATIONS IN MARKETING
  23. RECRUITMENT, SELECTION, TRAINING, AND DEVELOPMENT OF MARKETING PERSONNEL
  24. MARKETING RESEARCH
  25. BANKING AND INSURANCE PROCEDURE AND ITS IMPACT
  26. GOOD PROMOTIONAL MIX
  27. PUBLICITY
  28. BANKING AND INSURANCE OMBUDSMAN SCHEME
  29. ADVERTISING
  30. CUSTOMERS’ MEETS
  31. INSURANCE REGULATORY AUTHORITY – INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)
Category: MARKETING OF BANKING AND INSURANCE SERVICES
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