QUESTION 1

The word "financial services" refers to the services provided by the finance industry. The phrase "financial services" is frequently used to denote businesses that deal with money management. Banks, investment banks, insurance firms, credit card companies, and stock brokerages are all examples whereas marketing is defined as the process of creating value for the customer, building profitable relationships with the customer and capturing value from the customer. A process that involves the customer's satisfaction towards their requirements created in terms of value is called the marketing process. It is a string of actions and their reactions performed by the financial institutions and the customers in order to satisfy their customers. Discuss with examples from the financial service sector the marketing process and how each process leads to the other in contributing to value creation for the customer and capturing returns from them. (20 marks).