What role can IT play in marketing financial products and services?

In this digital world, I have seen IT playing a major role in marketing financial products as it supplement the product to its Users. As it is essential to look into the user’s angle before marketing the product and the delivery of the product concerned should meet all the requirements of the Customer. Best example I can give could be of SBI’s combo card  which offer for various educational institutions in the country apart from a debit card and a ATM card. The combo card is also used as an identity card in some of the educational institutions.

IT sector first allocate greater share of surplus earned into research ,development and design of applications that can :-

1.bring all the latest trends and  happenings of markets to the MOBILE phones or PDA's and ensure the information can be accessed at anywhere 

2.provide adequate safety to  the information of a particular user so that it cannot be either accessed or manipulated by unauthorised filtrator.

3.make transaction happen through mobile phones and ensure the protection of money involved .

4.or be the infomediaries,third party that add value by aggregating information about alternatives available .

5.design forums to link various buyers and sellers ,that can enable the former to  evaluate various options and  later exercise strategies to retain prevailing buyers or luring fresh investors :et al .

Financial Inclusion is a sector where Handheld Computers are already being used for online transactions, receipt issuance etc. Similar devices can be used for premium collection, new policies issuance on field with biometric authentication playing a major role, current NAV can be fetched using internet, feedbacks taken on the same.

This can revolutionize the whole system, and is already happening.

Financial products are the best fit for online sales, primarily for two reasons:

1. These products are intangible. Even in personal selling, a customer cannot touch & feel the product. If the financial product is detailed with full transparency, internet can do magic for online sales. Here comes the role of online marketing communication.

2. The distribution costs can be reduced drastically benefitting both the customer and the comapany.

One of the recent examples is that Insurance regulator has permitted online sale of policies (with some T& C)!!!

In my opinion, the latest strategy is an increased emphasis on the online experience. At almost all financial products and service sites, consumers can use an interactive tool to visualize their short and long term goals and learn how a financial advisor can help them plan to achieve their dreams.