COLLEGE OF BUSINESS EDUCATION
COURSE TITLE : BACHELOR OF BANKING AND FINANCE
MODULE NAME: MARKETING OF FINANCIAL SERVICES
FACILITATOR : GODIAN BWEMELO
TYPE OF WORK : GROUP ASSIGMENT
NO NAMES OF GROUP MEMBERS REGISTRATION NUMBER
1 Patrick .P. Kaganda 03.0863.01.01.2024
2 Lulu Kikumba 03.6899.01.01.2024
3 Faidha Amimu Abdala 03.8204.01.01.2024
4 Shabani Ambari Kibwana 03.3502.01.01.2024
5 Maliana Zimba Albano 03.8777.01.01.2024
6 Mathias Ndyeshobora 03.8514.01.01.2024
7 Monica Pius 03.3176.01.01.2024
8 Vivian Mkagilage Katunzi 03.9551.01.01.2024
9 Kashindi Yohane Fanuel 03.3008.01.01.2024
10 Enock Mwesigwa Sadoth 03.0696.01.01.2024
11 Eunice Menlad Kandege
Questions 1
Need recognition is first step in the service consumptions process.
However , consumer may not always be aware of their needs, so businesses often
Take initiatives to trigger need recognition. Financial institutions like other businesses
Employ various methods to stimulate need recognition among consumers.
Instructions:
1. Select financial institutions of your choice. These can include banks,credit unions, insuarance
companies ,investment firm etc
2. Identify and explain the techniques each institution uses to trigger need recognition among their
consumers
3. Where possible, capture photos or videos that illustrate these techniques in actions. Ensure that
the photos and video captured do not violate any privacy or ethical guidelines. Obtain necessary
permissions if required.
QUESTION 2
As part of understanding consumer behavior in financial services your required to observe and analyze real
life advertising materials used in financial industry.Your task is capture pictures of banners, posters or any
other relevant visual advertisement related financial services using cameras and analyze them.
Instructions
1.Using your camera, capture atleast three pictures of different banners ,posters or visual advertisements
that promote financial services
2. Analyze each picture with respect to following aspects
a) Target audience for each advertisement
b) The core message conveyed through each advertisment
1. Banks institutions often referred to simply as banks are financial entities that provide a range of
services related to money management. Here a breakdown of their main functions and significance. The
following are key functions of bank institutions which are as follow; Accepting deposits, Providing
loans,Facilitating payments, offering financial services and risk management. There various types of
bank institutions which are Commercial Banks, Investment Bank, Saving and Loan asssociations and
Credit unions .There are various importance of Bank institutions which are Economic Stability,
Facilitating trade and commerce and promoting saving and investment.There are various techniques
used with bank institutions to trigger the need of recognition among customers.Here are some effective
strategies:
Personalized Marketing: Banks use customer data to tailor offers and the products based on
individual financial behaviour and needs. Bank analyzes a customer’s transaction history and spending
patterns. If customer frequently travel, the bank might recommend a travel rewards credit card that
offers points for airline purchases and hotel stays but also it create specific marketing campaigns that
resonate with different customer segments.For example , young professionals might receive
information about student loan consolidation or first-time home buyer programs while retirees might
get offers for investment account that focus.Example of Bank institutions offering personalized
Marketing in Tanzania is CRDB Bank. CRDB bank offered tailored loans such as SME loans that offers
specialized loan product for small and medium-sized enterprises. They analyze the financial profiles of
business client and tailor loan term interest rates and repayment schedules to meet the specific needs
of different industries.example is Uni loan offered by Crdb bank fo student purpose
Financial Education: Workshop and seminars offer educational sessions on topic like
budgeting saving and investing to raise awareness about financial need but also provides
articles,videos and tools that help customers to understand financial situations better example of
downloadable offered by banks are such as “How to Buy Your First Home” or “understanding credit
Scores”,helping customers make informed decisions. Example of bank in Tanzania offering financial
programs aimed at enhancing financial literacy among its customer and the broader community is
NMB BANK example of program School Banking Programs NMB runs program to educate students
student about saving and managing money from an early age. This includes setting up savings
accounts for students conducting financial literacy sessions such program offered in colleges known
as NMB Mwanachuo Account, This account has been designed specifically for students based on
their income and personal transactions
Loyalty and Rewards Program: In point systems banks implement loyalty programs that reward
customers for transactions encouraging ongoing engagement.Several banks in Tanzania have
implemented loyalty and reward programs to enhance customer engagement and retention.Here
are few examples of banks: CRDB Bank offers the reward program known as CRDB Yetu Program
that rewards the customers for using various banking services. Customer earn points that can be
redeemed for rewards such as discounts,vouchers, or gift such as “Miamala inalipa” It refers to the
idea that engaging in business activities or financial dealings can yield positive returns or benefits.
Not only CRDB bank that offer loyalty and rewards programs but also NMB Bank offers reward
program known as NMB Mkononi this is mobile banking platform includes a rewards program
where customers earn points for transactions. Accumulated points can be exchanged for prizes or
special offers.
Engagement through Feedback: Banks actively seek customer feedback through surveys and
encouraging reviews, showing that their opinions matter. In Tanzania several banks actively survey
and gather customer feedback to enhance their services and customer satisfication. Here are some
examples : CRDB Bank that regularly conducts surveys to gather feedback on customer experiences
with their products and services .They utilze this information to make improvements and tailor their
offerings. Not only CRDB Bank but also NMB Bank has established systematic approach to collect
customer feedback through surveys and suggestion boxes. They focus on understanding customer
needs and enhancing service delivery. Banks demonstate the customers suggestions lead to real
changes in service or products .Example of banks are CRDB Bank that has established channels for
customer feedback including surveys and social media interactions. They actively respond to
customer concerns and implement changes based on the feedback received Not only CRDB Bank but
also NMB Bank priotizes customer feedback through various platforms including their mobile app
such as NMB MKONONI and website. They have dedicted teams that analyze feedback and make
necessary adjustment to their services.
Social Media Interaction: Banks actively engage on the use of social media platforms to
interact with customers, addressing their queries and promoting community involvement. In
Tanzania several bank actively engage with customers through social media platforms. Examples of
banks are: CRDB Bank uses Facebook and Twitter to provide updates on services respond to
customer inquiries and share financial literacy Content and they often post about promotions,new
branches and community initiatives. User-Centic campaigns encourage customer to share their
experience and stories enhancing a sense of community. Example of Bank that employs user-centric
campaigns is CRDB Bank here are some key aspect of their approach which are Customer Feedback
initiatives, Financial literacy Campaigns,Community engagement, Promotion Offers and Social Media
interactions.
Investment Firms :These are companies that manage,invest and facilitate the flow of capital
for individuals, businesses and institutions. They play a crucial role in the financial markets by
providing various services. Including Asset Management Firms, Hedge Funds, Private Equity firms,
Brokerage Firms and venture Capital Firms. The following are key functions of investment Firm which
are Investment Research, Portfolio Management Financial Advisory and Risk Management. Investment
firms often employ various techniques to trigger a need for recognition among customers .Here are
some effective strategies :
Personalized Communication: Tailored message based on customer profile and investment
goals can make clients feel valued. Using data analytics to understand preferences helps in crafting
Personalized outreach. Example of investment firm in Tanzania that uses personalized communication
is Dawda Capital is an example of investment firm that effectively uses personalized communication to
enhance clients relationships. Here are some aspect of their approach: Tailored Investment Strategies,
Regular updates, Clients engagement,Feedback Mechanisms and Educational Content. By leveraging
personalized communication, Dawda Capital fosters strong relationships with its clients enhancing trust
and satisfaction in their investment journey.
Recognition Programs: Implementing loyalty programs or recognition awards for along- term
clients can enhance feeling of appreciation. For example, offering exclusive access to events or
enhanced service for top clients .On notable investment firm in Tanzania that utilizes recognition
programs is NMB Bank. Here are some key aspect of their approach : Loyalty programs, client
Appreciation events,Recognition of Milestones,Exclusive access and award and honors.These
recognition programs help NMB Bank Strengthen clients loyalty and satisfaction, making clients feel
valued and appreciated for their investments.
Clients Testimonials and Case studies: Shairing success stories and testimonials from satisfied clients
can foster a sense of community and recognition among potential and existing customers. In Tanzania
several investment firms effectively utilize clients testimonials and case studies to build trust and showcase
of their success. Here are couple of examples which are as follows; Dawda Capital often shares testimonials
from satisfied clients on their websites and social media platforms. These testimonials highlights successful
investment experiences and positive outcomes,reassuring potential clients about the firm capabilitiesand in
case studies provides the transparencyand demonstrates the firm’s expertise in handling diverse investment
needs. Another it is Zan securities that provides clients testimonials and case study .These firms leavarage
client testimonials and case studiesnot only to promote their services but also to build credibility and foster
trust among potential and existing clients.
Social Media Engangement: Actvely managing with clients on social media platforms can create a
sense of belonging.Recognizing clients archievements publicly can enhance their status.Example of
investment firm in Tanzania is Dawada Capital. Here are some highlights of its approach which are Actively
social Media Presence, Educational Content client interaction, Success stories and promotion Campaigns
through these strategies, Dawda Capital effectively engages with its audience , enhances brand awareness
and foster relationship with both current and potential clients in Tanzania
Educational workshops and Seminars: Hosting events that provide valuable insight into investment
strategies can position clients as informed investors, enhancing their recognition in the community. A good
example of investment firm is Zan Securities that help to empower investors with knowledge enabling them
to make informed decision in their financial markets.
2.
“Go na NMB” initiative specifically targeting the youth in Tanzania is designed to promote
financial Inclusion and empower young people through accessible banking services. Here ‘s an
overview Of what this initiative entails for the youth: The objectives for youth are Financial Literacy
educating young people About financial management, savings and investment options to help them
make informed decisions. Access to banking services encouraging youth to open bank accounts and
utilize digital banking solutions, making it easier to manage their finances. Support for
entrepreneurship it provide tailored financial products and services that support young entrepreneurs
and startups including loans and advisory services. The targeted audience are college students who
are emphasized to open and receive boom that can support their education journey.
NMB Mkononi is amobile banking services offered by NMB Bank in Tanzania. It aims to
provide customers with conveenient and accessible banking solutions through their mobile devices .
Here’s an overview of its key features and benefits. The key features and benefits are Account
Access , Money Transfers , Bill Payments , Mobile Top-Up , Loan application and Balance Inquiry. The
following are benefits of NMB Mkononi Convenience, User-Friendly interface, Increased Financial
Inclusion and Security. NMB Mkononi is targeted mainly to college student in College of Business
Education that emphasize the Mobile app so as to make various transactions and reduces jam in
banks so is advetisment poster that aim to find and retain customers through various innovations.
CRDB Wakala is abanking agency model introduced by CRDB Bank in Tanzania to enhance
financial Inclusion and accessibility . Here an overview of what CRDB Wakala emphasize on Financial
Inclusion.Agency Banking Model,Convenience, Community Engagement , Digital transactions, The
benefits of CRDB BANK are increasing accesibility, Enhanced Customer Experience and Economic
growth.
NBC Wakala is an agency banking model introduced by National Bank of Commerce in
Tanzania. This initiative aims to enhance financial inclusion by making banking services more
Accesible, especially in underserved area. Functions of NBC Wakala are Agency Banking services,
Wider Reach, Convenient Access, Support for Local Economies and Promotion of Digital Banking
.Benefits of NBC Wakala are increased Financial Inclusion, Enhanced Customer Experience, Local
Empowerment. NBC Wakala is an important initiative aimed at improving access to banking services
in Tanzania reinforcement the bank commitment to financial inclusion and community
empowerment.
