Financial Services and Products in Finance Market

This document provides information about the financial services and products offered by ANZ, including insurance, consumer banking, corporate banking, investment banking, investment management, wealth management, private equity, mortgages, and credit cards. It discusses the characteristics of target segments and competitors in the finance market.

PRODUCT AND SALES
REVIEW IN FINANCE
MARKET

Table of Contents
List of financial services and products along with matching market segment............................3
Characteristics of target segments of financial services organisation.........................................4
Competitors of ANZ targeting the same segment as it is............................................................4
Strengths and weaknesses of financial product and services as compared to ANZ’s competitors
.....................................................................................................................................................5
Marketing tools for marketing products and services among the target audience......................5
Creation of marketing tools.........................................................................................................6
REFERENCES..............................................................................................................................7

List of financial services and products along with matching market segment
ANZ, Australia and New Zealand Banking Group limited is a multinational financial service
organisation based in Australia. The lists of products and services offered by this financial
service company and to whom it is targeted are as follows:
 Insurance products can be two categories such as general insurance and life insurance.
General insurance include medical, fire, automotive, home and travel insurance. While
the life insurance in itself have different variants depending upon the need of the
customers. Target segment for life insurance is people falling in the age group of 31 – 45
years who are generally younger in age (Banking with ANZ. 2021). While general
insurance are generally targeted to business customers by patching up with them for the
need of insurance of customers of businesses.
 Consumer banking: This product is targeted to individual person on the basis of their
needs and involves many variants of different financial products and services offered to
such individual customers.
 Corporate banking: This product is generally being offered to corporate customers for
their need to grow and even run their day to day businesses.
 Investment banking: It is offered to generally business class customers such as
companies, funds, government entities, family businesses and entrepreneurs.
 Investment management: This service has been provided to couples having dual sources
of income and those who are living single but having higher income sources. Generally
involves higher income group here.
 Wealth management: This financial service involves financial advisory to generally
young professionals and high net worth individuals who are in need of support for
managing their wealth.
 Private equity: This product or service is targeted to generally two major segments one
those seek fund that is, corporations and businesses and the other is those who wants to
invest their excess funds that is, investors.
 Mortgages: This service is extended to those who are first time homeowners and
refinancing their residential property.

 Credit cards: Credit cards are offered to customers on the basis of their credit bureau
reports which helps in identifying the behaviors and demographics of the customers,
accordingly credit card product is offered to them.
Characteristics of target segments of financial services organisation
Often it has been seen that financial services organisation targets two types of customers, one
who is having surplus of funds and the other who is having deficit of funds. Accordingly, the
financial service organisation undertakes to meet these two categories of customers by bridging
the gap between the two (Banking with ANZ. 2021). They collect funds from those are have
surplus and then provide the same to those who are in need of funds. Here with reference to
ANZ, if its target segment is considered then it can be said that it is generally targeting higher
income group people who are between the age group of 35 – 50. Looking at different target
audience’s of financial products and services of ANZ, its characteristics can be defined as
follows:
Insurance services are offered to middle age group individuals having dependents on them in
case of life insurance while target audience of general insurance are generally business class
customers. Consumer banking is targeted to saving and low risks category of customers, while
corporate banking is meant for those having need for funds for commercial growth and
development. Investment is also for businesses who provides various goods and services to
society and offer various employment opportunities to the society. The characteristics of target
segment of investment management are individuals belonging to higher income group and have
excessive wealth, and accordingly demands for services like investment management and wealth
management. Businesses targeted by private equity firms are generally new startups and
individuals who provide money to these firms are those having lots of money and wishes to
invest the same in budding business ideas. Mortgages are offered to customers having need for
own homes and looking for financing options to seek finance for the same. Credit cards are
offered by financial companies after looking at the records of the customers and provided to
those who are in need of small amount of money for a very short period of time.
Competitors of ANZ targeting the same segment as it is
ANZ is the leading brand in the financial and banking sector of Australia. It has a commitment
towards building lasting relationships with its customers, communities and shareholders across

the world. The other players in this industry competing with ANZ are Commonwealth bank,
National Australia Bank and Westpac. These companies are giving tough competition to ANZ,
as its offerings are similar to that of ANZ and even targeting the same group of customers in
Australian financial service industry.
Strengths and weaknesses of financial product and services as compared to ANZ’s competitors
There are many strengths and weaknesses that can be stated with regards to products and
services of ANZ as compared to its competitors.
Strengths of ANZ’s financial product and services are as follows:
 Have professional and qualified base of employees who are experts and experiences in
the field of finance and thus acts as a competitive advantage for the company as
compared to other players like Westpac and National Australia Bank. Customers prefer to
choose ANZ over others in the industry for financial advisory services in terms of
investment management and wealth management (ANZ Bank SWOT Analysis,
Competitors, STP & USP. 2020).
 Have diversified portfolio of financial products and services which helps in retaining
customers by satisfying their various needs and desires. From credit cards to wealth
management services consists of wide variety in the product range of the company
helping in becoming leader in the financial service industry. Accordingly, they are able to
ensure that their customers would not be lose to their competitors.
Weaknesses of ANZ’s financial product and services are as follows:
 Due to having professional and experts of the finance field in their employee base, they
are bound to charge higher prices in terms of commission and fees for their products and
services, thus this leads to non-competitive prices in the market.
 Also, it has quite higher rate of interest on lending facilities due to which they are
deprived of certain market share.
Marketing tools for marketing products and services among the target audience
Building trust: By building trust among existing customers, new customers and customers for
new offerings can be easily obtained. It is trustworthy image of the financial service organisation
that automatically drag customers to avail company’s offerings.

Utilizing social media: Nowadays social media emerged as the most effective marketing tool
across all industries and financial services industry is no exception. Using social media
platforms, many new customers can be obtained and if there are positive reviews of the existing
customers present there, then it would be very best for the company to get new customers and
enhance their market share ().
Marketing through influencers: Using influencer marketing helps in getting more customers as
the influencing personality have many followers and these followers can be converted in a
potential customer base.
Creation of marketing tools
Marketing tools can be creation in many ways, some of which are as follows:
 Creating influencing content: By creating persuading content for the social media
platforms, the best marketing tools can be created in terms of social networking sites,
where many new customers can be obtained through generating leads among the target
audience.
 Financial services marketing agency: A specialized agency meant for creating marketing
tools can be hired by the company (Creation of marketing tools. 2019). Different
marketing tools have different requirements in terms of targets, objectives and
techniques. And such agency helps in creating marketing tools by studying needs of the
company and thus ensures higher performances.

REFERENCES
Online
Creation of marketing tools. 2019. [Online] Available through:
https://cherrypulp.com/en/service/marketing-tools-creation/
ANZ Bank SWOT Analysis, Competitors, STP & USP. 2020. [Online] Available through:
https://www.mbaskool.com/brandguide/banking-and-financial-services/2103-anz-
bank.html
Banking with ANZ. 2021. [Online] Available through: https://www.anz.com.au/personal/