The Impact of Emerging Market Trends on the Development and Marketing of Financial Service Products in Zimbabwe Post Dollarization

The research sought to analyse the impact of emerging market trends as measured by competition, technology and consumer demographics on the development and marketing of financial service products in Zimbabwe post dollarization. The Zimbabwean financial service sector has been largely characterised by new and changing market trends since dollarization. These trends have largely manifested in the form of entrance of new players in the market, a growing informal sector at the expense of the formal financial sector and the emergence of new technology paving way for the need to develop and market new financial service products. There is therefore need for financial service providers in Zimbabwe to continually embrace innovative product development and marketing strategies so as to shape banking products to fit consumers’ evolving financial needs much of which are well beyond the realm of traditional banking products. An explanatory research design was adopted in conjunction with a descriptive research design. Results from the study indicate that the entry of new financial institutions, removal of barriers between institutions, emergence of non-regulated financial institutions, increased consumer access to financial information owing to increased adoption of technology, market fragmentation and increased formal unemployment have a significant impact on the way financial service products are structured, provisioned. In light of that, it is recommended that financial service providers should design and tailor new business models to suit the emerging market environment.