Importance of Marketing in Banking Sector/ Financial Organization
Posted by Ripon Abu Hasnat on Thursday, September 4, 2014 | 0 comments
Introduction:
Marketing in banking sector
should be considered under the service marketing framework. Bank marketing is
not only include service selling of the bank but also gets personality and increasing
image/ status for bank on its customers’ mind. For this reason, the traditional
marketing is separate from the marketing of financial organization and Banks.
Importance of Marketing in Banking Sector/ Financial
Organization:
The Importance of Marketing
in Banking Sector/ Financial Organization are mentioned below:
Large competition in financial service sector:
The competition became extreme
for growing international banking perceptiveness and recently being unlimited new
enterprises in this sector. Increase in liberalization of interest rates has
intensified the competition.
Change in demographic structure:
Thinking and quality vary
men to men. Differentiation of population in the number, quality and attribute,
banks has to maintain a close relation and has to cope with the change. For
this reasons, the importance of marketing in Banking Sector/ Financial
Organization has emerge.
Bank’s wish to increase profit:
Banks increases their
profits by creating new markets, to protect and develop their existing market
shares. Since the banks wants to make high profit, they must involve with
marketing to survive in their sector.
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