Why Bank Marketing?
Posted by Ripon Abu Hasnat on Thursday, September 4, 2014 | 0 comments
Awareness among Customers
Modern
technology has made customers aware of the developments in the economic environment,
which includes the financial system. Financial needs of the customers have grown
multifold into various forms like quick cash accessibility,
money transfer, asset security, increased return on surplus funds,
financial advice, deferred payments etc. With a wide network of branches,
even in a dissimilar banking scenario, customers expect the banks to offer a
more and better service to match their demands and this has compelled banks to
take up marketing in right earnest.
Quality as a Key Factor
With the opening up of the economy, fast change has been
experienced in every
activity, and banking has been no exemption. Quality is the watch word in the
competitive world, which is market driven and banks have had to face up to this
emerging scenario. In fact, it may not be out of place to reiterate that
quality will in future be the sole determinant of successful banking ventures
and marketing has to focus on this most crucial need of the hour.
Growing
Competition
Increased
completion is being faced by the banking industry from within the system with
other agencies both, local and foreign, offering value added services. Competition
is no more confined to resource mobilization but also to lending and other
areas of banking activity. The foreign commercial bank with their superior
technology, speed in operations and imaginative positioning of their services
has also provided the necessary impetus to the Indian banks to innovate and
complete in the market place.
Technological
Advances
Technological
innovation has resulted in financial product development especially in the
international and investment banking areas. The western experience has
demonstrated that technology has not only made execution of work faster
but has also resulted in greater availability of manpower for
customer Contact.
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