Marketing Approach to Banking Services
Posted by Ripon Abu Hasnat on Monday, November 24, 2014 | 0 comments
There are some approaches to bank marketing. These are discussed
below:
· Identifying
the customer’s financial needs and wants.
· Develop
appropriate banking products and services to meet customer’s needs.
· Determine
the prices for the products/services developed.
· Advertise
and promote the product to existing and potential customer of financial
services.
· Set up
suitable distribution channels and bank branches.
· Forecasting
and research of future market needs.
From the above discussion of bank marketing, it can be understood that the existence
of the bank has little value without the existence of the customer. The key
task of the bank is not only to create and win more and more customers but also
to retain them through effective customer service. Customers are attracted
through promises and are retained through satisfaction of expectations, needs
and wants. Marketing as related to banking is to define an appropriate promise
to a customer through a range of services (products) and also to ensure
effective delivery through satisfaction. The actual satisfaction delivered to a
customer depends upon how the customer is interacted with. It goes on to
emphasize that every employee from the topmost executive to the junior most
employee of the bank is market.
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