Marketing in Banks: Concepts and Approaches

The growing level of competition and the rapid pace of change in environment have rendered the Market for banking to be the key factor of business activities. Banks, therefore, have realised the need for adopting marketing approach and using every technique of marketing for business growth to keep pace with the ongoing spree of competition. Public sector banks have started re-designing their marketing strategies to suit the requirements of modern market challenges and get updated with market requirements, being customer-friendly with diversified product offerings. Banks have also realized that a very effective way of exploiting their retail banking initiatives is cross-selling. With the increasing competition as a result of opening up of the economy, some of the Indian banks, in order to stay off the competition, have started offering customized products and services. The appointment of celebrity brand ambassadors is a new trend in the banking industry. This book attempts to illustrate the relevance and the imperativeness of ‘marketing’ in today’s Banking Services. It is hoped that the book will be found informative and resourceful and that it will provide the readers insights into the whole gamut of Marketing in the Indian banking system, its relevance to banking and the current trends.