Importance of Marketing in Banking Sector/ Financial Organization

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.