What’s are the Features and Approach of Bank Marketing?

Features of Bank Marketing

There are some features of bank marketing. These ares-

a).  Banking product cannot be seen or touched like manufactured products (intangibility).

b). In marketing banking products, the product and the seller are inseparable; they together define the banking product (inseparability)

c). Banking products are products and delivered at the same time; they cannot be stored and inspected before delivering’ (perish ability)

d). Standardization of banking product is difficult (variability)

Approach Bank Marketing

With the need for marketing in banks having evolved out of the changing environment and constant interplay of various interdependent factors, the importance of a systematic approach to marketing cannot be over stressed. The application of a marketing approach in banks will therefore involve:

a. Identifying customers’ financial needs and wants; 

b. Developing appropriate banking services to meet these needs;

c. Pricing for the services so developed;

d. Setting up suitable outsells / banks branches;

e. Advertising to promote the services to the existing as well as prospective customers.