Marketing Approach to Banking Services

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.