Awareness among Customers
Modern technology has made customers
aware of the developments in the economic environment, which includes the
financial system. Financial needs of the customers have grown multifold into
various forms like quick cash accessibility,
money transfer, asset security, increased return on surplus funds,
financial advice, deferred payments etc. With a wide network of branches,
even in a dissimilar banking scenario, customers expect the banks to offer a
more and better service to match their demands and this has compelled banks to
take up marketing in right earnest.
With the
opening up of the economy, fast change has been experienced in every
activity, and banking has been no exemption. Quality is the watch word in the
competitive world, which is market driven and banks have had to face up to this
emerging scenario. In fact, it may not be out of place to reiterate that
quality will in future be the sole determinant of successful banking ventures
and marketing has to focus on this most crucial need of the hour.
Increased completion is being faced
by the banking industry from within the system with other agencies both, local
and foreign, offering value added services. Competition is no more confined to
resource mobilization but also to lending and other areas of banking
activity. The foreign commercial bank with their superior technology, speed in operations
and imaginative positioning of their services has also provided the necessary
impetus to the Indian banks to innovate and complete in the market place.
Technological innovation has
resulted in financial product development especially in the international and
investment banking areas. The western experience has demonstrated that
technology has not only made execution of work faster but has also
resulted in greater availability of manpower for customer Contact.