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:
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.
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.
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.