Features of Bank Marketing
There
are some features of bank marketing. These areas-
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;
· 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.