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The Changing Role of Marketing in Banking

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The Changing Role of Marketing in Banking

 The Changing Role of Marketing in Banking

Introduction

Banking has come to adjust and change successively over the past decade in order to accommodate the digital age. However, even far before that aspects of engaging the customer and aligning the client’s interests with financial institutions’ characterized the way that banks did business. It is on that foundation that marketing, as an anticipation mechanism to the customer’s needs has evolved to become incorporated into everyday business. Whether it is in terms of enticing loans or attracting people to the services offered within, marketing has been used as a tool to increase the revenue in regards to banking institutions and has even gone into securing a prominent role in future growth plans.

Types of Marketing

By definition, marketing in banking encompasses the activities that go towards satisfying the requirements of the bank’s clientele while managing to efficiently beat the competition. Through marketing, the banks get to showcase its products and at the same time, learn of the environment around them in terms of needs which in turn fuels revenue(Aloni, 2012). However, every financial institution is run by certain objectives that are set prior to inception. Therefore, by integrating marketing into their services, these objectives are more easily achieved since they become aligned with what the customer wants and desires especially in regards to financial services such as loans or savings.

There are three types of marketing in the financial sector; traditional external, internal and interactive. The former focuses on product, price, place and promotion(Ogbadu&Abdullahi, 2013). Essentially, in terms of price, the fees or commission in terms of interest that are charged by the bank are changed to appropriately attract different types of customers.It may occur in informing the bank’s clients of better interest rates on loans taken or perhaps in a change in commissions associated with their financial matters.

Additionally, through the effective setting up of a branch of networks, the very concept of place is redefined since diverse markets are tapped into. If more branches are located in strategized part of the country, then more people can get access to the bank’s services, sufficiently marketing them. Moreover, the external format deals with promotion, this is in relation to advertisements aired on media outlets with the facilitation of sales promotions. Finally, the product concept relates and combines all these factors, largely contributing to its overall effect. When the customer finally witnesses the overall effect made by addressing the four factors above, they buy into the bank’s ideas and financial framework.

Alternatively, internal marketing categorizes and seeks to adjust the people and processes involved within the bank in order to appeal to their clients. These processes include the employees who are regarded in much the same way as customers and given incentives or motivational skills in order to improve their efficiency(Norden, 2016). Ultimately, the Human Resources department is also incorporated, where adjustments are made to ensure that the environment that the employees work in is healthy and wholesome. In return, with stronger motivations, proper wages and the appeal of respect garnered from fellow work mates, their natures are coaxed into reflective the same strength to the clients influencing an ideal of marketing.

Banking has changed over the years leading to the development of the interactive type of marketing which was a concept not as possible before. Essentially, since positive customer feedback largely influences the way services are meted out, the interaction between the customer and the employee has been focused to reduce conflict while at the same time create a fruitful outcome. With the advent of the digital age, this is a concept that has become increasingly more relevant since now customers can give lasting reviews in an online capacity which can either serve to damage or build a financial institution’s reputation. 

References

Aloni, P. (2012). Marketing in Banking Sector.Slideshare.net. Retrieved 1 February 2017,

 fromhttp://www.slideshare.net/pratikaloni/marketing-in-banking-sector

Delacastro, S. (2016).Marketing’s role in revenue growth.Bai.org. Retrieved 1 February

2017, from https://www.bai.org/banking-strategies/article-detail/marketing-s-role-in-revenue-growth

Kozak, S. (2014).The Importance of Establishing a Strong Brand Identity - Fathom.Fathom.

Retrieved 1 February 2017, from http://www.fathomdelivers.com/blog/creative/the-importance-of-establishing-a-strong-brand-identity/

Mala, D. & John, D. (2014).Commercial Banking and Marketing of Banking Services.

International Journal Of Pharmaceutical Sciences And Business Management, 2(3),



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