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Unit - 10 : Marketing in Retail Banking
Retail Banking unlike Corporate Banking is primarily driven by number of customers each bank possesses.
Bank Marketing can be defined as
'the creation and delivery of customer - satisfying services at a profit to the bank'
'the matching of bank's resources with the customer's needs in the most profitable manner'.
Customer is the centre of attraction in retail banking and marketing and all the activities have to be focussed towards
(a) Identifying the customers' needs,
(b) Developing appropriate products to satisfy their needs,
(c) Providing them with efficient delivery channels for availing the products.
(d) Making them avail the products continuously.
Fundamental ingredients of an effective marketing mix in retail banking which are as follows:
(i) Product
(ii) Price
(iii) Promotion
(iv) Place
(v) People
(vi) Process
(vii) Physical evidence
The success of the seven Ps and the marketing strategies are measured only by the responses from the customers from the point of view of need satisfaction.
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