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Recent Trends in Marketing Strategy in Banking Sector
Indian banking sector historically passed through five stages: pre-independence, post-independence, prenationalization, nationalization and post-liberalization stages. In all these stages, other than the last stage, marketing was always considered not to be a banker's cup of tea. But today, it is considered to be an integral management function in the banking sector. India's banking sector has made rapid strides in reforming and aligning itself to the new competitive business environment. Traditionally, Indian banks have not really paid adequate attention to marketing and market research. The paper focuses on the recent macro and micro trends in the marketing of the banking sector. The paper also develops the conceptual frame work in the form of model relating banks with each touch point of customer exposure. Finally, the paper ends with the conclusion that marketing services are not only for the survival but also needed for improving the efficiency of banking services and building a loyal customer base.
Banking Sector, Service Marketing, Macro and Micro Trends, Touch Point
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