Marketing in Banking in India
MARKETING STRATEGIES OF THE BANKING INDUSTRY
Banking Industry is one of the most important service industries which touches the lives of inillions of people. Its service is unique both in social and economic points of view of a nation. Earlier the attitude of banking service was that it was not professional to sell one 's services and was unnecessary in the sense that traditional relationships and quality of products were sufficient to carry forward the tasks. Before the mid 1950 's the banks had no understanding or regard for marketing. The bank building was created in the image of a Greek Temple to impress the public about the importance of a bank. The interior was austere and the teller rarely smiled. Bankers maintained austere dignity and they hardly maintained friendliness. It was in the late 1950 's that marketing in banking industry emerged in the west. It emergence was in the form of advertising and promotion concept. significant place. At that time, personal setting could not get a (.3radually there was a change in the attitude of bankers, probably in time with the attitudinal change in customers. The idea of customers ' satisfaction began in the late 1950 's, flourished in 1960 's and became an integral part of the banking services in the 1970 's.
But the same trend could not be applicable, especially in Prepared by BeeHive Digital Concepts Cochin for Mahatma Gandhi University Kottayam developing countries and to be more specific in India because of socioeconomic and political reasons. Marketing came into Indian banks in the late 1950 's not in the form of marketing concept but in the forms of advertising and promotion concept. Soon it was realised that marketing transcends advertlslng and friendliness '. Till 1950 it was recognised that personal selling was not necessary. The bankers went out of their way to avoid being accused of selling. The bankers even eliminated the word
'selling ' and they called the function of customer contact
Banking Industry is one of the most important service industries which touches the lives of inillions of people. Its service is unique both in social and economic points of view of a nation. Earlier the attitude of banking service was that it was not professional to sell one 's services and was unnecessary in the sense that traditional relationships and quality of products were sufficient to carry forward the tasks. Before the mid 1950 's the banks had no understanding or regard for marketing. The bank building was created in the image of a Greek Temple to impress the public about the importance of a bank. The interior was austere and the teller rarely smiled. Bankers maintained austere dignity and they hardly maintained friendliness. It was in the late 1950 's that marketing in banking industry emerged in the west. It emergence was in the form of advertising and promotion concept. significant place. At that time, personal setting could not get a (.3radually there was a change in the attitude of bankers, probably in time with the attitudinal change in customers. The idea of customers ' satisfaction began in the late 1950 's, flourished in 1960 's and became an integral part of the banking services in the 1970 's.
But the same trend could not be applicable, especially in Prepared by BeeHive Digital Concepts Cochin for Mahatma Gandhi University Kottayam developing countries and to be more specific in India because of socioeconomic and political reasons. Marketing came into Indian banks in the late 1950 's not in the form of marketing concept but in the forms of advertising and promotion concept. Soon it was realised that marketing transcends advertlslng and friendliness '. Till 1950 it was recognised that personal selling was not necessary. The bankers went out of their way to avoid being accused of selling. The bankers even eliminated the word
'selling ' and they called the function of customer contact
References: 2. Saxena, K.K. Bank Marketing, Skylark Publications, New Delhi, 1988. p.8. 4. Saxena, K.K. Bank Marketing, Skylark Publications, New Delhi, 1988. New Delhi, 1997. p.7. 15. Sanjeev Bhatt, Bank Marketing, The Economic Times, September 1, 1980 20. Kuppuaswami, S. The Banker November 1986, p. 22. 21. Rajeev K. Seth. Marketing of Banking Services, Macmillan India Ltd. Neu Delhi, 1997. p.119. 22. Ibid. p. 178 23. Ibid. p 134-136. 24. Ibid. p. 144 25 39. RBI Bulletin, l 'rends and Progress of Banking in India, 1998-91, p.107. 49. Sanjeev Bhatt. Marketing Service, Economic Times, April 28, 1988.