Each credit institution is interested in attracting more customers, therefore it carefully develops bank marketing. Specialists involved in this activity should investigate various aspects of market relations in order to make timely changes to the policy of the bank. In addition, one should proceed from the desires and requirements of the consumer group.
In fact, banking marketing is a set of measures, including planning step-by-step actions, analysis of the financial market, the introduction of a specific program and its further promotion. Since the main goal of any commercial bank is to make a profit and maximize it, the marketing specialist must create conditions that satisfy the interests of two parties: a credit institution and customers.
Bank marketing involves the following functions:
- Formation of an information base.
- The study and selection of specific marketing methods and techniques.
- Development of measures to promote banking services in the market.
- Conducting a quality advertising campaign.
Marketing banking services is based on the development of a specific program to promote a particular product. The preparation of a specific strategy includes a study of market needs and the ability of a credit institution to provide the desired service. Of course, it is necessary to conduct a predictive assessment on the issue of profitability of this project, which will provide grounds for confirming the feasibility of its implementation.
The most common are the concepts of leadership, concentration and differentiation. If bank marketing is based on a leadership strategy in reducing costs, then all further activities of the bank are aimed at minimizing the level of costs. As a rule, it is applied in case of high competition, that is, when credit institutions offer similar services under similar conditions. Indeed, in such circumstances, requirements from customers significantly increase. Often, large banks use this strategy to implement large-scale programs.
With a strategy called focusing or concentration, the bank chooses a separate market segment for which a specific product is developed. It is assumed that the specialist directs all his attention to satisfying the desires of a narrow consumer group. As a rule, credit institutions are looking for a segment that has not yet interested competitors, because then the chances of success increase significantly. A striking example of a concentration strategy is the activities of specialized banks.
And the third type of strategic approach of a credit institution in marketing activities is the opposite of the previous one and is based on attracting a wide range of client groups. That is, the specialist is developing a banking product with such properties and distinctive features that would be equally attractive to all categories of consumers, for example, the introduction of a new type of lending.
In our country, banking marketing is at the stage of development and gradual introduction. However, it is worth noting that the development of any program to promote services requires significant costs. That is why many credit organizations hesitate to apply bank marketing. State funding can alleviate the situation, but so far there is not enough budgetary funds for this. I would like to note the problem of the lack of qualified workers specializing in marketing activities. Nevertheless, there is progress, because the banking system is improving every year.