Marketing of Liability Products of Bank Essay

There are number of Liabilty products, some of the liability products are listed below * Savings Account * Fixed Deposit Account * Recurring Deposit * Current Account * NRI Account Etc†¦. These products are the basic products of bank which are taking new dimensions in the banking world as the competition is tougher. The products which are mentioned above are the products of Retail Banking. Wholesale banking is another big segment of bank which deals with the SME and Corporate clients. WholeSale Banking Though Internet banking as a concept has not caught the fancy of a majority of customers as yet-even the small percentage that does use it, makes a difference to the overall cost. Almost all leading banks in India are hoping that just as ATMs saw a period of inaction before they were accepted by Indian masses, Internet banking too would be adopted once customers are comfortable with the technology. For instance, in 1998 India had just 500 ATMs today it has close to 7,500. Advertising Boards; According to the case study which we have done in the Bhubaneswar city from Rabi Talkies to Janapath. The Advertising Boards are very rarely used , we found only one Hoarding that belongs to Bank of Baroda in Bapuji Nagar and that too was removed after a week from our survey. The other advertisement which is given in the bus stand by HDFC in Lewis Road. Analysis; Bank’s believe less on this strategy of advertisement. The Case study was done in a very short distance so this might or might not be the actual situation. Social Media Marketing Strategy * Bank Adverts on certain Websites * Social media in business allows anyone and everyone to express and share * Social networking sites act as word of mouth. (For example Facebook, Twitter, Google+ etc†¦) * Professional Sites like Linkedin * â€Å"retweet† or â€Å"repost†-repeating the message * Sharing videos through â€Å"Youtube† They advertise the bank products through different finance related, business related etc websites. As we can see in the above screen shots from different websites we could understand that Banks rely on Social Media Marketing too to advertise and publicize their products. Conclusion We have analysed different strategies of the bank from Marketing Mix to Technology Based Marketing. From analysing in all aspects the only strategy which is helping and which will help the bank to be successful is Product Innovation. High Interest or discounts are not going to help the bank anymore because the customers are expecting the high quality service not the interest from the bank. People have become Quality conscious in the recent past so the new products and the service of that particular product in a appropriate way will help the banks to reach greater Heights.