Each credit institution is interested inattracting more customers, therefore, carefully develops banking marketing. Specialists engaged in this activity should investigate various aspects of market relations in order to make timely changes in the bank's policy. In addition, one should proceed from the wishes and requirements of the consumer group.
In fact, bank marketing is a complexevents, including step-by-step planning, analysis of the financial market situation, implementation of a specific program and its further promotion. Since the main goal of any commercial bank is to generate profit and maximize it, the marketing specialist must create conditions that satisfy the interests of the two sides: the credit institution and the clients.
Banking marketing involves the following functions:
- Formation of information base.
- Study and selection of specific methods and techniques of marketing.
- Development of measures to promote banking services in the market.
- Conducting a quality advertising campaign.
Marketing of banking services is based onthe development of a specific program for promoting a particular product. The formulation of a specific strategy includes a study of market needs and the capacity of the credit institution to provide the desired service. Of course, it is necessary to make a predictive assessment of the profitability of this project, which will give grounds for confirming the feasibility of its implementation.
The most common concepts areleadership, concentration and differentiation. If bank marketing is based on a strategy of leadership in reducing costs, then all further activities of the bank are aimed at the maximum reduction in 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. After all, in such circumstances, the demands on the part of customers are significantly increased. Often this strategy is used by large banks to implement large-scale programs.
With a strategy called focusing orconcentration, the bank chooses a separate market segment, under 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 engaged in the search for such a segment, which has not yet interested the competitors, because then the chances of success significantly increase. A vivid example of a concentration strategy is the activity of specialized banks.
A third type of strategic approach to creditinstitution in marketing activities is the opposite of the previous one and is based on attracting a wide range of client groups. That is, a 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, bank marketing is on thestage of development and gradual introduction. However, it should be noted that the development of any program to promote services requires significant costs. That is why many credit institutions do not dare to apply bank marketing. Public funding can alleviate the situation, but so far the budget is not enough. I want to note the problem of shortage of qualified workers specializing in marketing activities. There is still progress, because the banking system is improving every year.