Marketing in Banking

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Marketing in Banking

Marketing approach in banking sector had taken significance after 1950 in western

countries and then after 1980 in Turkey. New banking perceptiveness oriented toward market

had influenced banks to create new market. Banks had started to perform marketing and

planning techniques in banking in order to be able to offer their new services efficiently.

Marketing scope in banking sector should be considered under the service marketing

framework. Performed marketing strategy is the case which is determination of the place of

financial institutions on customers’ mind. Bank marketing does not only include service

selling of the bank but also is the function which gets personality and image for bank on its

customers’ mind. On the other hand, financial marketing is the function which relates

uncongenitalies, differences and non similar applications between financial institutions and

judgement standards of their customers.

The reasons for marketing scope to have importance in banking and for banks to

interest in marketing subject can be arranged as:

Change in demographic structure: Differentiation of population in the number and

composition affect quality and attribute of customer whom benefits from banking services.

Intense competition in financial service sector: The competition became intense due to

the growing international banking perceptiveness and recently being non limiting for new

enterprises in the sector. Increase in liberalization of interest rates has intensified the

competition.

Bank’s wish for increasing profit: Banks have to increase their profits to create new

markets, to protect and develop their market shares and to survive on the basis of intense

competition and demographic chance levels.

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