Service Marketing in Indian Banking Sector after Globalization

Abstract

As the era of globalization heats up...The traditional marketing strategies of banks fail to work...They need to break the shell..and design new avenues for reaching their target group...The emergence of new generation banks and other foreign players have reduced the market pie share of banks..
In all the functions of an organization..Marketing is the only vital arm of organizations that helps to uncluttered or differentiate or to position a bank's products services and the organization itself...
In marketing sales is the only revenue generation functions...all others are supporting functions which adds costs...
Thus, a clear alignment of the needs and wants of the target group and the marketing strategies of banks is the key to revenue generation...and also the panacea for survival and growth...
In current scenario marketing is very useful tool for banking sector for attracting customers for various banking products. Old days are gone for banking wherein the customer had to walk in to his bank and ask for services. Due to increase in competition it has become imperative for banks to use marketing tool to increase their market share by providing awareness of their products to their prospective customers.
Now banks have to provide knowledge of their products to their customers and create requirement of their products among the prospective customer and for that marketing has become a most important tool which connects the customers and products offered by the bank.
Aim of the paper is to identify the factors influencing Dormant Customers in Banking sector. For this purpose detailed survey were conducted using semi-structured questionnaire covering the customer as well as corresponding industry representatives as respondents. The paper ends with a set of suggestion and strategies to target the dormant customers.