But sometimes banks fail to market their products in a proper way.
The EC Card
Despite many important banking improvements, domestic banks in Bangladesh are lagging behind on many areas compared to foreign commercial banks with wide range of capitalization, overseas network, modern management expertise, technological advancement, etc. That results into the relative weakness in service quality and product quality as delivered to customers by domestic banks [ 5 ].
The domestic banks managements are now exactingly concentrating on better service quality to build positive standing for increasing profits. Reputation plays an important strategic role in marketing of bank products. In the current atmosphere increased of rapid market competition of new entry services, strategies, formats, policy marketing of bank products is vital challenge. NCC Bank Limited is losing its existing market share because of weak online service system, less ATM booths in comparing with the other banks.
Those factors induce them to find some new strategies for marketing of bank products. Bashundhara branch.
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- Extraordinary Experiences?
- Learning in Organizations: Complexities and Diversities.
I will also evaluate how they are working for marketing and improving their services. And I will like to take some feedbacks of present clients what they think about the marketing strategies and services of NCC Bank Ltd. Bashundhara branch and which marketing strategies clients like most.
Loyalty is faithfulness or a devotion to a person, country, group, or cause. It is a feeling of strong support for someone or something. The importance of loyalty has been widely recognized in the marketing literature [ 7 , 8 ]. Loyalty is both an attitudinal and social propensity to favor one brand than all others, whether due to consummation with the service.
To understand loyalty of a client one must distinguish their classification, there are many types of loyalty. They are monogamous loyalty and polygamous. There are also behavioral and attitudinal aspects. By analyzing all ideas will explain what client loyalty [ 9 , 10 ] is.
Bank - Wikipedia
Loyalty runs hand-in-hand with emotions. Customer loyalty is the result of consistently positive emotional experience, physical attributebased satisfaction and perceived value of an experience, which includes the product or services. Loyal customers reduce costs associated with consumer education and marketing, especially when they become Net Promoters for your organization. In terms of customer loyalty, customer experience management proves itself as a sustainable competitive advantage.
Loyalty is a committed and affect-laden partnership between consumers and brands. Loyalty in marketing is an approach to marketing, based on strategic management, in which a company focuses on growing and retaining existing customers through incentives [ 11 ]. Consolidation or amalgamation is the merger and acquisition of many smaller companies into much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group company as consolidated financial statements [ 12 ].
Industry consolidation is occurring in many industries and has significant implications for company values including purchase or sale, estate planning, buy-sell agreements, dissenting shareholder actions etc. Bank consolidation is implemented to strengthen the banking system, embrace globalization, improve healthy competition, exploit economies of scale, adopt advanced technologies, raise efficiency and improve profitability.
Ultimately, the goal is to strengthen the intermediation role of banks and to ensure that they are able to perform their developmental role of enhancing economic growth, which subsequently leads to improved overall economic performance and societal welfare. The proponents of bank consolidation believe that increased size could potentially increase bank returns, through revenue and cost efficiency gains. It may also, reduce industry risks through the elimination of weak banks and create better diversification opportunities [ 13 ]. It also means larger stockholder and larger number of investors.
The Erdmann Group
Financial consolidation can be gained by merger, recapitalization and acquisition [ 14 ]. Bank consolidation is more than simple decrease of the amount of banks in any banking sector. It is projected to improve synergy, encourage investor and efficiency [ 15 , 16 ]. According to Somoye [ 17 ] the consolidation of banks has been the major policy instrument being adopted in correcting deficiencies in the Banking sector.
Basically, banks used various mechanisms to comply e. Orji [ 18 ] analyzed about banking sector and found that, most significant fact for consolidation are enhancements in IT, globalization of banking sector, and shareholder wealth and financial deregulation. Consolidation may be an efficient method of determining complications of financial suffering, which are not entirely distinct from excess capacity problems.
Trust can be recognized as the strategy of dealing with uncertainty. Theoretically, trust is also attributable to relations between and within societal. From the empirical studies of Hardin [ 20 ] he found that, it is a general method to edge the subtleties of intra group and inter group connections in relations of trust. Trust has focal meaning for the success of every transaction. It stimulates the human activities.
Trust is a container concept used in a broad variety of disciplines. Trust can be indorsed to the connections among people. People have a usual nature to trust and to evaluate reliability that can be drew to the activity of a human brain. According to Bae et al. As clients are becoming more conscious of banks familiarity, also they sustain a trust in the confidence that the bank will develop different quality principles to continue that familiarity.
Favorable environment means the complex of social and cultural conditions affecting the nature of an individual person or community. The set of conditions and circumstances refers a favorable environment. A favorable learning environment is one where two parties are able to freely interact with each other.
Simulated client environments could be construct to maintain five different client parts in improvement [ 22 ]. Each of the client roles has a lot to offer to banks. Environments have a positive influence on customer emotion and satisfaction, which in turn affect behavioral intentions. Employees with high level of job satisfaction will appear to the customers as more balanced and pleased with their environment [ 23 ]. A change in environment can encourage or reduce desired behaviors. Success depends upon the awareness and ability of key managers to explore and exploit the environmental opportunities [ 24 ].
According to Wilson [ 25 ] we found that, with the changing trends in banking environment caused by rapid technological changes in information and communication networks, bank should no longer be labeled as a corporate dealing with money transactions alone, but also as a corporate that is truly essential for engaging over clients while retaining the current and the old one.
Retail Banking and Wealth Management
Banks have established environmental policies, goals and practices that help guide their activities inside and out. Banks were not interested in their own environmental situation or that of their clients. This situation is now changing. American banks became the first to consider their environmental policies, particularly with regard to credit risks.
- The Apathetical Man.
- Opportunities in Retail Banking and Wealth Management;
- Data Management & Analysis;
European banks were not exposed to these liabilities and only began to develop policies toward environmental issues during the mids. The focus here was less on risk assessment and more on the development of new products such as environmentally friendly investment funds. Both risk and opportunity are now becoming established elements in banking policies towards the environment [ 26 ]. Digital technologies and the banking industry are no strangers.
Most banks are investing in digital transformation in a big way [ 27 ]. Most banks have been focusing on transforming the customer experience using digital technologies [ 28 ].
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