Banking Marketing Strategies

Banking Marketing Strategies is a collection of integrated actions that are done within a defined framework and are intended to efficiently direct the unique services in banks, which contributes to meeting the demands of consumers.

Banking Marketing Strategies is also known as an activity that provides the flow and flow of unique services in the bank to a certain group of consumers, all while assuring a profit.

Marketing of banking services can also be defined as a special investigation into the market of banks and target customers that aids in identifying their needs and desires so that the banking institution can adapt to them, resulting in the provision of these desires and needs in the greatest quantity possible.

The birth of banking marketing services

Banking Marketing Strategies
Banking Marketing Strategies

Before the mid-fifties of the twentieth century AD, there was no interest from banking institutions in the marketing function, and bank managements were unaware of the importance of banking marketing, which led to the neglect of its important role;

The interest in it was only superficial, as banks were interested in policies based on providing traditional services, and did not show any need to market their services, and in the early sixties of the twentieth century AD, there was no interest from banking institutions in the marketing function, which led to the neglect of its important [2]

The following five stages were required for the development of marketing banking services:[3]

The stage of offering banking services and manufacturing: It is the stage defined by a surge in demand exceeding supply.

Because the banks’ direct and primary goal at this point was to provide the widest possible range of services; to contribute to the fulfillment of requests, which led to a shift in focus toward hiring the greatest number of employees, and banks were eager to increase the number of their branches to contribute to achieving this goal.

The evolution of Banking Marketing Strategies

Banking Marketing Strategies
Banking Marketing Strategies

The stage of consumer interest: this is the stage connected with the level of rivalry among banks to acquire customers. Because of an increase in the supply of private services in banks at the expense of the quantity of demand, this appeared as a result of bank expansion in the production stage, and their focus on interest in strengthening their relationship with customers, and this stage was linked to the following matters:

Supporting client orientation among bank personnel, particularly front-line employees, which helps train them to use the best methods of dealing with consumers.
They are increasing the speed and precision with which services are delivered; updating work tools.

Taking care of customer complaints.

Considering the role of advertising and public relations.
Providing advising services to clients to help them make financial decisions.
Developing the bank building and the locations where banking services are delivered, which contributes to clients’ feelings of welcome and respect.

Banking Marketing Strategies

Marketing banking services is dependent on a set of tactics aimed at achieving marketing management in the bank, which are classified into three types: [4] Offensive marketing strategy: This is one of the marketing strategies that is seen to be the best for banks that want to enhance their position and expand their market share at the expense of competitors.

It focuses on developing its strengths and amplifying the impact of competitor banks’ deficiencies, projecting a positive image of itself to existing and potential clients.

This approach necessitates the presence of numerous human, material, and organizational skills for the bank to successfully implement it.

Services follow-up phase: It is the phase that is concerned with directing the bank’s resources towards supporting the development of current services, which contributes to the provision of new services, and this results in accuracy and speed in the performance of services.
Marketing guidance stage: It is the stage that helps translate the available bank resources; To invest them within the needs of the market, the application of this stage depends on a group of activities such as marketing research, marketing information systems, long-term marketing plans, and strengthening the monitoring of marketing activities and results.

The stage of the social marketing concept: is the stage that contributes to the preceding stages and the function of the bank in its implementation; by dealing with society as an economic entity defined by its economic role in the state’s economy.

Defensive marketing strategy: It is the strategy through which the bank is keen to maintain its market share; By avoiding participating in marketing conflicts, or strong competition with other banks with high characteristics and wide fame.

Rational marketing strategy: It is a strategy that aims to enhance profits; By increasing the prices resulting from the excellence of the bank’s services, and determining the nature of their importance to customers. This strategy may seek to reduce costs by using modern devices that are used instead of employees.

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