Bank Marketing in the New Normal – The Kathmandu Post | Region & Cash

Bank marketing is designed to attract and attract new customers through various media strategies. Banking products differ from other services in that they are complex and abstract. Most customers do not easily understand financial services, their advantages and differences. The Covid-19 pandemic has transformed markets around the world. It impacted the banking industry in two ways: one by accelerating existing trends and the other by creating new trends and ushering in a new normal. Enormous additional challenges have arisen in banking marketing. Banks must therefore react immediately in order to future-proof their business and operating model.

With the mainstreaming of the internet and social media, the ubiquity of technology and the increasingly connected world, marketing is no longer limited to traditional methods. The Covid-19 pandemic has changed them. The marketing landscape of banks has changed and has become more dynamic, digitized and targeted. The pandemic has disrupted the industry and significantly changed business processes. Customer communication has changed from face-to-face to face-to-face-to-face. The markets are demanding faster, more creative innovations. Purposeful messaging and supportive actions are more relevant than ever. Live chats, emails, text messages and social media use are increasing rapidly; In response to this change, banks and financial institutions have become more flexible and adaptable.

embrace innovation

Covid-19 has negatively impacted the banking sector but facilitated the development of the fintech sector. Fintech has increased the comfort of public lifestyles and improved business productivity. As security increases, the public becomes more dependent on fintech and the sustainability of the banking sector is severely compromised. The Corona crisis has made it clear that, despite all the progress made in recent years, most banks still have a lot of work to do in the digital transformation. Only with considerable effort and significant concessions from all sides was it possible to implement the measures to be taken during the lockdown. We see an openness and tolerance for innovation from customers, employees and regulators alike, which presents a unique opportunity to break new ground much faster and break down the type of resistance you often encounter. It’s the perfect time to revise outdated business models and tackle long-overdue changes. The need for digital interaction, comprehensive offers beyond banking and the demand for holistic advice and a long-term partner are increasing.

Consequently, the operating model has also changed. Banks established new ways of working, ie the greater proportion of remote work. There is pressure to accelerate technological change.

In the highly competitive market, customer needs are constantly changing. Therefore, our marketing strategy needs to be dynamic and flexible to meet the changing scenario. The Nepalese banking system has been in a deposit crisis since the beginning of the 2078/79 financial year. Therefore, the focus should be on mobilizing more deposits as they are the main source of profit for the bank. E-delivery/digital delivery channels are constructive in enhancing the marketing of various products and services. Digitization enables banks to offer improved customer service. Products can be effectively branded customer-centric to sound catchy and appealing. There is a need to educate customers about banking products.

Efforts should be made to expand and deepen the information flow process for the benefit and enlightenment of customers. Nowadays customers do not know how much time it takes for a banking service. The rural customers do not know for what purpose the loans are available and how they can be used. Customers do not know the full rules, regulations and procedures of the bank and bankers keep them to themselves and do not care about educating customers. There is a need to inform customers from the base of banking. Advertising is an essential part of marketing banking products. Advertising should be designed to appeal Persons.

Responding to customers’ needs

It shouldn’t follow the usual pattern of telling a product. For effective advertising, the bank should understand people’s preferences and choices. In order to improve the marketing of their product, a bank should sell their products in rural areas. It is time to invest in and expand digital infrastructure instead of physical points of sale. Particularly at the time of a new product launch, the bank should engage in aggressive marketing of their products that educates prospects about the product while relieving branch-level staff from having to explain the product to all customers. Bank employees must provide their services to the satisfaction of the customer, not at will or whim. The fact is that the employees cannot live up to the expectations of the customers. They lack demeanor, attitude and efficiency.

The phenomenon is striking in urban centers. Hence, it requires immediate attention to what is the missing link in the whole marketing process. Social media has become indispensable for banks to measure a meaningful customer experience. Social media offers them an ideal opportunity to strengthen these connections so that customers can interact with their banks more flexibly, conveniently and frequently. This is the fastest way to spread banking products and services across different market segments.

Banks cannot exist without customers. And the purpose of the bank is to create, attract and keep a customer. The organizational design should be customer oriented and the bank should ensure that the services are delivered and delivered as effectively as possible. Banks need to invest in fintech to improve their performance in the new normal. The ultimate goal of a bank is customer satisfaction. Customer demand for digital, cross-channel solutions that enable banks to advise their customers holistically and individually is increasing. Banks should now adjust to the new normal and prepare accordingly. Banking marketing in the new normal should target diverse demographics by introducing new and better technologies, driving digital apps and financial services, and thus focusing on customer engagement.

Leave a Comment