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SUBMITTED TO: Prof. S. Lakshmann

SUBMITTED BY: Neha Gupta 09BSHYD0498

selling insurance. As part of the economic reforms. Most common deposit products being Savings Bank. providing wealth management advisory services. Non banking products and services include advisory services. Initiatives are however being taken up by the public sector banks as well which are now venturing into brokering services. wealth management services. insurance products. brokerage services. redefined the role and structure of banking in India.are now demanding better services with more products from their banks.  For effective bank marketing different approach for different areas is required. . Further. These services are mainly the value added services that are often not directly related to banking but are financial services. In view of several developments in the 1990s.INTRODUCTION Banks in India have traditionally offered mass banking products. in fact. such services generate the non interest income for the banking institutions. providing the knowledge banking solutions at the individual level as well as at the corporate level to provide one stop solution to their customers. New players have added to the competition. IT revolution has made it possible to provide ease and flexibility in operations to customers. In urban areas customer service is of paramount importance as the level of literacy and therefore awareness of the people is more. the entire banking products structure has undergone a major change. banking industry has been deregulated and made competitive. Rapid strides in information technology have. In order to serve the customers better the banks are now also offering services in addition to the traditional banking services. In the rural areas for bank marketing personalized banking will go in long way. Universal banking providing all financial services under one roof will have more success in urban areas. The private sector banks are more technology driven and have done fairly well in increasing their component of income. On one hand the quality of such products is important one the other hand it is very important for the banks to market their products to the tight set of customers at the right place and time.both Individuals and Corporate . Banks are also changing with time and are trying to become one-stop financial supermarkets. Term deposit Account and lending products being Cash Credit and Term Loans. due to exposure to global trends after Information explosion led by Internet. mutual funds etc. customers . Current Account. Financial market has turned into a buyer's market.

Technological innovations have given rise to modern channels like the Internet. . the competitor and customer reaction have to be taken into consideration while initiating a price change.The basic pricing strategy in banks is based on risk-return pay-offs. The tough competing environment however couldn’t be ignored and the public sector banks have seen a revolutionary change over these years as a result of fierce competition. The promotion or communication mix in banking refers to varied strategies like personal selling. which have helped banks increase business volumes and attract new customers. advertising. PUBLIC SECTOR BANKS AND THEIR INTITIATIVES Public sector banks do not go for innovative strategies of promotion. discounts. setting up call centers and outbound sales force to secure new customers. and publicity etc. even though their role has been eclipsed by technology in the recent past. Most of the non banking products by SBI are provided through separate subsidiaries for instance SBI capital markets which provide the brokering services. government and trade finance customers. The place element of the marketing mix refers to making the services available and accessible to customers. They included segregating and targeting existing high value customers. used by present day banks to promote their service offerings. People also play an important role. SBI also introduced various other ways of reaching out to customers like extension of hours of work and aggressive marketing through print and television media. Currently the bank aims to open a wealth management division also. State Bank of India being the market leader has been quite responsive in taking up the marketing initiatives in order to increase the customer base and increase its reach. However. lower costs and increased customer loyalty. however they go for interactive marketing through internet but that is not promoted so much like private sector banks. outdoor advertising and tele calling were mainly done by the private banks and the public sector banks relied more on the word of mouth marketing as well as their image of being reliable. Till now it was seen that the online marketing. Database marketing was expected to draw increased revenue from cross selling. Improvements in the availability and accessibility of services have changed the process of banking. Plans were also made to utilize database marketing to pursue large and medium sized corporate. cross sales of other products.

This is mainly been done in order enhance the customer base and re launch the bank in times of tough competition from public as well as private players.Bank of Baroda has very recently rebranded itself and has come out with a new logo. banner ads on sites as well as newspapers. The Bank has introduced several customized and technology driven products to cater to different clientele segments. Canara Bank has been serving its customers since July 1906 Strong market position The 101 year old Canara Bank embrace modernity. CONCLUSION Promotion has different aspects for different industries. products and services. Public sector is more reliable but not so good in the quality and innovativeness. Marketing Strategy of Canara Bank. The bank has also changed its logo which gives it a more modern look. Bank has undertaken a ‘Brand Building ' exercise to improve the visibility and ensure adherence to global benchmarks. In banking the customers must be ensured that services provided by a particular bank have been designed to give them maximum value of their money. The bank promoted its new logo and its services through television channels. ads on radio channels. product and service. hoardings. Above are few examples of how the public sector banks have evolved over time in providing one stop solution to the customer as well as how they revamping their marketing strategies in order to compete with their private counterparts. Marketing Strategies Initiatives have been taken in the creation of a host of customer centric technologies. All this led to revamping the bank’s image to a modernized bank. Its final goal is to communicate positive word of mouth among existing and potential customers about the corporate. . micro sites. To incentivize the new customers the have created a unique DVD that features Bollywood movies. The Bank's Customer Relationship Management (CRM) in select branches. Every Circle is provided with marketing personnel to execute strategies and realize business goals. A dedicated Call Centre has also been implemented for better customer service. However the trend is set to change since many banks in the public sector are adapting to the changing needs of the customers. It has also come up with several new products over time.