Page 34 - Banking Finance August 2020

ARTICLE

MARKETING IS

ONE OF THE

MAJOR FUNCTION

TO SUCCEED IN

BANKING

S atisfaction of the customer's needs is the pre- Marketing is the management process which identifies,

anticipates, and supplies customer requirements efficiently
requisite for the existence of the bank. The essence
and profitably.
of marketing is about understanding, creating and
retaining customers .Each individual working in the
bank should be a marketing person, contributing to Marketing -A MUST
the total satisfaction of the customer. Thus the first pillar of M - Meet
marketing in banks is its CUSTOMER FOCUS. U - Unearth/Understand
S - Serve/Satisfy
A BUSINESS IS NOT WORTH ITS NAME IF IT FAILS TO
T - Transform
ATTRACT AND RETAIN ENOUGH CUSTOMERS -
NOTWITHSTANDING HOW EFFICIENTLY IT IS CONDUCTED.
The bank with convenient retail outlets, branch network and Four Distinct Characteristics of Services
most efficient services will be the ultimate winner in the 1. INTANGIBILITY- cannot be seen, tasted, felt, heard or
smelled before they are bought. Benefit can only be
growing competitive financial market.
enjoyed.
2. INSEPARABILITY- Physical goods can be produced,
About the author stored and later sold but services have to be sold before

production and have to be enjoyed immediately.
Paritosh Kumar
Senior Manager (Faculty) 3. HETEROGENITY/VARIABILITY- Quality depends on who
Union Bank of India provides them, when, where and how.
Staff Training Centre, Kolkata 4. PERISHABILITY- cannot be stored for later sale or later
consumption.

34 | 2020 | AUGUST | BANKING FINANCE