A study on marketing of banking products

It was post liberalization in 1991 when the banking sector was opened-up for the participants of private banks, foreign banks and non-banking financial institutions. The new players have spearheaded the hi-tech revolution in bank marketing. The commercial banks in India operate in a highly competitive environment. Thus, in a competitive environment, each commercial bank offers products and services in different names with different features. Banks now have a firm that marketing strategies alone can brighten the future of banking business. One sample t-test infers that all promotional measures are not equally exposed to customers to present information about banking products and services. Chi square test reveals that training has statistically significant effect on performance. Friedman test shown implies that there is a statistically significant difference between the mean ranks of the respondents. It was concluded that the prevailing stiff competition in the banking industry should be taken as a challenge so as to improve performance, in turn, to get satisfactory market share. Bankers are required to create awareness about banking products and services by using blend of promotional mix. Any slight and effective change in the process would facilitate the customers to get the service comfortably.