Topic > Marketing in the banking sector - 1826

Marketing in the banking sector The marketing approach in the banking sector gained importance after 1950 in Western countries and then after 1980 in Turkey. The new market-oriented banking perception has influenced banks to create a new market. Banks have started to apply marketing and planning techniques in the banking sector to be able to offer their new services efficiently. The scope of marketing in banking should be considered in the framework of services marketing. The marketing strategy executed is the case of determining the place of financial institutions in the minds of customers. Bank marketing does not only include the sale of the bank's services, but is also the function that gives the bank personality and image in the minds of its customers. On the other hand, financial marketing is the function that relates incongeniality, differences and non-similar applications between financial institutions and the judgment standards of their customers. The reasons why the scope of marketing has importance in the banking sector and for banks of interest in the object of marketing can be organized as: Change in the demographic structure: Differentiation of the population in number and composition affects the quality and on the characteristics of customers who benefit from banking services. Intense Competition in the Financial Services Industry: Competition has become intense due to growing international banking perceptiveness and has recently not been limiting for new ventures in the industry. Increasing interest rate liberalization has intensified competition. Banks' desire to increase profits: Banks must increase their profits to create new markets, to protect and develop their market shares, and to survive based on intense competition and demographic levels of opportunity..