A STUDY ON PROMOTIONAL STRATEGIES OF BANKING SERVICES IN INDIA

Abstract

In a still uncertain environment, communication and collaboration with consumer banking institutions are still two important factors in the promotion. Also, increasing transparency and the willingness of banks to work with the external environment lead to the capture of the main element of trust: Banks are trying to use modern techniques and different promotional tools to attract new customers, but also for keeping and frequent flyer of the existing battle with severe competition. Promotion constitutes the key strategy for banks to retain good customers and also anticipate their future demands. Many banking organizations are today applying effective promotional strategies to achieve organizational success for long time survival. Promotional strategies become more crucial when they are executed to design, distribute and promote banking services. Banks are now required to cope with stiff competition in business and also the complex regulatory norms regarding capital adequacy and provisioning. Thus, banks are forced to adopt various promotional techniques and strategies. Promotional activities in banks can be stated as a new phenomenon that is shaping well over the past few decades. This can be firmly said that well-designed promotional strategies are very important to promote banking services effectively. The role of the banking promotional strategies is to achieve competitive characteristic in banks as an important pillar for achieving the goals and success of these banks. In this regard, the study is to know and analyse the promotional strategies of banking sector in India.