UNIT
10 MARKETING IN RETAIL BANKING
v The fundamental ingredients of
an effective marketing mix in retail banking which are as follows:
(i) Product
(ii) Price
(iii) Promotion
(iv) Place
(v) People
(vi) Process
(vii) Physical evidence
v In the case of deposit
products, 'Price' refers to the interest rate offered by the banker to the
customer.
v process relates to all
organisational activities which go into the marketing of the final product to
the customer including delivery channels.
v Physical evidence refers to
developing tangibility to the intangibility concept of banking services.
v Delivery Channels are
basically of two types. Physical Channels and Remote Channels
v Branches and Extension
Counters are referred to us Physical Channels.
v Remote Channels also called as
Electronic Channels designed to serve
customers outside the branch and includes ATMs, Internet Banking and Mobile
Banking.
