Indian Banking Sector

New Challenges and Opportunities of Marketing

Abstract

When developing a new marketing strategy, the customer is king, and the customer is the protagonist. Customers are at the heart of any successful marketing strategy. Banking field has a unique relationship between customer and the bank. However, due to various reasons such as lack of education, new technical skills, financial goals and risk of failure, some banks use traditional marketing methods while others adopt CRM. With this in mind researchers undertook a modest attempt to develop the idea that’s CRM could be customized to continuously improve banking services across the banking industry.  Understanding customer relationship management is an ongoing concern for service providers, especially banks. The bank has the unique ability to manage new and existing customer relationships.

The Indian banking sector has historically gone through five stages: pre- independence, post-independence, pre-nationalization, nationalization and post- liberalization. At all these stages, marketing was not always considered banker's cup of tea, except for the last stage. The paper recognizes with the same caveat that the marketing strategies of private banks in India and abroad are far superior to those of public banks. Only banks that adopt effective and realistic strategies to gain customer trust can survive in the future.