Submitted by- Hirak Jyoti Nath (MCI15015)

Course code: IC634 (Marketing of financial services)

Identification of Promotions Strategies Employed by the Bankers to

Market their Products"
Tie- up with third party: This method is very common promotional technique used by banks
for marketing their product. In this method, the banking company ties up with other agency to
provide banking services. The example like for educational loan, vehicle loan etc. The banking
company tie–up with car dealer agency to provide auto loan to their customer. By this way both
the party enjoy benefits.

Rural marketing of banking product: Now a days rural market is considered as potential
market though potential customers are scattered among large area. Providing banking services to
the rural people helps in mobilizing small fund from very large group of people. The examples
like Customer Service Point (CSP), where all basic banking services are provided in a single
office in the remote areas. Also different innovative loans are provided to the farmers like crop
loan, Kisan credit card scheme etc.

Personal Banking: Personal banking means providing banking services by tailored made
banking product. Generally, personal banking facility is provided to the credit worthy individuals
and industrial customers who performs high value banking transaction. Personal banking is one
of highly profitable promotional strategy adopted by banking company to market their product.

Digital platform: Digitalization of banking product totally bring change in banking business.
Now a days, small business persons are accepting payments through cashless way. Therefore,
banks are offering overdraft and loan facilities towards business persons.

Market segmentation: Market segmentation is very much appropriate promotional strategy for
banks. All the bank segment their market like Corporate banking, retail banking, rural banking,
personnel banking etc. Market segmentation helps in reaching potential target customers.

Reform bank as supermarket: it is the latest promotional approach applied by the banks.
Reform bank as supermarket means available every type of banking services under one roof.
Like in case of SBI, apart from normal banking services, it also proving SBI life insurance
policy, SBI Health insurance policy, all sort of micro insurance, SBI mutual fund services, SBI
pension plan services, shares trading services etc.

By ‘Reform bank as supermarket’ it tries to satisfy each and every kind of wealth management
services to the customer. It helps in retaining the old customers as well attracting new customers.