Marketing Of Bank Products Emerging Challenges & Strategies

Sandhya Kumari Singh Research Scholar FMS, BHU, Varanasi sandhyafms@gmail.com Mobile No. 800 8!!"#

Pallavee Shrivastava Research Scholar FMS, BHU,Varanasi $alla%eeshri%as&a%a''@gmail.com Mobile No. !(!" !## "

Ashish Anand ri!athi Research Scholar FMS, BHU,Varanasi ahishanand&ri$a&hi@gmail.com Mobile No.)* +(('#*'*

"sha Kiran #ai ,rofessor FMS, BHU, Varanasi -sha.fms@yahoo.com Mobile No. * '+#"+"(#

Marketing Of Bank Products Emerging Challenges & Strategies

'

Sandhya /-mari Singh # ,alla%ee Shri%as&a%a ( 0shish 0nand 1ri$a&hi ,rof. Usha /iran Rai

A$stract
Since the inception of globalization in India, banking sector has undergone various changes. Encouragement to foreign banks and private sector banks increased competition for all operators in banking sector. Under this development Indian public sector banks need to reinvent the marketing strategy for their rapid growth. This paper acknowledges with same limitation that private sector banks marketing strategies are uite better than our public sector banks and foreign banks. !n the basis of performance of deposits " advances the growth is much better in private banks. The paper also suggests some strategies for the enhancement of bank marketing. !nly those banks will survive in the future which will adopt effective and realistic strategies to win the trust of the customer.

Key%ords2 Ban3 Mar3e&ing, 4-s&omer, 4hallenges and S&ra&egies.

&ntroduction' 0f&er &he ban3ing sec&or reforms, mar3e&ing has de%elo$ed as a more
in&egra&ed f-nc&ion 5i&hin financial ser%ice organi6a&ions li3e ban3s largely as a res-l& of ra$id changes in &he o$era&ing en%ironmen&. Ban3 Mar3e&ing is defined as an aggrega&e of f-nc&ions direc&ed a& $ro%iding ser%ices &o sa&isfy c-s&omers7 financial needs and 5an&s, more effec&i%ely &han &he com$e&i&ion, 3ee$ing in %ie5 &he organi6a&ional ob8ec&i%es of &he ban3. Ban3 mar3e&ing has become a %ery com$le9 ye& in&eres&ing s-b8ec& as i& re:-ires &he 3no5ledge of economics, sociology, $sychology, ban3ing and also core mar3e&ing conce$&. ;n mar3e&ing, i& is &he c-s&omer 5ho has &he -$$er hand. 1he man&ra of effec&i%ely mar3e&ing ban3 $rod-c&s lies in &he sys&ema&ic and $rofessional a$$roach &o5ards sa&isfying c-s&omers7 needs.

Product and Service'

,rod-c& and ser%ice are &he 5ords -sed in&erchangeably in ban3ing $arlance. 1he ban3 $rod-c&s are de$osi&, borro5ing or o&her $rod-c&s li3e credi& cards or foreign e9change &ransac&ions 5hich are &angible and meas-rable 5hereas ser%ice can be s-ch $rod-c&s $l-s &he 5ay<manner in 5hich &hey are offered &ha& can be e9$ressed b-& canno& be meas-red i.e. in&angibles. Be&&er ser%ice is more im$or&an& &han 8-s& a good $rod-c& in &he mar3e&ing of ban3ing $rod-c&s, so &he foc-s sho-ld be on $ro%iding ser%ices rela&ed &o each $rod-c&.
' #

Sandhya /-mari Singh, Research Scholar, FMS,BHU ,alla%ee Shri%as&a%a , Research Scholar, FMS,BHU ( 0shish 0nand 1ri$a&hi, Research Scholar, FMS,BHU Usha /iran Rai, ,rofessor, FMS, BHU

(ifferent Products and Services' Some of &he $rod-c&s and ser%ices of ban3ing sec&or are gi%en belo52 (e!osits Ban3s acce$& &he de$osi&s of &he $-blic. ;n order &o a&&rac& &he sa%ings of &he $eo$le, &he ban3 $ro%ides e%ery sor& of facili&y and ins$ira&ion &o &hem and collec&s &he sca&&ered sa%ings of &he socie&y. 1he ban3 o$ens an acco-n& of &hose $eo$le 5ho de$osi& &heir sa%ings 5i&h &he ban3. 1hese de$osi& acco-n&s can mainly be of &hree &y$es and $eo$le can o$en any of &hese &hree &y$es of acco-n&s according &o &heir 5ish. 1hese acco-n&s are c-rren& acco-n&, sa%ing ban3 acco-n&, fi9ed de$osi& acco-n&. )oans = 1he ban3 8-s& don7& 3ee$ 5i&h &hemsel%es &he de$osi&ed amo-n& of &he $eo$le, ra&her &hey ad%ance &hem in &he form of loans &o &he b-sinessman and en&re$rene-rs, 8-s& &o earn $rofi&s for &heir $ar&ners. 1he loaner 3ee$s some gold, sil%er, fi9ed and %ariable asse&s in &he form of sec-ri&y 5i&h &he ban3. )ocker *acilities + For &he safe&y of yo-r %al-ables 5e offer o-r c-s&omers safe de$osi& %a-l& or loc3er facili&ies a& a large n-mber of o-r branches. 1here is a nominal ann-al charge, 5hich de$ends on &he si6e of &he loc3er and &he cen&re in 5hich &he branch is loca&ed. &nternet Banking) ;n&erne& ban3ing enables re&ail ban3ing c-s&omers &o o$era&e &heir acco-n&s from any5here, any&ime, remo%ing &he res&ric&ions im$osed by geogra$hy and &ime. ;&>s a $la&form &ha& enables &he c-s&omers &o carry o-& &heir ban3ing ac&i%i&ies from &heir des3&o$, aided by &he $o5er and con%enience of &he ;n&erne&. #eal ime ,ross Settlement System -# ,S. + 0n elec&ronic $aymen& sys&em in 5hich $aymen& ins&r-c&ions be&5een ban3s are $rocessed and se&&led indi%id-ally and con&in-o-sly, on a real &ime basis, &hro-gho-& &he day. (e$it Card+ 0n elec&ronic card iss-ed by a ban3 5hich allo5s ban3 clien&s access &o &heir acco-n& &o 5i&hdra5 cash or $ay for goods and ser%ices. 1his remo%es &he need for ban3 clien&s &o go &o &he ban3 &o remo%e cash from &heir acco-n& as &hey can no5 8-s& go &o an 01M or $ay elec&ronically a& merchan& loca&ions.

Marketing A!!roach to Banking Services'

Ban3ing is a $ersonali6ed ser%ice orien&ed ind-s&ry and hence sho-ld $ro%ide ser%ices 5hich sa&isfy &he c-s&omers 7needs. 1he mar3e&ing a$$roach in%ol%es an&ici$a&ing, iden&ifying, reci$roca&ing ?&hro-gh designing and deli%ering c-s&omer)orien&ed ser%ice@, and sa&isfying &he c-s&omers> needs and 5an&s effec&i%ely, efficien&ly, and $rofi&ably.
;& can be said &ha& &he e9is&ence of &he ban3 has li&&le %al-e 5i&ho-& &he e9is&ence of &he c-s&omer. 1he 3ey &as3 of &he ban3 is no& only &o crea&e and 5in more and more c-s&omers b-& also &o re&ain &hem &hro-gh effec&i%e c-s&omer ser%ice. Mar3e&ing as rela&ed &o ban3ing is &o define an a$$ro$ria&e $romise &o a c-s&omer &hro-gh a range of $rod-c&s and ser%ices and also &o ens-re effec&i%e deli%ery &hro-gh sa&isfac&ion. 1he ac&-al sa&isfac&ion deli%ered &o a c-s&omer de$ends -$on ho5 &he c-s&omer is in&erac&ed 5i&h. ;& goes on &o em$hasis &ha& e%ery em$loyee from &he &o$mos& e9ec-&i%e &o &he 8-nior mos& em$loyee of &he ban3 sho-ld be mar3e&ing orien&ed.

4-s&omers7 e9$ec&a&ions are high from &he ser%ice ind-s&ry. Anly &hose ban3s 5ill s-r%i%e 5hich 5ill $ro%ide efficien& and c-s&omer desired ser%ices.

#evie% of )iterature'
Maha!atra & Mohanty/-0122./s&a&ed &ha& &he ;ndian ,-blic Sec&or Ban3s occ-$y &he $i%o&al $osi&ion in &he co-n&ry7s ban3ing &o$ogra$hy b-& i&s mar3e& share has declined &o some e9&en& in recen& years d-e &o &he emergence of $ri%a&e sec&or and foreign ban3s.
"!!al # K/ -0121./ &he 3ey &as3 of &he ban3 is no& only &o crea&e and 5in more and more c-s&omers b-& also &o re&ain &hem &hro-gh effec&i%e c-s&omer ser%ice. 4-s&omers are a&&rac&ed &hro-gh $romises and are re&ained &hro-gh sa&isfac&ion of e9$ec&a&ions, needs and 5an&s. 3ain/ A4 -0115. described &ha& mar3e&er has &o 3no5 &ha& each and e%ery co-n&ry is ha%ing %ario-s mar3e&ing en%ironmen&. 4om$ara&i%ely, i& has &o be %ery clear &ha& &he in&erna&ional mar3e&er is bo-nd &o hold on &he reorgani6a&ion &ha& e%ery mar3e&ing en%ironmen& differs from $lace &o $lace as 5ell as na&ion &o na&ion &han &ha& of &he same co-n&ry s&a&e. ;& is also e%iden& from &he s&-dy &ha& &he global b-siness &ransac&ions ha%e &o be so-nd $lanned and ob8ec&i%es orien&ed in na&-re. (%ivedi/ #4 -0115. e9$lained &ha& finance f-nc&ions are im$or&an& b-& no& as im$or&an& as &he mar3e&ing f-nc&ions. Fric&ion be&5een &he mar3e&ing and finance f-nc&ions 5o-ld be de&rimen&al &o &he smoo&h de%elo$men& and f-nc&ioning of any b-siness organi6a&ion. Finance ob8ec&i%es li3e %al-e ma9imi6a&ion &o shareholders are in&egral $ar&s of any ne5 s&ra&egy ado$&ed by &he organi6a&ion. (i6it/ 74C4 -0118. concl-ded &ha& for s-ccessf-l mar3e&ing and &o ma3e i& more effec&i%e, iden&ify &he c-s&omer needs by 5ay of designing ne5 $rod-c&s &o s-i& &he c-s&omers. 1he s&aff sho-ld be 5ell e:-i$$ed 5i&h ade:-a&e 3no5ledge &o f-lfill &he c-s&omers7 needs. Be sho-ld ado$& long)&erm s&ra&egies &o con%er& &he en&ire organi6a&ion in&o a c-s&omer)orien&ed one. ,urumurthy/ 94 -0118. s&a&ed &ha& &echnology &oday is claimed &o be a Cle%eler7 and no& a Cdifferen&ia&or7. 0f&er &he C5o57 feelings die do5n, &echnology 5o-ld become a m-s& for mos& clien&s. Ban3ing $rod-c&s can be easily co$ied and re$lica&ed by com$e&i&ors -nli3e man-fac&-red $rod-c&s. ;& is also no& a %iable model for mar3e&ers &o com$e&e on $rice. 1he sol-&ion, &herefore, 5o-ld lie in effec&i%e a$$lica&ion of mar3e&ing s&ra&egies. ,u!ta/ O4 -2::5. described &he emergence of ser%ices sec&or and ban3s7 e9$erience in ser%ice mar3e&ing. He em$hasi6ed c-s&omer sa&isfac&ion as &he 3ey &o s-ccess and s-gges&ed a fe5 meas-res &o mee& &he needs and e9$ec&a&ions of &he c-s&omers. Malik -2::;. e9$lained &he im$or&ance of h-man ca$i&al for s-ccessf-l ban3ing. He described &he %ario-s as$ec&s of h-man reso-rces de%elo$men& in ban3s. He obser%ed &ha& s3ill le%el of a significan& segmen& of &he 5or3force in ;ndian ban3s 5as no& -$ &o s&andard and &hey o$ined &ha& ban3s see3ing ma8or $erformance im$ro%emen&s had no o$&ion b-& &o o%ercome &hese obs&acles s$eedily.

Sridhar -2::2) has deal& 5i&h mar3e&ing in commercial ban3s. He has em$hasi6ed mo&i%a&ion research, mar3e&ing research and $romo&ional as$ec&s in mar3e&ing of ser%ices and s-gges&ed &o im$ro%e &he mar3e&ing s&ra&egies &o co$e 5i&h &he changing en%ironmen&

Bhattacharya 9 Bis%as/ - 2:<:./ has s&a&ed &ha& mar3e&)orien&ed ban3ing 5ill re:-ire a ne5 c-l&-re2 a disci$lined, $rofessional, and commi&&ed man$o5erD em$loyees &rained for s$eciali6ed ser%icesD s$eciali6ed branchesD s&rong mar3e&ing organi6a&ion in differen& ban3sD aggressi%e sellingD mee&ing ne5 c-s&omer>s e9$ec&a&ionsD and cos&)effec&i%e and efficien& ser%ices.

#esearch Methodology
O$=ectives'
'. 1o e9amine &he mar3e&ing $rac&ices of $rod-c&s and ser%ices in %ario-s ban3 gro-$s. #. 1o s-gges& some s&ra&egies for &he enhancemen& of ban3 mar3e&ing. #esearch (esign 1he research is descri$&i%e in na&-re. Mar3e&ing has s-ddenly become a b-665ord in &he ban3ing sec&or. 4-s&omer has s-ddenly mo%ed &o &he cen&re)s&age and he has no5 a choice. Ho5 do ban3s &hen a&&rac& a c-s&omer &o -se &heir $rod-c& and ser%icesE Ban3s ha%e &o ma3e effor&s &o re&ain &he e9is&ing c-s&omers and also -se s&ra&egies &o a&&rac& ne5 c-s&omers &o &heir fold. 1his is a cens-s s&-dy. 1he -ni%erse of &he s&-dy is all &he ban3s in ;ndia. 1hese ban3s ha%e been di%ided in&o &hree ma8or ban3 gro-$s. ,-blic Sec&or Ban3 Fro-$ = F); ,ri%a&e Sec&or Ban3 Fro-$ = F);; Foreign Ban3 Fro-$ = F);;;

1his S&-dy co%ers all &he abo%e men&ioned gro-$s. Secondary da&a has been collec&ed from Re$or& on 1rend and ,rogress of Ban3ing in ;ndia '**( and #0'' RB;, M-mbai. Parameters of Study Na&-re of mar3e&ing ac&i%i&ies in &he ban3ing ind-s&ry $re and $os& '**( ,erformance of Ge$osi&s and 0d%ances in $-blic, $ri%a&e and foreign ban3 gro-$s

Bo&h &he $arame&ers ha%e been analy6ed for &he $eriod '**( and #0''. Fro5&h ra&e is meas-red 5i&h &he hel$ of follo5ing form-la2 Fro5&h ra&e H I&)I&)' )))))))))))))) I&)' I&H 4-rren& Iear ?#0''@, y&)'HBase Iear?'**(@

(iscussion and Suggestions'

9ature of marketing activities in the $anking industry !re and !ost li$erali>ation' 0 glance a& &he &able ' re%eals &ha& &here is a lo& of difference in &he na&-re of mar3e&ing in &he ban3ing ind-s&ry before and af&er ban3ing reforms. Many ne5 $rod-c&s ha%e been in&rod-ced. No5 all &he 5or3 is done by &echnological &ools. Many e)deli%ery channels li3e 01M, credi& card, M)ban3ing, 1ele)ban3ing, ;)ban3ing ha%e come in&o e9is&ence. No5 ban3s &a3e $rofi& in&o considera&ion ra&her &han $rice. 4-s&omer 5as sla%e &o &he ban3 before liberali6a&ion b-& no5 he has become &he 3ing of &he ban3. 4-s&omer can ge& feedbac3 as $er his o5n 5ish. a$le 2' 9ature of Com!etition in the Banking &ndustry Pre and Post li$erali>ation'

&ndicator 4-s&omer Ser%ice 4-s&omer feedbac3

Pre+ li$erali>ation Manda&ed by commi&&ee re$or&s and la5 Gone based on reg-la&or7s g-ideline com$lain&<s-gges&ion bo9es symboli6ed &his Minor $rod-c&s Man-al Branch %aria&ions

Post+li$erali>ation 4onscio-sly $rac&iced as a 5ay of ban3ing Billingly a&&em$&ed

,rod-c& inno%a&ion 1ools Geli%ery channel

Arien&a&ion S&a&-s of &he cons-mer Branch ambience

of Ne5 $rod-c&s 5i&h %al-e addi&ions 1echnology dri%en More al&erna&e deli%ery channels li3e 01Ms, 1ele)ban3ing,;n&erne& ban3ing, mobile ban3ing ;n5ard loo3ing A-&5ard loo3ing Sla%e &o &he ban3 /ing beca-se more ban3ers chasing &hem Resembled ers&5hile 0ims &o sim-la&e go%ernmen& offices s-$ermar3e& b-ying e9$erience

So-rce2 Re$or& on 1rend and ,rogress of Ban3ing in ;ndia, RB;, M-mbai. Performance !arameters of !u$lic/ !rivate sector and foreign $ank grou!' 1able # reflec&s &he mar3e&ing of ser%ices by &he ;ndian ban3s d-ring reform $eriod and af&er reform $eriod. ;& is clear from &able &ha& all &he $arame&ers ha%e sho5n remar3able $erformance af&er &he ban3ing reforms. B-& foreign ban3s lag behind &he $ri%a&e sec&or and $-blic sec&or ban3s. 1he gains of $ri%a&e sec&or ban3s are more in &erms of de$osi&s and ad%ances. ,ri%a&e sec&or ban3s are gro5ing fas&er &han &he $-blic sec&or ban3s and foreign ban3s. 1h-s &he &able im$lies &ha& $ri%a&e sec&or ban3s are more efficien& in &he mar3e&ing of &heir $rod-c&s and ser%ices.

a$le 0' Performance Parameters of Pu$lic/ Private Sector and *oreign Bank ,rou! Paramete rs ,r &&& 2:: 0122 gro%th ? @ #"(#+ #08! # 0"8 '0+( (e!osits (!#*8 + + * '+(88 '0 ( Advances ((0+"( #0 8 *8++ '*++( '!! 0 ( # * So-rce2 Re$or& on 1rend and ,rogress of Ban3ing in ;ndia '**( and #0'' RB;, M-mbai. 0122 ,ro%th @ '+"' ,ro%th @ "(*( ,r & 2::? ,r && 2:: 0122 ? '+ '00#!+ + * 80'# !*!+(

Challenges of Bank Marketing

1he im$ro%emen& of o$era&ional and dis&rib-&ion efficiency of ban3s has al5ays been an iss-e for Fo%ernmen& of ;ndia ?FA;@ in cons-l&a&ion 5i&h RB;. Ho5e%er, &he economic rise of '**0s ga%e bir&h &o &he ne5 economic macro le%el &hin3ing &o im$ro%e &he economic heal&h of &he ;ndian economy. Financial sec&or reforms, $ar&ic-larly ban3ing sec&or, ga%e ne5 so-nd and heal&hy direc&ion &o &he ;ndian economy. Vario-s challenges ha%e &a3en $lace &o &ac3le &he $roblemD some of &hem are gi%en belo52 Com!etitive Environment 1he Foreign Ban3s and Ne5 ,ri%a&e Sec&or Ban3s ha%e 5i&nessed a significan& gro5&h b-& on &he o&her side, ,-blic Sec&or Ban3s are a& &he edge of s-r%i%al among &hem 5i&h h-ge ca$i&al base, la&es& &echnology, inno%a&i%e and globally &es&ed $rod-c&s<ser%ices are fe&ching &he cons-mer7s a&&en&ion. 1o ma3e ;ndian ban3s com$e&i&i%ely s&rong, &hey sho-ld follo5 la&es& &echnology, inno%a&i%e and globally acce$&ed $rod-c&s<ser%ices follo5ed by a$$oin&men& of e9$erienced, s3illed and &ech)friendly $rofessionals.
echnology

0no&her im$or&an& challenge is &ha& ;ndian $-blic sec&or ban3s sho-ld ha%e -sed inno%a&i%e &echnology &o facili&a&e financial incl-sion for &he -nban3ed $o$-la&ion of ;ndia &hro-gh -se of biome&ric &echni:-es and ra$idly gro5ing mobile ne&5or3. Ho5e%er, &his c-s&omer e9$erience and &ailored offerings are increasingly becoming 3ey &o ban3 $rofi&abili&y. F-r&her, &he o$era&ion by com$-&er is delayed by &he fac& &ha& some o$era&ing s&aff are no& %ery s3illed and &h-s i& &a3es more &ime. 0n ine9$erienced $erson means more &ime and more delays in $ro%iding ser%ices of &he c-s&omers. ransformation of Auman Ca!ital 0no&her im$or&an& challenge is &he &ransforma&ion of h-man ca$i&al. 1here is &he need &o de%elo$ and manage &he h-man reso-rces &o ma3e &hem ada$&able &o &he changing en%ironmen&. ;& is a challenge for ban3s &ha& ho5 &o manage &heir h-man ca$i&al &o ma3e i& $rod-c&i%e. Ho5e%er, ban3s sho-ld $ro%ide on)&he)8ob &raining &o &he efficien& s&aff &o ma3e &hem ca$able &o -nders&and and 5or3 5i&h la&es& &echnology and i&s a$$lica&ion.
#ural Marketing 1his is a big challenge before &he ;ndian ban3s &o enhance r-ral mar3e&ing &o increase &heir c-s&omers. Ban3s sho-ld o$en &heir branches no& only in &he -rban and semi)-rban areas b-& also in &he r-ral areas.

Customer *ocus & A%areness

1he ban3s re:-ire im$ro%ing on $ro%iding ser%ices and $rofi&abili&y efficiency of ser%ices. 1he ban3s ha%e &o e9$lore o-& fas&es& and efficien& means of $ro%iding ser%ices 5i&h &he -se of ;1 a$$lica&ions, &eleban3ing, in&erne& ban3ing and im$ro%ing deli%ery sys&em by im$ro%ing &he a&&i&-de and beha%ior of &he s&aff also. 4-s&omer a5areness is also
a challenge before &he ban3s. Ban3 can mar3e& &heir $rod-c&s and ser%ices by gi%ing &he $ro$er 3no5ledge abo-& &he $rod-c& &o c-s&omer or by a5arding &he c-s&omer abo-& &he $rod-c&s. Ban3 sho-ld li&era&e &he c-s&omers.

Strategies for the enhancement of $ank marketing'

;n &he fierce com$e&i&i%e mar3e&, needs of c-s&omer 3ee$ changing. Hence, o-r mar3e&ing s&ra&egy m-s& be dynamic and fle9ible &o mee& &he changing scenario. Here are s&e$s &ha& form s-ccessf-l and effec&i%e mar3e&ing s&ra&egy for ban3 $rod-c&s.

Marketing Strategies 1he ban3s are re:-ired &o de%ise s-i&able mar3e& s&ra&egies &o a-gmen& &he %ol-me of b-siness le%el. So, &he ban3s sho-ld research on &he %as& 3no5ledge &hey ha%e abo-& &he cons-mer, de%ise abo-& s$ecific $rod-c&s for s$ecific segmen&s, differen&ia&e according &o cons-mer $o&en&ials and i&s e9$ec&a&ions, and foc-s on fe5 $o&en&ial c-s&omers 5i&h c-s&omi6ed $rod-c&s and ser%ices ra&her &han ser%ing all c-s&omers 5i&h -ni%ersal $rod-c&s. Using 4-s&omer Rela&ionshi$ Managemen& ?4RM@, a$$oin&men& of yo-ng em$loyees 5i&h fresh and crea&i%e minds 5i&h e9$er&ise in la&es& &echnology, as a ma&&er of choice is desirable &o s-r%i%e in &he globalised mar3e&.
Effective Branding Man is a b-ndle of sen&imen&s and emo&ions. 1his can effec&i%ely be hel$f-l in branding o-r $rod-c&s. 4onsidering &he fea&-res of $rod-c&s and &arge& gro-$ of c-s&omers, &he $rod-c& can be effec&i%ely branded so as &o so-nd i& ca&chy and a$$ealing. Some $ro%en e9am$les are 0$na Fhar, Ghan Ja9mi, /-ber, Fle9i Ge$osi&, Smar& /id, Sa$ney, Vidya e&c. 1he branding sho-ld be done in s-ch a 5ay &ha& &he brand name m-s& a&&rac& &he a&&en&ion of &he &arge& gro-$ and &he salien& fea&-re of &he $rod-c& sho-ld resemble brand name. 0ll &he $romo&ional cam$aigns sho-ld refer &he $rod-c& by i&s brand name only so &ha& &o s&ri3e &he same in &he c-s&omer7s mind.

&mage $uilding 1he ,SBs sho-ld s&ar& on massi%e scale &he image)b-ilding e9ercise. 1he ban3s sho-ld foc-s &heir a&&en&ion on crea&ion of s-ch an o-&5ard loo3 &ha& i& feels li3e any&hing en&ering &he ban3. 1he regen& of &he ban3 sho-ld be -ser)friendly 5i&h good :-ali&y f-rni&-re and o&her a&&rac&i%e infras&r-c&-re.
Products for Bomen 1he na&ional $ers$ec&i%e $lan for 5omen s&a&es &ha& mos& of 5omen 5or3ers are engaged in &he agric-l&-re and allied ac&i%i&ies li3e dairy, animal h-sbandry, seric-l&-re, handloom, handcraf&s and fores&ry. Ban3s sho-ld do some&hing &o im$ro%e &heir access &o credi& 5hich &hey re:-ire. Advertisement 0d%er&isemen& is an eminen& $ar& of mar3e&ing of ban3 $rod-c&s. 0d%er&isemen& sho-ld be s-ch &ha& a$$eals &o $eo$le. ;& sho-ld no& follo5 &he or&hodo9 $a&&ern of narra&ing a $rod-c&. For effec&i%e ad%er&isemen&, ban3 sho-ld -nders&and $eo$le7s &as&es and choices.

Product &nnovation 1he $resen& era of com$e&i&ion has 5i&nessed %ario-s large m-l&ina&ional ban3s li3e 0merican Ban3, Hong /ong Ban3, S5iss Ban3, 4i&y Ban3, e&c. and o&her m-l&ina&ional ban3s coming %ery aggressi%ely. 1hey ha%e se& &he &one and &o an e9&en& also &he s&andard for &echnological im$ro%emen&s 5i&h $rod-c& inno%a&ions, 5hich domina&ed &he &radi&ional $-blic sec&or ban3s. So, &hese ban3s ha%e &o r-n in a mar3e& 5hich has no geogra$hical barriers and 5ill ha%e &o de%elo$ abili&ies of $rod-c& inno%a&ion as 5ell as deli%ery com$arable &o &he bes& in &he 5orld.
Customer Ado!tion

No5adays &he $-blic sec&or ban3s are $resen&ing %ario-s $rod-c&s and ser%ices &o &heir c-s&omers online, &ha& &hey 5ill ha%e &o be 5or3 hard &o a&&rac& more n-mber of c-s&omers. 1his is $ossible only 5hen &hey ass-re sec-ri&y of online &ransac&ions. Moreo%er, ban3s &ha& ha%e crea&ed a dis&inc&i%e online offering co-ld a&&rac& more n-mber of c-s&omers 5hen com$ared &o &hose ban3s 5hich are -sing almos& similar $rod-c&s and ser%ices.

&m!lication'
1h-s &he s&-dy im$lies &ha& for a s-ccessf-l and effec&i%e mar3e&ing of ban3 $rod-c&s is a necessary condi&ion. 1his condi&ion can only be f-lfilled by a&&rac&ing &he more and more c-s&omers. 1h-s, ban3 sho-ld ma3e only $olicies 5hich are hel$f-l in f-lfilling &he needs of c-s&omers.

Conclusion'
Ban3ing sec&or reforms ha%e changed &he &radi&ional 5ay of doing b-siness. Mainly &echnology is &he o-&come of ban3ing reforms. 4-s&omer is no5 &he 3ing and c-s&omer foc-s or sa&isfac&ion of c-s&omer is &he main aim of &he ban3s. Bi&h &he in&rod-c&ion of ne5 $rod-c&s and ser%ices com$e&i&ion has gro5n -$ among &he ban3s. Anly &hose ban3s 5ill s-r%i%e 5ho face &he com$e&i&ion 5i&h &he effec&i%e 5ays of mar3e&ing .

#eferences' Maha$a&ra G M K Mohan&y 0 /,?#0''@, L,roblems and 4hallenges of ,-blic Sec&or Ban3s ?,SBs@ in ;ndia G-ring Flobali6ed MraN,Jachoo Managemen& Oo-rnal,Vol.#, No. #,O-ly)Gec. #0'' U$$al R /,?#0'0@, LMar3e&ing of ban3 $rod-c&s2 Mmerging challenges and ne5 s&ra&egiesN, OM ;n&erna&ional 8o-rnal of managemen& research,VolNo%.#0'0,;SSN )###*) +"# 1andon, J. ?#008@, LFlobalisa&ion2 ;m$ac& on ;ndian Ban3ingN, 1he Financial 0nalys&, Vol. P;V, ;ss-e '0, Ac&ober ;ss-e, Hyderabad, $. '". G5i%edi, R. ?#00!@, LManaging Mar3e&ing)Finance ;n&erfaceN, Oo-rnal of 4ommerce and 1rade, Vol. #, No. # ?Ac&.@, $. (#

Oain, 0. ?#00!@, LManagerial Role in ;n&erna&ional Mar3e&ing S&ra&egiesN, Oo-rnal of 4ommerce and 1rade, Vol. #, No. # ?Ac&.@, $. # Gi9i&, V.4. ?#00 @, LMar3e&ing Ban3 ,rod-c&sN, ;B0 B-lle&in, ?0$ril@, $.'+ F-r-m-r&hy, N. ?#00 @, LMar3e&ing Ban3 ,rod-c&sN, ;B0 B-lle&in, ?0$ril@, $.#( F-$&a, A.? '**!@, LMmerging ;ss-es in Ser%ice Mar3e&ing)Ban3s M9$erienceN, SB; mon&hly Re%ie5, ?Gec.@, $. "#! Mali3, S.4. ?'**"@, LB-ilding H-man 4a$i&al for Ban3ingN, Vichaar, Vol. '", ;ss-e ,Ac&. Sreedhar, F.? '**'@, LMar3e&ing)S&yle of ;ndian Ban3sN, 1he Ban3er, Ne5 Gelhi, Feb. Bha&&acharya N Bis5as, ? '*8*@, LMar3e&ing 0$$roach &o ,romo&ing Ban3ing Ser%icesN, N;BM, ,-ne/ Vol.' , No. #, 0$ril)O-ne '*8* Be&&inger, 4 ?'*8+@QMar3e&ing2 Io- 4an>& Go i& if Io- Gon>& /no5 Bha& i& is, QBan3 Mar3e&ing, 0-g-s&.
1ri%edi ,an3a8,? #00"@, LS&ra&egies for effec&i%e ban3 mar3e&ing in ;ndiaN,F-ll research $a$er for *&h Bi)0nn-al 4onference of M04MS, /.O. Somaiya ;ns&i&-&e of Managemen& S&-dies and Research, M-mbai. ;ndia

Be$sites' 555.rbi.org.in<re$or& on &rend and $rogress of ban3ing in ;ndia in &he year '**( and #0'' 555.sbi.co.in 555.$nbindia.com 555.b-ssiness)s&andard.com<india<ne5s<mo-ld<#(<'0<( *88( 555.inflibne&.ac.in<o8s<inde9.$h$ 555.iaabd.org<#00*.iaabd.&rac3'8d.$df