Role of Marketing Management in Banking and Financial Services

Abstract

The financial services sector is going through revolutionary changes that require institutions to manage complex legal regulations alongside intense competition. This essay examines marketing management's function in banking and other financial services, emphasizing the crucial nature of advertising tactics even in the public sphere. With the move from marketers to a customer-centric marketplace, the customer is now the primary focus. The goal of the study is to comprehend digital marketing strategies and features, as well as the ways they affect customer satisfaction, draw in new clients, alongside deal with online promotion issues. A review of the literature highlights the significance of innovation in realizing the full potential of SMEs and investigates the relationship between internal advertising alongside a market-oriented mentality in financial institutions. This study explores the characteristics and methods of digital marketing in the banking industry, with a focus on global outreach, video content, alongside personalized communication. Strategies like social media interaction, smartphone advertising, and search engine optimization are essential for reaching a variety of audiences.

Digital marketing plays a crucial role in revolutionizing traditional banking by drawing in new clients, expanding industry expertise, and successfully gathering insightful client feedback. But there are obstacles as well: exorbitant prices, intense rivalry, constantly evolving markets, complicated data management, and the requirement for cutting-edge technologies. The paper ends by highlighting the manner in which online advertising is changing the landscape, how it affects people's lives, and the way institutions must protect privacy and get past current obstacles in order to operate as best they can.