Banking. The essence and functions of bank marketing (lecture notes)

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Banking. The essence and functions of bank marketing (lecture notes)

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Essence and functions of banking marketing

In foreign banking practice, the concept of banking marketing as a tool for implementing a global consumer-oriented strategy has been firmly entrenched. The essence of banking marketing is the solution of the following tasks:

1. Establishment of existing and potential markets for banking services.

2. Selecting specific markets and establishing customer needs

3. Setting long- and short-term goals for the development of existing and new types of services.

4. Introduction of new types of services into practice and control of the bank over the implementation of implementation programs.

To study the markets of banking services and potential consumers, banks use traditional industrial marketing techniques, such as typology and segmentation (market segmentation, geographic segmentation, demographic segmentation, psychographic segmentation, geodemographic segmentation), as well as the activity opposite to segmentation - market aggregation.

The main function is the marketing strategy - the choice of the best ways to achieve the bank's goals by means of marketing (Denis Shevchuk). Like all other commercial enterprises, banks must determine their development on the basis of specific end goals that they have set for themselves. The formulation of the specific objectives of the bank is extremely important, since it gives a clear direction to all the actions of the bank in the market and makes all the private decisions of the bank on various issues more efficient and consistent. The formulation of the bank's goals is also important from the standpoint of explaining to employees, shareholders, and customers the main purposes and activities of the bank. To achieve the set goals, each bank develops its own strategy. Banks with a complex organizational structure and an extensive branch network cannot be limited to a single strategy that satisfies all levels of their organization, but create a pyramid of interrelated strategies: a bank's consolidated strategy - a regional bank strategy - a branch strategy - a specific sales strategy. A properly developed and clearly formulated strategy is the basis for coordinated actions of all departments of the bank, information exchange, etc. The strategy developed and accepted for implementation by the bank must be constantly analyzed by the bank for compliance with the goals and specific practical tasks of the bank.

Almost all banks have their own marketing strategy, but far from every bank it takes official forms, is clearly formulated and brought to all levels. The bank's strategy should provide answers to the following questions: how is the bank going to achieve the goal? What markets is he targeting? How is he going to get into these markets? What services is he going to offer the market?

Author: Shevchuk D.A.

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