What is the role of Marketing in Banking?

What is the role of Marketing in Banking?

• The marketing management philosophy that holds achieving organizational goals depends on knowing the needs and wants of target market and delivering the desired satisfactions better then the competitors.
• The banking and marketing are two different terminologies because banks provide the services so that is why bank use the service-marketing tool in the banking industry.
• A large number of business organizations offer services airlines, hotels, insurance, consulting firms, medical and law practices, entertainment companies, real estate firms, retailers and others also use service marketing.

Banks play a vital role in every country's economy as they daily involve in accruing funds and providing loan to the individual persons, industry, corporate sector etc. Banks provide several types of services to their clients. We all known well that now the era has changed and now people want innovation in everything so that is why mostly banks are using the marketing approach for providing better services to their clients.