MARKETING OF BANKING SERVICES AND PRODUCTS | PPB MODULE D FOR JAIIB NOV 2022
This article discusses the topic of marketing banking services and products for the JAIIB exam Nov 2022.
A great opportunity for banking professionals to advance to more responsible positions and roles is presented by the Indian Institute of Banking and Finance Exams. To get the best results candidates must begin preparing for the next JAIIB exam Nov 2022 as soon as possible.
Dates for the Nov 2022 JAIIB exams have been made public by the relevant authorities on the website. The test is slated to take place on November 12, 13, and 20 in 2022. You need to get moving on your exam prep. On the official website, the JAIIB exam format for the Nov exam has also been made available. To pass the selection process, candidates must be familiar with the exam dates and the exam format.
Now we will discuss the concept of marketing of banking services and products of module D of PPB for the JAIIB exam Nov 2022. The components of module D explained in our JAIIB study material Nov 2022 are give below:
Marketing of Banking Services and Products – Module D JAIIB Principles and Practices of banking Part 1 Market, Marketing, composition of market, type of marking, focus of marketing, scope of marketing, marketing and selling, marking management, marketing of services, goods and services, financial services concepts explained GET JAIIB PREVIOUS
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Since the customer and his needs are always at the forefront of marketing, it makes sense to consider the banking needs of the customer, such as financial security convenience, speedy service, individualized service, investment counseling, and return of investment support through credit prestige, a wide range of services, etc. The marketing goals of the company are to make profits for the organization through customer satisfaction, which generates more business and, in turn, more profits.
We should start by developing a thorough grasp of the whole customer base, with a focus on the most lucrative customers. A majority of extension counters at significant government departments should be opened in order to mobilize low-most-government-deposit free draughts or re-mortgage facilities for examination fees, tuition costs, etc. should be provided in order to instil banking habits among the younger generation. Effective marketing for newly released items is necessary, and regular customer feedback on both new and old products is also necessary.
MARKETING OF BANK PRODUCTS:
One of the services provided by the Financial Industry is the marketing of bank products (bank). Lending to supplement working capital, fund management, leasing, hire buy, debt factoring, project financing, advisory services, debt administration, and the issuance and sale of primary shares or securities are among other services offered. It is possible to describe marketing in banks as a recent phenomenon that has developed significantly during the past ten years. Public sector banks hardly ever thought of marketing as a business tool. Marketing in the banking sector nowadays is distinguished by numerous product and service developments, the use of cutting-edge technology in product design, an upgrade of the delivery system, and advertising and sales promotion activities, whether in the public or private sector. Banking is now synonymous with marketing, and banks may be seen engaging in a number of operations aimed at identifying, anticipating, and meeting client demands.
IMPORTANCE OF BANK PRODUCTS
According to the banking industry vision 2010 study, a system created to suit every customer’s financial demands would replace the traditional banking functions. We might observe the emergence of modestly diverse financial products that are tailored to address particular customer needs in both the retail and corporate sectors. Some banks might establish themselves as experts in mortgage products, credit cards, etc. While others might decide to outsource all other tasks and focus on a few specific company processes. Banks would use a variety of delivery methods to accommodate consumer choices and needs. The employment of intermediaries or franchise agents in lending operations may become more prevalent as a way to save transaction costs because the emphasis would be more on fee-based services.
The advancements in communication and e-commerce have had a significant impact on marketing strategies and public perception. However, one of them, which happened in the banking sector’s marketing, is particularly significant. Today, both the consumer and the bank place a lot of attention on marketing services. As a result of these recent developments in marketing, internal marketing, network marketing, database marketing, and relationship marketing became more popular practices in the banking industry. The quality and quantity of these products also increased.
In addition to the foregoing conclusion, information was gathered from bank clients between 2004 and 2005. Banking goods have changed significantly between the time period mentioned above and the present. Banks are able to provide a variety of goods, including ATMs, credit cards, debit cards, online banking, mobile banking, etc. by utilizing the most recent technologies. Customers can use this technology to pay their phone, power, and other bills from the comfort of their own homes using the internet and mobile banking. However, there is a need to educate bank consumers about bank products like mobile banking, which allows them to conduct all transactions via mobile phone.
JAIIB STUDY MATERIAL NOV 2022
We provide various services in our JAIIB study material Nov 2022 which include the following:
- Recorded video lessons for all the papers for the JAIIB exam Nov 2022 which include PPB, AFB, and LRAB.
- These video lessons can be downloaded and watched later at your convenience.
- Live lessons are also conducted on YouTube.
- Both Hindi and English languages are used to make all the JAIIB exams Nov 2022
- Short and easy notes are available for your quick revision of all the concepts in the form of epdfs on our apps.
- We have two apps for Android users- ‘IIBF LEARNING CENTER ‘ and ‘ LEARNING SESSIONS PRO’ and one for iOS users – ‘MY INSTITUTE’. Links for these apps are mentioned at the end of the article.
- JAIIB mock tests 2022 are also available for you to practice and improve your performance.
- Memory-recalled questions are also included in our JAIIB study material Nov 2022.
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