Role Of It In Banking Sector Essay

Role Of It In Banking Sector Essay-8
In order that the quality of services which they offer should be known to the customers the companies should advertise their products and services.Advertisement helps Financial Institutions to makes an attempt to change or reinforce the attitude of the customer, reader and viewer towards the advertised products.

In order that the quality of services which they offer should be known to the customers the companies should advertise their products and services.Advertisement helps Financial Institutions to makes an attempt to change or reinforce the attitude of the customer, reader and viewer towards the advertised products.Due to the privatization of financial sector the competition among the different Financial Institutions has increased tremendously, as each institute is trying to build its market share by offering variety of financial products designed for their targets markets.

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Due to this clutter and competition, promotion and advertising become an integral component of marketing of the financial products and services as it also serves as an important guide for the customers as far as investment portfolio management at the individual level is concerned.For example, if a bank offers the home loans at an attractive EMI’s, Fix account with more rate of interest, A post office has to offer various saving schemes, corporate loans, the financial intuitions by adopting the best mode of communication so that the people will be known to their offerings.Due to the paradigm change in the societal behavioral patterns and technology there are many new advertising opportunities which are coming like Popup ads, Flash ads, Banner ads, and email ads (often a form of SPAM), Social networking sites etc.Policies of Liberalization and Globalization have led to competition in the financial sector (Pathania, 2012).This keen competition in the market and change in the business and industries, led the Financial Institutions to offer the variety and quality of products and services to their customers.The same period witnessed a decrease in the expenses on magazines dealing with business articles, reports and business statistics by as much as 5.2%.A survey conducted on the advertising industry trends also suggested that total amount spent on advertising pertaining all categories of media registered a reduction by 0.3% in the first three months of 2007 as compared to the last quarter of the 2006.Advertising Industry trends reflect the dynamics of the advertising industry and its contribution to the economy of the country.Advertising industry trends suggested that advertising expenses with regard to magazines in the beginning of 2007 escalated by 7.1% as compared to the first half of 2006.Buyer’s attitude towards the products may be determined not merely by the products as manufactured in factories, but also by what added in the form of packaging, services, advertising, customer advice and other things that people value.Thus, the advertising plays an important economic role in the introduction of new products in the markets.(Sidhu, 2003 ).

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