Abstract:
This paper focuses on the financial product marketing strategies adopted
by different Private Commercial Banks in Dhaka city with a view to identify what
they are now doing in this regard and what are the future prospects of marketing of
financial products. The financial service sector in Bangladesh is now quite
competitive to deal with changing environment. A number of external forces have
exerted influences on the sector, including socio-economic, regulatory and
technological factors. Changes to regulatory environment undoubtedly have had the
greatest impact on this sector. Technology has also taken on increased importance
for financial institutions especially for private commercial banks. There are now 30
private commercial banks are operating in Bangladesh & they are offering different
products but there are a few basic differences among them in terms of structure and
performance. Thus the competitions among them are increasing day by day and so
marketing of financial products is now becoming an important concern. The present
study is based on a survey on 8 randomly selected private commercial banks in
Dhaka City to identify the marketing strategies they follow at present. The study
finds that marketing strategies adopted by these banks to market their products are
not well designed and incomplete to some extent. The study finds that there is a need
to develop more effective marketing strategies suitable for long-term growth of these
banks. The study also finds that they have very vague idea about Customer
Relationship Management although they claim that they practice it.
