Marketing of Bank Services: A Comparative Study on Some Selected Private Commercial Banks in Dhaka City

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.