ALBANY, New York, September 3, 2014 /PRNewswire/ --
ResearchMoz presents this most up-to-date research on Insight Report: Best Practices in Marketing Retail Banking Products. The global banking industry is changing the way it markets products and services, with banks in both developed and emerging economies adopting customer segmentation strategies to distinguish their products from those of their competitors. These strategies have increased banks' client bases, and the number of potential customers. To capitalize on this, banks have expanded their product portfolios, adopted pricing strategies, and expanded into new regions. Banks are also focusing on the technological aspects of offering their products, and are using analytics to understand consumers' purchasing behaviors and preferences to offer personalized products and an improved customer experience.
Promotional campaigns through traditional channels such television, radio, print media and telemarketing have been among key initiatives taken by banks to increase brand awareness. The proliferation of video and mobile technology has also enabled banks to market their products and services online, and through mobile channels and social media. As Internet access and smartphone adoption increase, so does consumer demand for convenient banking services through these channels. Banks are therefore developing processes and employing new channels to respond to web-based consumers, create brand awareness, promote new products and services, identify customer needs, and elicit feedback.
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Banks in both developed and emerging economies are increasingly using analytical tools to analyze consumer-purchasing behaviors, and identify and phase out ineffective pricing structures or reward programs. a number of banks in developed and emerging economies, including Citibank, JP Morgan Chase, Bank of America, Barclays and ICICI Bank, have used analytical tools to analyze high volumes of purchasing data, enabling them to segment and target customers with specific products and services based on customers' income levels, demographic and psychographic profiles, and banking relationships. In order to deliver cost-effective services to different customers, organizations need well-defined and executed segmentation plans.
The report discusses key marketing strategies adopted by banks to strengthen their brand values and target diverse customer groups through effective segmentation and product positioning:
It discusses key marketing trends in the retail banking industry in both developed and emerging economies
It highlights key challenges faced by banks in both developed and emerging economies when formulating effective marketing campaigns
It discusses the use of marketing analytics by retail banks in developed and emerging economies to understand customers' buying behavior
It provides a competitive assessment of the customer segmentation, product, and pricing strategies adopted by banks in different markets
This report highlights the key operational and technological trends arising in the global retail banking industry due to rising competition and changing consumer behavior.
The report gives an insight into marketing strategies adopted by banks in countries such as the US, Canada, the UK, Germany, Australia, South Korea, Brazil, Russia, India and China.
The report outlines the various factors affecting consumer's choices of retail banking products in developed and emerging economies.
The report also discusses the key drivers, issues and challenges faced by the retail banks while implementing product, pricing and marketing strategies in these economies.
The report outlines the various channels that banks use to launch marketing campaigns, promote products and services, and communicate with customers.
Reasons to buy
Gain insights into the retail banking industry in developed and emerging economies.
Gain analysis of banking industry based on strategies adopted to improve products and product portfolios in key markets.
Gain insights into key operational and technological trends in retail banking.
Gain an understanding of various channels that banks use to promote products and services, and to communicate with customers.
The banking industry is becoming competitive in key developed and emerging economies, with numerous domestic and international banks. To remain competitive and gain market share, banks are striving to offer improved products and pricing benefits that can be distinguished from those of their competitors.
In order to create brand value and awareness of products, banks around the world have formulated a number of marketing and product strategies to highlight their expertise in offering specialized services, their experience as an established brand, and the range of their products and services.
The banks in both developed and emerging economies are extensively using marketing analytical tools to analyze large volumes of both structured and unstructured transaction data to understand customers' buying behavior. This enables banks to segment customers and target specific groups with customized marketing campaigns and products. Banks segment their clients primarily based on income level, and demographic and psychographic profiles.
Banks in developed economies have focuses on offering improved customer service, attractive reward programs and financial incentives to retain customers and acquire new ones. In emerging economies, price has been the primary reason for low banking penetration.
Despite initial skepticism by retail banks, social media, online and mobile channels have gained prominence in marketing retail banking products. Although the use of these channels is lower in emerging economies than in developed ones, rapidly increasing internet and smartphone penetration, and growing young populations in these countries provide strong growth potential for the use of digital channels over the forecast period.
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