Banking marketing is one that is in charge of the study, planning, control and coordination, between the various departments within the bank, as well as the strategies oriented towards current and potential markets, in order to permanently and profitably satisfy the needs of customers.
This kind of marketing is applied in the banking environment in order to sell products, consumer goods or services. Financial marketing is a practice that is still very recent in the banking environment; Nowadays, many banking entities use a wide range of marketing mechanisms to attract potential clients and keep their current clients, offering a variety of attractive services and products for them.
Some of the characteristics of bank marketing are: the maintenance of permanent relationships between the bank and its clients, the intangible nature of financial products, the diversity of products, the existence of entry barriers (formal and informal).
Every banking entity must comply with certain market strategies that lead to success, some of them are: public relations, sales promotion (defined as offering short-term incentives; for example, if you buy with the card x you will get discounts of 15 or 20%). Merchandising is another tactic that is associated with the communication actions carried out in the bank branch.
Financial activity today is in a dominated market constant changes (globalization of markets, technology, level economic, cultural) defining a highly competitive and changing environment. Faced with this scenario, customers are increasingly prepared, becoming a key piece, where the different marketing strategies are concentrated, to satisfy their needs.
