Role Of It In Banking Sector Essay

The relatively stable banking environment is being altered with innovation, opportunism, and government intervention.

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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 ).

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.

In this scenario, every institution claims uniqueness of its products and tries to impress upon the consumer that these products are best suitable for his needs.

Corporate World realized stiff competition even after the economic reforms in the form of various foreign and Indian Banks as well as from Non banking Financial Companies.

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.Due to strong and intense competition the advertising and other promotional strategies assumes a significant role as far as the promotion of these financial products and services are concerned.Within our society, financial institutions are becoming more abundant.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.Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants every day.This era, marked by the government’s luminous hand of deregulation (defined as the act of removing regulations or restrictions from a specific entity), has expanded consumer options to the extent that commercial banking must now become an aggressively competing member of the financial services industry.Advertising is a mass communication involving an identified sponsor, the advertiser, who normally pays a media organization, such as television network, to run an advertisement that has usually been created by an advertising agency.The basic task of advertising is to communicate information efficiently to groups of individuals that could number in the hundreds or millions. Many advertisements are designed to generate increased consumption of those products and services through the creation and reinvention of the “brand image”.Advertisement plays an important role in every sector.Since after the economic reforms of 1991 the financial sector in India has shown tremendous growth.

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