Marketing Culture in Financial Services With Specific Reference to Retail Banking in India

2018 ◽  
Author(s):  
Ravi Shanker ◽  
Keyword(s):  
Financial Services ◽  
Retail Banking ◽  
Specific Reference

scholarly journals MARKETING CULTURE IN FINANCIAL SERVICES WITH SPECIFIC REFERENCE TO RETAIL BANKING IN INDIA

2019 ◽  
pp. 331
Author(s):  
Ravi Shanker
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Service Industry ◽  
Retail Banking ◽  
Internal Communication ◽  
Foreign Banks ◽  
Specific Reference ◽  
Banking Organization ◽  
Marketing Function ◽  
Six Dimensions

Service industry is fast becoming the key to a nation’s success and its importance in the world economy is tremendous. In India too, the service industry boom has powered the growth of the economy. Service industry is different and hence poses special management challenges. There are some unusual variables that affect the performance of these organizations. The ‘marketing culture’ of the organization is one such factor. The paper relates to it, in the context of banking sector in India. Post liberalization, the banking Industry became highly competitive as the number of banking institutions increased, multi-folds. Currently there are 87 banks in India (21 public sector banks, 21 private sector banks, and 45 foreign financial intermediaries and Banks) competing with each other. It has also been observed that one of the variable on the basis of which the banks are competing is providing superior customer contacts, which is possible through customer centric employees and the marketing culture that exist in the banking organization.  Marketing culture refers to the pattern of shared values and beliefs that help individuals understand the marketing function and provide them with norms for behavior in the firm. An orientation and culture towards marketing within the organization is most imperative.The paper is based on primary research being undertaken on three banks selected from each category mentioned above. A questionnaire was developed with the help of which the marketing culture of a service firm was assessed. The questionnaire uses 34 items measuring six dimensions of marketing culture, as identified by leading researchers. These six dimensions are service quality, internal communication, innovativeness, organization, Inter-personal relationships and selling tasks. The paper has used parametric approach to analyze and understand the attitude of the employees of each of the banks towards the dimensions identified. The inter-relationships among the six dimensions for each of the banks have also been studied. Weights have been assigned to the six dimensions and the responses have been accordingly assessed. The results of the analysis clearly show the foreign banks score the highest on the IMC index and the nationalized banks the lowest.

scholarly journals Early Adopters to Early Majority - What's Driving the Artificial Intelligence and Machine Learning Powered Transformation in Financial Services?

2021 ◽  
Vol 12 (4) ◽  
pp. 43
Author(s):  
Srikrishna Chintalapati
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Portfolio Management ◽  
Value Chain ◽  
Financial Services ◽  
Retail Banking ◽  
Early Adopters ◽  
Customer Life Cycle ◽  
Digital Disruption ◽  
The Impact

From retail banking to corporate banking, from property and casualty to personal lines, and from portfolio management to trade processing, the next wave of digital disruption in financial services has been unleashed by the concepts and applications of Artificial Intelligence (AI) and Machine Learning (ML). Together, AI and ML are undoubtedly creating one of the largest technological transformations the world has ever witnessed. Within the advanced streams of research in AI and ML, human intelligence blended with the cognitive reasoning of machines is finally out of the labs and into real-time applications. The Financial Services sector is one of the early adopters of this revolution and arguably much ahead of its leverage compared to other sectors. Built on the conceptual foundations of Innovation diffusion, and a contemporary perspective of enterprise customer life-cycle journey across the AI-value chain defined by McKinsey Global Institute (2017), the current study attempts to highlight the features and use-cases of early-adopters of this transformation. With the theoretical underpinning of technology adoption lifecycle, this paper is an earnest attempt to comment on how AI and ML have been significantly transforming the Financial Services market space from the lens of a domain practitioner. The findings of this study would be of particular relevance to the subject matter experts, Industry analysts, academicians, and researchers focussed on studying the impact of AI and ML in the financial services industry.

ATMs

Paid ◽  
2017 ◽  
Author(s):  
Bernardo Bátiz-Lazo
Keyword(s):  
Financial Services ◽  
Retail Banking ◽  
Automated Teller Machine ◽  
The Future ◽  
History Of ◽  
Important Site

This chapter investigates the history of the ubiquitous yet banal Automated Teller Machine, or ATM. There is no single inventor of the ATM. Rather, it emerged through innovation around the globe and across the industry. In order to build a successful ATM system, engineers and bankers had to overcome challenges that ranged from security and authorization to weather-proofing electronics. This chapter surveys some of those developments. Increasingly, ATMs are being designed to offer a variety of services beyond dispensing cash. In the future, the ATM may prove to an important site of automated retail banking and consumer financial services.

Islamic Finance in India

2016 ◽  
pp. 263-285
Author(s):  
Wasiullah Shaik Mohammed ◽  
Abdur Raqeeb H ◽  
Khalid Waheed
Keyword(s):  
Financial Services ◽  
Financial System ◽  
International Markets ◽  
Retail Banking ◽  
Islamic Finance ◽  
Annual Growth Rate ◽  
Global Level ◽  
Finance Industry ◽  
Financial Regulations ◽  
Capital Financing

In order to provide financial services effectively to almost 1.21 billion people, India has adopted a comprehensive financial system governed under a number of financial regulations. These regulations, through regular amendments, are kept updated and inclusive of modern financial concepts that emerge in national and international markets. Islamic finance is one of such modern concepts emerged at global level. Growing with an annual growth rate of 15-20 percent the Islamic finance industry is holding total assets, value estimated to be more than USD 1.6 trillion. Hence, the authors, in this paper tried to study the feasibility of providing Islamic financial services in India, especially in the areas of Retail banking, Microfinance, Venture Capital financing. The objective of this paper is to identify the major regulatory challenges facing Islamic finance and to propose the possible solutions so as to make this emerging industry an internal part of the Indian financial system.

scholarly journals Increasing customer loyalty through customer engagement in the retail banking industry

2019 ◽  
Vol 23 (3) ◽  
pp. 461-484 ◽  
Author(s):  
Diego Monferrer ◽  
Miguel Angel Moliner ◽  
Marta Estrada
Keyword(s):  
Market Orientation ◽  
Customer Loyalty ◽  
Financial Services ◽  
Structural Equation ◽  
Strong Relationship ◽  
Retail Banking ◽  
Customer Engagement ◽  
Content Type ◽  
The Relationship ◽  
Corporate Level

Purpose This study aims to determine the main antecedents of customer engagement (market orientation, satisfaction, emotions and self-brand connection) and the relationship between customer engagement and customer loyalty in the retail-banking context. Design/methodology/approach A theoretical model of effects is tested using dyadic methodology, based on 225 dyads (bank branch manager–average of five branch customers). The authors use structural equation modelling (EQS 6.1) to test the relationships. Findings The results reveal a strong relationship between customer engagement and customer loyalty. Satisfaction is the main antecedent of customer engagement. Self-brand connection and emotions during the service also have a significant influence. Finally, branch market orientation has a positive influence on satisfaction and emotions. Research limitations/implications The first concerns the transversal data used. Geographical context is the second limitation. Third, the study sample only included customers with experience of the financial services of a specific bank (online customers are not included). Finally, the dyads are based on the opinion of the branch manager, on one hand, and an average of five customers per branch, on the other. Practical implications The combination of the branding strategy at the corporate level and the relationship marketing strategy at branch office level creates a situation in which customer engagement and customer loyalty can thrive. The communication campaigns designed to promote the brand image and associate brand values with the personality of the banks’ current and potential customers help to create an emotional bond that represents a switching cost for the customer. The moments of truth in branch offices are crucial aspects in the retail bank strategy. Originality/value First, from the conceptual perspective, it establishes a direct relationship between customer engagement and customer loyalty. Second, it empirically tested Pansari and Kumar’s (2017) customer engagement framework, which establishes customer satisfaction and customer emotions as the antecedents of customer engagement. Third, the study took an innovative step in establishing two levels of customer emotions in the retail bank context: emotions generated by corporate branding and emotions that arise during the experience of purchase and consuming. Fourth, the study shows that the market orientation adopted not at the macro corporate level but at the individual branch level is crucial to the generation of positive relational outcomes in the service the customer receives. The fifth contribution is related to the fact that the research streams associated with market orientation and relationship quality have traditionally been studied in isolation.

scholarly journals Impact of Covid-19 on the Financial Sector Indices

2021 ◽  
Vol 14 (2) ◽  
pp. 137-145
Author(s):  
Bhuvaneshwari D. ◽  
Keyword(s):  
Granger Causality ◽  
Impulse Response ◽  
Response Function ◽  
Financial Services ◽  
Impulse Response Function ◽  
Financial Sector ◽  
Specific Reference ◽  
Ols Regression ◽  
Private Banks ◽  
The Impact

This study is an attempt to assess the impact of Covid-19 and the lockdown pronounced thereof on the Nifty sectoral indices with specific reference to the financial sector indices owing to their significance in the economy. The OLS regression, Granger Causality and Impulse Response Function were estimated to measure the changes in the future responses of Nifty 50 to the changes in the select sectoral indices, namely, Nifty Bank, Nifty Financial Services and Nifty Private Banks and Nifty PSU Banks for the period consisting two sub-periods, i.e., the first sub-period from April 2019 to March 2020 are assumed as the preCovid-19 period and the second sub-period from April 2020 to March 2021 is assumed as the period during Covid-19. The results indicated that the shock of the Covid-19 had an impact on the financial sector indices in India during the Covid-19 period.

E-Commerce in the Financial Services Industry

2002 ◽  
pp. 167-181
Author(s):  
Richard Holowczak
Keyword(s):  
Financial Services ◽  
Retail Banking ◽  
Financial Services Industry ◽  
Industry Association ◽  
Related Information ◽  
Consumer Lending ◽  
Securities Industry ◽  
Services Industry ◽  
Retail Banks ◽  
The U.S

The financial services industry consists of retail financial services such as retail banking, consumer lending and mortgage banking, insurance (life, health, property) and financial markets. Each of these sectors has seen tremendous growth in the services and products delivered over public internetworks such as the Internet. The recent signing into law (November 1999) of the Gramm-Leach-Bliley Act in the U.S. has enabled firms such as retail banks to provide an unprecedented array of financial services. As competition within the industry increases, firms of all sizes are looking to achieve competitive advantage through Electronic Commerce (EC). According to a recent study by the Securities Industry Association and the TowerGroup, securities firms in North America spent $3.9 billion on Internet-related information technology (21% of their total IT spending) in 1998, and this is expected to double by 2002 (SIA, 1999).

IT Based Decision Tools for Item Processing Operations Management in Retail Banking

2011 ◽  
pp. 29-38
Author(s):  
Charles J. Malmborg
Keyword(s):  
Operations Management ◽  
Financial Services ◽  
Management Practices ◽  
Cost Savings ◽  
Retail Banking ◽  
Commercial Banking ◽  
Net Income ◽  
Decision Tools ◽  
Class Management ◽  
Under Performing

Merit Bank is a multi-line financial services company with $75 billion in assets and approximately 1,000 retail branches distributed across 20 geographic divisions in 16 states. In 1999, Merits retail banking operations generated $2.1 billion of revenues and $1 billion in net income. Over the past decade, Merits aggressive acquisition and consolidation strategy in its retail and commercial banking divisions has significantly increased check processing volumes and motivated major investments in automated imaging technology and branch operations reporting systems. When these investments failed to reduce overall check processing costs, a consulting team was formed to define the breakthrough opportunities and best-in-class management practices needed to restructure under performing operations. By using updated scheduling criteria reflecting current business conditions and more fully exploiting imaging and branch reporting software, the consulting team successfully developed and implemented interfacing tools responsible for significant cost savings in check processing operations.

scholarly journals Relationship Marketing and Service Quality in Bank Muscat Oman (Sayarati Loans)

2013 ◽  
Vol 5 (12) ◽  
pp. 568-576
Author(s):  
Normala S Govindarajo
Keyword(s):  
Service Quality ◽  
Customer Service ◽  
Asset Management ◽  
Significant Relationship ◽  
Financial Services ◽  
Retail Banking ◽  
Key Indicator ◽  
Current Scenario ◽  
Private Banking

Sultanate of Oman is one of the prominent GCC Countries with a population of around 3 million. With assets worth over USD 15 billion, Bank Muscat (SAOG) is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. This paper looks into the “RELATIONSHIP MARKETING AND SERVICE QUALITY IN BANK MUSCAT OMAN (Sayaratti Loans)”. The quality of customer service is the key indicator of the performance of the different branches of the Bank. Banks in the current scenario is increasingly showing its interest in satisfying a customer wants. Given the profit figures on board as targets Banks need to also look into the special needs of the customer’s perspective, any lacuna in service quality to be looked into seriously. The car loans popularly known as Sayaratti loans are taken as the product for study. The findings of the study say that there is a significant relationship between the age and the overall customer satisfaction levels and there is no significant relationship between the age and the service quality by the bank.

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