Marketing of Value Added Services in Bfsi

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INTRODUCTION
A Value Added Service (VAS) can be defined as:
Any service provided by the service provider to promote its main service business
(Wikipedia)
Or
Value added services is a term that is used to refer to service options that are complimentary to but also ancillary to a core service offering.
(wiseGEEK)
As Kotler as said:
“Over time the augmented benefits become the expected benefits.”
The same applies to Value added services, what a customer sees as a value added service today becomes a part of the expected base service in some time. VAS can be said to have a time dimension associated with it. A value added service becomes a basic service when it becomes sufficiently common and widely deployed to no longer provide
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The surge in the real economy has provided significant growth opportunities for the BFSI sector. During FY08, the services sector’s contribution towards GDP rose to 55.6% from 54.7% with financial services playing a significant role in its growth.
The concentration of the Indian Banking sector is very low as compared to banks in advanced and emerging countries. Tough the recent times has seen an inclination towards consolidation of the sector through mergers, India still has a large not of players in the segment. This gives rise to immense competition and fight for survival.
Major Banks in India:
• ABN AMRO Bank
• Axis Bank
• Allahabad Bank
• American Express
• Barclays Bank
• Bank of Mysore
• Bank Of Rajasthan
• Bank Of India
• Canara Bank
• CENTRAL BANK OF INDIA
• CitiBank
• DENA Bank
• Deutshe Bank
• Development Credit Bank Ltd.
• Fullerton India Credit Co ltd.
• HDFC Bank
• ICICI Bank
• Indian Overseas Bank
• Indian Bank
• IndusInd Bank
• Jammu and Kashmir Bank
• Karur Vysya Bank
• Karnataka bank
• Muthoot Group
• Oriental Bank Of Commerce
• Reliance Capital Ltd.
• State Bank of Bikaner and Jaipur
• State Bank Of India
• State Bank Of Travancore
• Tata Capital Limited
• Union Bank of India
• Vijaya Bank
• YES Bank

Value Added Services have been a key differentiating factor for the banks. Banks have introduced services such as Mobile banking, Internet banking, bill paying facility etc in an attempt to lure customers

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