Marketing of Value Added Services in Bfsi

Based on the findings, it was concluded that banks should concentrate on improving the value perceptions of the customers by taking into concern the easy design of the services, service perspective and compatibility of the services delivered.

Retail banking is, however, quite broad in nature - it refers to the dealing of commercial banks with individual customers, both on liabilities and assets sides of the balance sheet. Fixed, current / savings accounts on the liabilities side; and mortgages, loans (e.g., personal, housing, auto, and educational) on the assets side, are the more important of the products offered by banks. Related ancillary services include credit cards, or depository services. Retail banking refers to provision of banking services to individuals and small business where the financial institutions are dealing with large number of low value transactions. This

Generally, larger banks would prefer to grow inorganically by taking over or merge with another bank rather than spend money to market and advertise to clients.

Service includes activities which enhance or maintain the value such as installation, repair, parts supply, etc.).

Product innovation – Since all banks are offering similar products therefore differentiation is important for future survival.

As a result, a new service “Tawasul” launched in the market and the reason why the Bank choose it as their competitive advantage because it provide all the differences a competitive advantage should hold and as will it met the banks objectives. As a service that is different “Tawasul” have it all. It is Important to the customer, distinctive as no other bank in the same market provide the same, superior .communicable, pre-emptive as it’s not easy to be cloned, affordable to customers and finally profitable to the Bank.

And a mission to be the preferred Bank for customers, counterparties and strategic partners by creating value through innovation and customer service. These include: retail and commercial banking, asset management, private banking, takaful, and real estate development.

Unlike goods, services are typically produced and consumed simultaneously. The service and provider are always linked together. Banking is one of industries need much more services. Employees, Email, ATM, Online banking are the vehicles that the bank uses to deliver their services to the customers. “Products are tangible while services are intangible in nature. Intangibility of services is derived from the fact you cannot see or touch service. A service is made and delivered on spot and hence it cannot be measured as easily as a tangible product as you know.”

Recently there has been a shift away from the traditional product-orientated marketing perspective to a more service-orientated one which focuses on “intangible resources, the co-creation of value and relationships” (Vargo and Lusch, 2004). Merz, He & Vargo (2009) commented that goods were a “vehicle for service”, and whilst the provision of goods was still an important part of a transaction, there will always be some element of intangible service attached to each product, which develops relationships and delivers value to the consumer (Ballantyne & Varey, 2008).

The service concept actually defines the service design, it’s basics, it’s how and what, and helps intervene between an organization’s strategic plan and the customer’s needs. It’s a roadmap which shows an organization’s strategy of winning the customers

call for digital goods is increasing vvith a Compound Annual Grovvth charge (CAGR) of 22% and is expected to the touch 400 Billion USD by 2020. Indian government is also taking numerous steps to promote manufacturing and investment in this quarter, vvhich places India high on the listing of capability locations to invest.

People today live in a service dominated economy. Services permeate the daily existence of every person.

The benefit of the study for the researcher is that it helps to gain knowledge and experience and also provides the opportunity to study and understand the role of retail banking in Indian Economy.

In the banking industry its has been in the form of online banking which is now replacing the traditional banking practices as traditional banking often cost more than online banking .Most bank cost often maintenance fee and teller interaction fee for every transaction processed. Online banking has lot of benefit which add value to customer satisfaction in terms of better quality of sevices offering and also helps the bank to gain more competitive advandages to over than other competitors. Online banking or internet banking

Quality is everything in the banking industry. The maintenance of the quality of products and the provision of services is an essential feature (Zopounidis 2002). A bank whose mission and vision is to offer quality services to its clients is more likely to succeed as compared to one whose