Comparative Analysis of Retail Banking Promotional Measures- A study of customer perception towards promotional strategies adopted by Indian Commercial Banks

Abstract

In today’s competitive financial world, each financial institution is trying hard to get the maximum share in terms of profit, sales and customers. A customer may be salaried or self employed. Irrespective of the profession, he/she requires banking services like a requirement of loan, services of foreign exchange, safe deposit of money etc. In order to meet and exceed customer’s expectations, Indian banks offer customized banking products. Bank main objective is to get new customer and to retain the existing one. In order to attract new customers, banks are adopting various promotional measures like sales promotion, advertising, personal selling and publicity. Which promotional measure is the most striking one and is liked by customers, poses a big question mark? In order to study the most preferred promotional measure, a survey is being conducted to know the customer preference. 50 customers, each from Axis Bank and IndusInd Bank, are selected for study. The outcome was astonishing as the customers of Axis Bank gives preference to public relation and customers of IndusInd bank gives preference to effective advertising.