What is the importance of Marketing in Banking ? This question can be seen mainly for candidates who have done their MBA and have applied for the bank job.Many of these candidates would have done their MBA in marketing which makes the question quite more relevant.
IBPS Interview Question-
What is the importance of Marketing in Banking ?
So how do you go about answering it. There is no need to for you to say specificially that you have done your MBA in marketing or so your achievemens. You need to concentratre your answer priorily on the banking sector. You need to explain the procedures and the situations that may arise in banking.
Let us see a model answer
Banks mainly deals with lending and deposit activities.In the case of lending, when the customer approaches the bank for a loan he would have done his reaserach. He would definitely have considered other banks beforing applying for a loan in our bank. So either low interst rates or the customer satisfaction would have helped him to apply for loan with our banks.So it is natural that an MBA holder in ,marketing can analyse the situation well and can respond to the needs of the customer.
Similarily in the case of deposit customer satisfaction is predominant. The customer needs to feel that the bank respects the hard work he had done to earn the money which he is going to deposit with our bank. So it is all about understanding our customers and and marketing the bank well. It is what a marketing graduate can well do.
If you are an MBA graduate make sure you prepare an answer that comes in tunes with the above answer. You may well expect this question. Other candidiates should also not disregard this question as it can be framed like do you think marketing is necessary in banking? Or like can you do marketing? Is it important in banking sector?
So prepare your answer and then move on to the next question
Prepare for interview. Go back to the interview question part 6.
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