Integrated marketing communication in financial services sector : A study of banks in Indian scenario

Abstract

Marketing communication is the buzz word in today’s competitive and cutthroat environment. For any corporate to be able to project itself in good light to all its stakeholders, it has become a must have. Banks are no different. The competition in the financial services industry is as fierce as in other industries. The fact that most products are similar across players makes it all the more tougher to stand out as unique and different. Marketing Communication strategies perform two different functions. They attract deposits on one side and attract the borrowers and users of services on the other.1 Since the users of financial services value credibility, Integrated Marketing Communication (IMC) becomes all the more important to create a sense of confidence and assurance. In the space of banking sector, communication elements are equally and may more important than other sectors because they help to create a sense of credibility, assurance and confidence. These powerful images make the bank more in demand. This is why it is essential to evaluate all essential elements of the communication strategy. Private and public sector banks follow quite different marketing strategies. Private Banks on one hand are more media savvy and have frequent media and public releases, while public sector banks are more reserved and depend more on the years of experience in the industry to attract customers. We will focus on the biggest public sector bank in India, SBI.