Retail Banking – Redefined by Digital marketing strategies.
Abstract
Digital banking channels make it extremely easy for customers to execute transactions that previously required a visit to a branch. While there are still certain transactions that cannot be completed online, many can now be processed through mobile banking, internet banking, and other digital platforms. Digital banking is said to be the future of the banking industry, as it will reduce costs associated with hiring employees and other expenses related to physical transactions. It is very important for customers to understand how internet banking and mobile banking can be used to execute various transactions. Additionally, bank employees need to be trained to effectively explain how to process transactions through online banking channels. Banks are focusing on providing a personalized experience and adopting unique marketing approaches, investing in content marketing, leveraging CRM systems, engaging customers on social media, and embracing emerging technologies. By utilizing these technologies, banks can maintain a strong position in society and achieve success in the dynamic field of retail banking. By integrating these advanced technologies and strategies, banks can not only maintain but also strengthen their position in society, ensuring they remain competitive in the ever-evolving landscape of retail banking. This dynamic approach is essential for achieving long-term success and meeting the growing expectations of a tech-savvy customer base.
References
Shah A, Pinto B, Hoffman D, Deloitte UK, Rea M, Ross M, Schackmann M, Godley S, Ge X. How COVID-19 has impacted global M&A activity. International Tax Review. 2021 Jan 28
Rajola F. Customer relationship management in the financial industry, organizational processes and technology innovation. Springer-Verlag; 2019 Nov 14.
Brown S, Bessant J, Jia F. Strategic operations management. Routledge; 2018 Jul 17.
Lee RA. The Customer Relationship Management Planning Guide V2. 0: CRM Steps I & II: Customer Centric Planning & Redesigning Roles. High-Yield Marketing Press; 2000.
Vassilev B, Rafailov H. Digital marketing strategies to redefine retail banking. Management. 2022 May; 19:21.
Chen, C., Geng, L. & Zhou, S. (2021). Design and implementation of bank CRM system based on decision tree Algorithm. Neural Computing and Applications. 33, Springer-Verlag London.
Majekodunmi D. Social Media Banking: What do we know? Inesh 2017 4th European Conference on Social Media 2017 Jul 3 (p. 373). Academic Conferences and publishing limited.
Kitsios F, Gnathiids I, Kamariotou M. Digital transformation, and strategy in the banking sector: Evaluating the acceptance rate of e-services. Journal of Open Innovation: Technology, Market, and Complexity. 2021 Sep 21;7(3):204.
Sonono B, Ortstad R. The effects of the digital transformation process on banks’ relationship with customers: case study of a large Swedish bank.
Stalmachova K, Chinoracky R, Strenitzerova M. Changes in business models caused by digital transformation and the COVID-19 pandemic and possibilities of their measurement—case study. Sustainability. 2021 Dec 23;14(1):127.
Vassileva B, Rafailov H. Digital marketing strategies to redefine retail banking. Management. 2022 May; 19:21.