On the basis of survey material, the article offers an examination of the banking industry and possible response strategies. The article aims at giving banks the impetus to fully incorporate marketing strategy into their competitive strategies to help them face the future.
In the period September 2004 through January 2005, a survey was conducted by the Nyenrode University Center for International Business. A total of 225 top executives of 88 banks in 11 countries completed a questionnaire which provided an “instant picture” of the marketing strategies of the world's largest banks.
Banks expect to have to pedal harder for the same reward in the future. This emphasizes the need to rethink and revamp marketing strategies. The banks best able to meet the challenges of today and tomorrow will be those that manage the following strategic challenges effectively: creating a customer focus, updating the product development program, pricing banking products competitively, and putting a productive information architecture in place.
The theme of banking and marketing strategy is a fascinating subject. Difficult challenges await executives who really want to get grips with this subject. Executives will have to rethink their strategic objectives, redevelop marketing strategies, redesign the process of strategic marketing, and create a new strategic marketing approach.
This article offers an examination of the banking industry and possible response strategies.
