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Marketing Strategy for Financial Services in Indian Financial Service Institutions

Author

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  • Preeti Sharma
  • Avinash K. Shrivastava

Abstract

Indian financial sector passed through various stages of development including pre-nationalization, post-nationalization and the recent one post-liberalization. In these stages, marketing was at hibernation mode, as the relationship between banking and marketing was not considered important. However, the recent developments in the Indian financial sector as well as changes in customer preferences towards financial services have aggravated a need for a stronger relationship between marketing and financial service institutions. This thought grew up after there was a realization of the sustainable structure. In light of the above development, authors have attempted to study and explore the marketing strategy of financial service institutions specifically for financial products and services to target retail customers. This exploratory research is carried out by interviewing around 285 employees (in sales and marketing in banks and NBFCs) in Delhi-NCR region through a structured questionnaire. A total of 24 factors were identified through the literature available on the topic (factors that affect the marketing strategy of financial services offered). Exploratory factor analysis was applied, and it was found that five most influential factors are devising a differential marketing strategy. This marketing strategy has been named as ‘PRISM’ (acronym of the strategies developed).

Suggested Citation

  • Preeti Sharma & Avinash K. Shrivastava, 2021. "Marketing Strategy for Financial Services in Indian Financial Service Institutions," FIIB Business Review, , vol. 10(4), pages 404-412, December.
    • Handle: RePEc:sae:fbbsrw:v:10:y:2021:i:4:p:404-412
    DOI: 10.1177/2319714521994510
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    References listed on IDEAS

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    1. Sudhir Rana & Sanjeev Prashar & Munim Kumar Barai & Abu Bakar Abdul Hamid, 2020. "Determinants of international marketing strategy for emerging market multinationals," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 16(2), pages 154-178, May.
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    4. Bharti Motwani, 2016. "Prediction of Intention of Senior Professionals to Prefer Mobile Banking," FIIB Business Review, , vol. 5(4), pages 51-64, October.
    5. Mr. Mohsin S. Khan & Mr. Abdelhak S Senhadji, 2000. "Financial Development and Economic Growth: An Overview," IMF Working Papers 2000/209, International Monetary Fund.
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    1. Avinash K. Shrivastava & Preeti Sharma & Arindam Banik, 2024. "Merchandise and Service Trade Deviations During COVID-19: A Performance Comparison Between India and China," FIIB Business Review, , vol. 13(2), pages 257-275, March.

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