MBA Journals Peer-reviewed management research from Consortium e-Learning Network

NOLEGEIN Journal of Management Information Systems

Retail Banking – Redefined by Digital marketing strategies.

  1. Meghna Jain
  2. Varsha Jha

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.

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