Marketing Strategy in digital age: A Study on some selected banks in Kolkata

Abstract

India’s present business environment is marked by intense competition and complexity set in due to the liberalization policies of the successive Governments.  Consequently, the banks have been forced to change its marketing strategy from transaction based to relation based. A reason being with the advent of digital age the customers have the easy option of switching their allegiance with a simple click of a mouse. The banks are now resorting to digital avenues to not only reach out to customers but also to retain them. The introduction of touch points (e.g., SBI e-corner), digital application based mobile services (apps like Buddy), and even offering digital wallet speaks volume about the effort being put in by the banks to make the ‘reaching out to retaining’ strategy successful. Relationship Marketing Strategy (RMS) which “strives to get the firm close to the customers in order to enable it to accurately and adequately discern and satisfy their needs” is one of the most innovative and dynamic marketing strategies that is being practiced by the banks of modern India. To understand RMS thoroughly a study was conducted on the cash/credit account holders of three Kolkata based banks viz. United Bank of India, Allahabad Bank and United Commercial Bank. A questionnaire was devised, and responses obtained from 312 bank customers selected among 5508 customers via convenience sampling. Appropriate statistical tool was used to analyses the responses and study the impact of two key constructs (trust and reciprocity) on RMS. It was found out that the two variables have significant impact and predict a considerable proportion of the variance in RMS.

Keywords: Relationship Marketing Strategy, reciprocity, empathy, Bank, Statistical Tool

Cite this Article

Sarajit Sardar. Marketing Strategy in Digital Age: A Study on Some Selected Banks in Kolkata. E - Commerce for Future & Trends. 2019; 6(2): 7–17p.