Role Of It In Banking Sector Essay

Along with this present growth, the field of marketing financial services has also grown in size and scope with new entrants every day.

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Advertising Industry trends reflect the dynamics of the advertising industry and its contribution to the economy of the country.

Advertising industry trends suggested that advertising expenses with regard to magazines in the beginning of 2007 escalated by 7.1% as compared to the first half of 2006.

For example, if a bank offers the home loans at an attractive EMI’s, Fix account with more rate of interest, A post office has to offer various saving schemes, corporate loans, the financial intuitions by adopting the best mode of communication so that the people will be known to their offerings.

Due to the paradigm change in the societal behavioral patterns and technology there are many new advertising opportunities which are coming like Popup ads, Flash ads, Banner ads, and email ads (often a form of SPAM), Social networking sites etc.

Advertising is a mass communication involving an identified sponsor, the advertiser, who normally pays a media organization, such as television network, to run an advertisement that has usually been created by an advertising agency.

The basic task of advertising is to communicate information efficiently to groups of individuals that could number in the hundreds or millions. Many advertisements are designed to generate increased consumption of those products and services through the creation and reinvention of the “brand image”.Policies of Liberalization and Globalization have led to competition in the financial sector (Pathania, 2012).This keen competition in the market and change in the business and industries, led the Financial Institutions to offer the variety and quality of products and services to their customers.Corporate World realized stiff competition even after the economic reforms in the form of various foreign and Indian Banks as well as from Non banking Financial Companies.Due to this clutter and competition, promotion and advertising become an integral component of marketing of the financial products and services as it also serves as an important guide for the customers as far as investment portfolio management at the individual level is concerned.Due to strong and intense competition the advertising and other promotional strategies assumes a significant role as far as the promotion of these financial products and services are concerned.Within our society, financial institutions are becoming more abundant.To increase the effectiveness investment portfolio management for the customers, Financial Service Providers are now focusing towards promotional practices.Being as the major component amongst all the promotional Strategies, advertisement plays an important role.Every major medium is used to deliver these messages, including television, radio, cinema, magazines, newspapers, video games, the Internet, carrier bags and billboards (Advertisement plays an important role in the society, and now financial sector is no exception to this.