Understanding deposit marketing is highly critical to any Bank to ensure effective management of resources to fund their businesses by making loans so as to continue to maintain the bottom line as well as diversify & manage various risks. With competition amongst banks heating up ever more coupled with a rapid advancement in technology, in order to stay relevant, Banks need to review their deposit products and deposit marketing strategies. This is more so important now that we are in the midst of a global pandemic which has completely changed the way banks & customers will do banking now and going forward.
The idea is to design deposit products in such a way that they are able to cater to the banking requirements of all market and business segments. Moreover, it is also equally important to put in place a robust mechanism to constantly assess the unique selling propositions of deposit products and make timely interventions in augmenting their values to ensure their sustainability & commercial viability in the long run.
Also, it is equally critical for the banks to constantly innovate and align themselves with the changing technology to bring forth new and improved tech based products that will not only ensure a faster business growth but also bring in cost efficiencies.
