DIGITAL DISRUPTIONS AND TRANSFORMATION OF BANK MARKETING

Paper Number :WP 13/2022
Publication Date :April 4, 2022

Banking industry is at the cusp of a disruptive revolution led by the advent of digital technologies. This paper intends to describe the impacts of digital disruption on one specific function, i.e., marketing of banking services. We explore the evolution of technology in banking, transformations from traditional marketing paradigm to present day digital marketing paradigm. We look at the major ways in which the core marketing functions in banks, such as customer acquisition, brand promotion, product development, service differentiation, experience management and loyalty development, have changed. The study is based on an extensive review of literature, with information sourced from authentic websites, articles, journals, documents, published reports and online data bases. Additionally, views of practitioner’s are incorporated from deliberations made in a recent webinar on the same theme.