Marketing, the Sacrosanct Mantra

All Nationalized Banks in India give more interest on deposits to their customers, charge less for the services offered to the customers and charge lesser rates for the loans and advances given to the customers. These banks’ charges are lesser when compared to new generation banks and private banks. These banks give the best redress mechanisms to the customers and the banks as a whole are approachable from the lowest official to the top executive of the bank. On the other hand, the new generation banks or the private banks, at times, give lesser rate of interest on deposits for the public, they levy more service charges & ad hoc charges for the services extended and they charge more interest for the loans and advances. They also have redress mechanism mostly through the IVR. The main difference between these new generation/private banks and the Government banks is the human touch or the availability of human response for the customer when they need. All sorts of complaints and grievances are taken for consideration by the public sector banks. Relevant complaints are taken by the new generation/private banks. Still why the customer prefers the new generation/private bank? The fact is that the new generation/private banks maintain their supply chain management intact. The co ordination between the various departments, the continuity of service & chronology of service, chronologically updating the terms of service attuning to the present trend in the banking industry and making the customer satisfied with the supply of what is wanted by him is being done by these banks. The new generation banks understand the customers, their requirement as long as they know and estimate that further business is possible from them. Coordination is between the various departments of banking, more particularly marketing, technology and sales (field level branch). It is nothing but analogy of supply chain management principle in banking industry. Many of the public sector banks in India are century old. Have they all applied the principle of supply chain management as effectively as the new generation/private banks have applied?