The Use of Modern Communication Mediums for Customer Base Expansion in the Banking Sector of Pakistan

Abstract

This study was conducted primarily to investigate the possible existence of a prominent relationship between the usage of modern mediums in the marketing practices, by local banks in Pakistan and growth in their customer base. For the purpose of this study, a questionnaire was specifically designed to inquire from the test subjects, who in this case were customers of various banks, to inquire of whether the usage of modern mediums by banks in order to reach potential customers for marketing their products and services, is a better way to communicate with them? Further, I also conducted interviews of various marketing professionals associated with the local banking industry in order to analyze the success from their point of view. Following are the four major mediums, analyzed during this study: Tele Marketing, SMS Marketing, Internet Marketing and Mobile Banking. There is undoubtedly a positive relationship between increasing customer base and usage of modern mediums for marketing of products and services.

I believe that local banks instead of just incorporating new ways of marketing should first realize the fact that a large portion of the population having bank accounts still lacks the awareness of these mediums. Banks should realize the fact that traditional mediums are more established and people have means for accessing them as well. As per my research study I concluded that SMS marketing is more favorable within the rest I choose. Similarly banks should conduct thorough research before incorporation of any modern medium.