Hi All
I can put in some info of my own which we have unearthed while doin marketing fr a Private MNC bank in India.
Since they are new entrants in the market compared to our conventional Indian banks they have lot many innovative processes of getting into the TG mind-share. They have more aggressive marketing strategies, acquisition processes and much bigger benefit programs. One major shift which we have noticed also is that the TG they are looking at is also a niche market of only the upper income groups. They are trying to stay away from the mass market per say, and strike a chord with the income groups who are also looking at spending to maintain a lifestyle.
The spending consumer is being lured with a slew of privileges like discount offers at hi-end stores, lifestyle destinations, cruises, etc. In contrast, offers from the Indian banks are very minuscule compared to this. Maybe they look at the volumes from the masses and their wide spread reach. More over i think the foreign banks are not allowed to address the masses as per the banking laws in India. Not too sure about it. But am sure that given an opportunity, the foreign banks will offer much more aggressive marketing strategies for the masses as well.
I can put in some info of my own which we have unearthed while doin marketing fr a Private MNC bank in India.
Since they are new entrants in the market compared to our conventional Indian banks they have lot many innovative processes of getting into the TG mind-share. They have more aggressive marketing strategies, acquisition processes and much bigger benefit programs. One major shift which we have noticed also is that the TG they are looking at is also a niche market of only the upper income groups. They are trying to stay away from the mass market per say, and strike a chord with the income groups who are also looking at spending to maintain a lifestyle.
The spending consumer is being lured with a slew of privileges like discount offers at hi-end stores, lifestyle destinations, cruises, etc. In contrast, offers from the Indian banks are very minuscule compared to this. Maybe they look at the volumes from the masses and their wide spread reach. More over i think the foreign banks are not allowed to address the masses as per the banking laws in India. Not too sure about it. But am sure that given an opportunity, the foreign banks will offer much more aggressive marketing strategies for the masses as well.