Marketing of Bank Products: Innovative Suggestions for NCC Bank

Abstract

Banks increasingly compete outside their countries of origin and operating environments often differ greatly from one country to another, both in terms of financial markets and credit risk. Some sophisticated market research techniques, such as multidimensional scaling, commonly used in the generation of ideas for new consumer products, have not been widely applied to generate ideas for new banking products. Under the well-founded hypothesis that there is at least a latent demand for improvement in the search for needs. This depends mainly on the commercialization of banking products. But sometimes banks fail to market their products properly.

Despite numerous significant bank improvements, national banks in Bangladesh are lagging behind in many areas compared to foreign commercial banks with a wide range of capitalizations, overseas networks, modern management skills, technological advances, etc. quality of products delivered to customers by national banks. The administration of the National Bank now focuses on improving the quality of service to create a positive image of the growing profits. Reputation plays an important strategic role in the commercialization of banking products. The commercialization of banking products to customers is important for the success and existence of the current economic banking sector. Therefore, it is important that all banks in Bangladesh understand the needs of their customers and sell their products to them.

The NCC Bank Ltd. has earned a commendable reputation by providing personalized and sincere service to its customers in a technology-based environment since its inception. The Bank has put in place a new funding standard in the industry, trade and currency sectors. Its various deposit and credit products have also attracted clients, both private and public officials, who feel comfortable doing business with the Bank. The bank could achieve a slightly satisfactory result in recent years, which has contributed to its continued steady growth against all major indicators, i.e. deposits, advances and profits, etc. During the year, the bank focused on a range of areas in which revenues increased, such as SME financing, remittances, and so on.

The study of this internship report is mainly focused on sharing few innovative and creative marketing ideas for promoting the products of NCC Bank and consists of five broad chapter. The first chapter is a description of the report that includes background, scope, objectives, limitations and methodologies of the report. The second chapter is on the organizational details of NCC Bank and the third chapter as well the main chapter of the report is analysis and findings chapter, that discuss how the NCC bank need to attract their consumer, how to satisfy them and finally, I have proposed few current marketing strategy that are being applied by a lot of banks outside Bangladesh. The application of these ideas can provide market strength to the NCC Bank Limited.