Overview of Service Marketing Strategy of the “Non-Bank Financial Institutions”: Problems & Prospects.
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 8
Abstract
Non-Bank Financial Institutions (NBFIs) are playing a significant role in meeting the diverse financial needs of various sectors of our economy. A NBFI (Non Bank Financial Institution) is an organization that does not accept customer cash deposits but provides all financial services except bank accounts. NBFIs can be three types: Insurance Company, Mutual Fund Company & Financial/Investment Company. NBFIs provide ‘service’ to the customer. Service marketing is marketing based on relationship and value. NBFIs follow different types of marketing strategies. But because the services of NBFIs are difficult to understand, general people don’t know much about them. Also illiteracy, low income level, lack of trained people, lack of R&D, Government’s regulation etc are the major constraints of service marketing of NBFIs. NBFIs should increase customer relationship, customization, free counseling &briefing etc. Most of all, service marketing of NBFIs yet in growth stage and has more opportunity to contribute in the economic development of the country.
Authors and Affiliations
Suma Akter, Shakil Ahmed
Keywords
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- EP ID EP412355
- DOI 10.9790/487X-2008045258.
- Views 44
- Downloads 0
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