Role Of It In Banking Sector Essay

Due to the privatization of financial sector the competition among the different Financial Institutions has increased tremendously, as each institute is trying to build its market share by offering variety of financial products designed for their targets markets.

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It generates the awareness between the consumers about the recent products which are being offered to them.

It also creates a relationship between the company and the consumer.

Every major medium is used to deliver these messages, including television, radio, cinema, magazines, newspapers, video games, the Internet, carrier bags and billboards (

Advertisement plays an important role in the society, and now financial sector is no exception to this.

Policies of Liberalization and Globalization have led to competition in the financial sector (Pathania, 2012).

This keen competition in the market and change in the business and industries, led the Financial Institutions to offer the variety and quality of products and services to their customers.

For example, if a bank offers the home loans at an attractive EMI’s, Fix account with more rate of interest, A post office has to offer various saving schemes, corporate loans, the financial intuitions by adopting the best mode of communication so that the people will be known to their offerings.

Due to the paradigm change in the societal behavioral patterns and technology there are many new advertising opportunities which are coming like Popup ads, Flash ads, Banner ads, and email ads (often a form of SPAM), Social networking sites etc.

For these purposes, advertisements sometimes embed their persuasive message with factual information.

Advertising can be used to change the behavior of the reader/viewer toward the product or service, to influence public opinion, to gain political support, to support, to advance a particular idea or to bring about some effect as desired by some of the advertisers.