Role Of It In Banking Sector Essay

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Buyer’s attitude towards the products may be determined not merely by the products as manufactured in factories, but also by what added in the form of packaging, services, advertising, customer advice and other things that people value.

Thus, the advertising plays an important economic role in the introduction of new products in the markets.(Sidhu, 2003 ).

The relatively stable banking environment is being altered with innovation, opportunism, and government intervention.

Increasing knowledge among societies is forcing the financial institutions to adopt international best practices to remain in business.

The same period witnessed a decrease in the expenses on magazines dealing with business articles, reports and business statistics by as much as 5.2%.

A survey conducted on the advertising industry trends also suggested that total amount spent on advertising pertaining all categories of media registered a reduction by 0.3% in the first three months of 2007 as compared to the last quarter of the 2006.

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.