Federal Bank Marketing Mix: Federal Bank belongs to the private sector and is owned by the Government of India. It is involved in finance and the banking industry and provides the best customer-centric service. It is an institution of Indian origin and is among the most prominent commercial bankers in the nation. Federal Bank was established in 1945 and had its main at Kochi, located in Kerala.
Marketing Mix Of Federal Bank
Marketing Mix Of Federal Bank is brand-based. In Marketing Mix Of Federal Bank, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Federal Bank Marketing Mix. Below is the detailed Marketing Mix of Federal Bank.
Let’s talk about Federal Bank Marketing Mix.
Federal Bank Main Competitors
- Indian Bank
- UCO Bank
- Union Bank of India
Federal Bank official website: www.federalbank.co.in
Product in the Federal Bank Marketing Mix:
Federal Bank is a full-fledged bank that provides full Banking-Solutions to its clients through numerous innovative services and services available within its bank account. To meet or even surpass the expectations of their customers, the bank has embraced various plans, such as 24 hours a day and a robust and efficient branch infrastructure.
Federal Bank introduced several essential services, including Internet Banking-Services with FedNet and RTGS facilities for all branches. The bank also linked each unit and made them fully automated. To achieve excellence in various aspects of banking, it offers a wide range of services and products selection in corporate and personal banking. Some of the most essential ones are listed below:
- Structured-Derivative products
- Reservations for trains through the online system
- Online payment for LIC insurance
- Online Kiosks
- NRI Services
- Merchant-Banking Services
- Lock-Box Services in the United States for NRIs
- Products that are related to Life Insurance
- Products that are associated with General Insurance
- Export-Credit Insurance
- Payment Gateway for e-shopping
- Depository Services
- Credit Cards
- Cash Management Services
- Bill Payments
Place in the Federal Bank Marketing Mix:
Federal Bank serves a semi-urban sector and has a distribution system to various regions of India. It believes in expansion plans, and as of the end of the fiscal year 2916 31 days, March was operating its network covering nearly 24 Indian states. It’s served by one thousand five ATMs and one thousand fifty-two branches to ensure efficient and productive working. Federal Bank also has representative offices in various countries, and its first overseas branch was established in 2008 in Abu Dhabi. Federal Bank is a dependable and well-equipped staff that aids with day-to-day transactions through customer interactions.
Their energetic workforce and personal service give a feeling of belonging to their customers. That helps to build branding loyalty. Federal Bank’s official website provides pertinent details to its customers in regular updates.
Price in the Marketing Mix Of Federal Bank:
Federal Bank is one of the largest banking institutions in India, with a solid financial presence. As of the year financial year of 2016, its financial balance was 1.37 trillion rupees. Its net profits were at 475 crore rupees for the financial year. Federal Bank has settled at an acceptable price policy for the services and products they provide to their customers. Pricing is essential since it is the primary source of revenue and longevity in any business.
Federal Bank has tried to devise a price policy that is pleasing to its customers and company. The bank has coordinated its pricing for service packages to lower its costs. Today, the competition in the banking industry has increased dramatically, so Federal Bank has tried to maintain the interest rates for loans as low as it is to draw in more customers.
Promotions in the Federal Bank Marketing Mix:
The Federal Bank has actively participated in various occasions, including sports. It was the main patron of the IPL team called Kochi Tuskers Kerala, and tickets were available through its branches and websites for home games. It was a partner bank of a series between Sri Lanka and India in 2012.
Federal Bank has a direct deal with the Government of India, where welfare schemes are linked directly with Aadhaar card and bank account holder of Federal Bank for Direct-Cash-Transfer. Bank has been the recipient of many prizes. It has been awarded “MasterCard Innovation Awards 2016” for “Acquiring Business Initiatives” and “Debit Card Initiatives.” It also received the “ET Best Corporate Brand 2016 Award”.
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