SERVICE MARKETING
OF KOTAK MAHINDRA BANK
CCE 1
FUNCTIONAL MANAGEMENT
TO: DR. AMIR MEHBOOB SIR
BY: KRISHANU SINGH
CLASS: B.COM (HONORS)
INTRODUCTION OF THE ORGANISATION
Introduction to Service Marketing at Kotak Mahindra Bank
Service marketing refers to the strategies and tactics that organizations use to
promote and sell services, rather than physical products. In the context of banking,
service marketing is crucial, as banks are service-based organizations that rely on
their ability to meet customer needs, build trust, and maintain long-term
relationships.
Kotak Mahindra Bank, one of India’s leading private sector banks, has established
itself as a major player in the financial services industry through its innovative and
customer-centric service marketing strategies. Founded in 1985 as a non-banking
financial company (NBFC) and later converted into a full-fledged bank in 2003,
Kotak Mahindra Bank has consistently focused on offering a wide range of
financial products and services that cater to the diverse needs of its customers,
including retail banking, corporate banking, investment banking, and wealth
management.
Key Aspects of Service Marketing at Kotak Mahindra Bank
1. Customer-Centric Approach: Kotak Mahindra Bank places a strong
emphasis on understanding and meeting the unique needs of its customers. This
approach is evident in its personalized banking services, customer support, and
innovative digital solutions. The bank continuously invests in research to
understand customer preferences and tailors its services accordingly.
2. Digital Transformation: In an era where digital banking is becoming
increasingly important, Kotak Mahindra Bank has made significant strides in
digital service marketing. The bank offers a robust online and mobile banking
platform, ensuring that customers can access banking services anytime, anywhere.
Their marketing efforts also include promoting digital products like 811, a full-
service digital bank account that can be opened online in minutes.
3. Brand Positioning and Communication: Kotak Mahindra Bank's service
marketing strategies are closely tied to its brand positioning as a trustworthy,
innovative, and customer-focused financial institution. The bank uses a variety of
communication channels, including traditional advertising, social media, and direct
marketing, to reach out to its target audience and communicate its value
propositions.
4. Innovative Product Offerings: The bank’s service marketing is also driven
by its innovative product offerings. Kotak Mahindra Bank has introduced several
unique products, such as dynamic savings accounts, flexible fixed deposits, and
comprehensive wealth management services. These products are marketed as
solutions that cater to the evolving financial needs of customers.
5. Customer Relationship Management (CRM): Effective service marketing in
the banking sector often hinges on strong customer relationship management.
Kotak Mahindra Bank utilizes advanced CRM tools to track customer interactions,
understand customer behavior, and enhance service delivery. This helps the bank
in cross-selling, upselling, and providing personalized services to its customers.
6. Corporate Social Responsibility (CSR) Initiatives: Kotak Mahindra Bank
also integrates CSR into its service marketing strategy. By engaging in socially
responsible activities and promoting financial literacy, the bank strengthens its
brand image and builds a positive relationship with the community.
OBJECTIVES
The objectives of service marketing at Kotak Mahindra Bank are designed to
enhance customer satisfaction, strengthen the bank's market position, and drive
growth. Here are some key objectives:
1. Enhance Customer Satisfaction: Deliver high-quality services that meet or
exceed customer expectations, fostering loyalty and long-term relationships.
2. Build Strong Brand Recognition: Position Kotak Mahindra Bank as a trusted
and reliable financial institution through effective branding and marketing
campaigns.
3. Expand Market Share: Attract new customers while retaining existing ones by
offering innovative products, competitive pricing, and exceptional customer
service.
4. Promote Financial Literacy: Educate customers about financial products and
services to help them make informed decisions, thereby increasing the adoption of
Kotak’s offerings.
5. Leverage Technology: Utilize digital platforms and technological innovations
to provide convenient, efficient, and user-friendly services, enhancing the overall
customer experience.
6. Differentiate from Competitors: Highlight unique features and benefits of
Kotak Mahindra Bank’s services to stand out in a competitive banking landscape.
7. Increase Cross-Selling Opportunities: Encourage customers to use multiple
services by demonstrating the value and benefits of Kotak’s full range of financial
products.
8. Drive Customer Engagement: Foster engagement through personalized
communication, loyalty programs, and customer feedback mechanisms to build
stronger relationships.
OUTCOMES:-
I had conducted a survey on Kotak Mahindra Bank’s Service Marketing and found
out that people had a mixed opinion on the service marketing of Kotak Mahindra
Bank, where some had positive while some had mix review of the organization. In
my survey through Google Forms I had asked some people their opinion about
various things like:-
1. Quality of service- EXCELLENT-40.9%
GOOD-54.5%
AVERAGE-4.5%
2. Types of services used-SAVINGS ACCOUNT-72.7%
CURRENT ACCOUNT-27.3%
3. Satisfaction level-VERY SATISFIED-36.4%
SATISFIED-40.9%
NEUTRAL-22.7%
4. Issues(if any)-YES-27.3%
NO-68.2%
5. Transparency & Clarity-EXCELLENT-27.3%
GOOD-59.1%
AVERAGE-13.6%
6. Value for Money-HIGH-81.8%
LOW-9.1%
VERY HIGH-9.1%
7. Method of communication-MOBILE APPLICATION-22.7%
SMS-36.4%
CALL-31.8%
IN PERSON VISIT-9.1%
8. Recommendations- EXTREMELY LIKELY-31.8%
LIKELY-45.5%
NEUTRAL-13.6%
LIKELY-9.1%
