Creativity and Innovation in Marketing Strategies of Banks

Abstract

This paper makes an attempt to show how creativity and innovations in marketing strategies plays the vital role in banks.

Strategic Innovation can be said to walk on a stair of innovation levels and leads to the profitability of any organization. There were lot of technology changes going in the Banking industry, which plays an important role by providing various services. Strategic Innovation is the creation of growth strategies, new product categories, services or business models that change the market and generate significant new value for consumers, customers and the organization. As we all know that tech. Developments are going very fast in our country like merger, universal banking, Insurance, Cheque truncation, e-banking, Mobile banking and internet technology, these development is really affecting the pace of business of banking. In the field of business, banks are achieving very high growth rate as compare to other sectors because of their new creativity and innovations in marketing strategies. If they improve continuously definitely they will compete well with foreign banks.