Business Orientation of Indian Consumer Banking

Abstract

The study analyzes the overall business orientation of Indian consumer banks by examining five important business philosophies, namely, production orientation, selling orientation, customer orientation, market orientation and relationship marketing orientation. It throws light on the extent to which each business orientation is followed by Indian banks. All the 39 branches of Jammu and Kashmir Bank Pvt. Ltd (JKB), 13 of State Bank of India (SBI) and 17 of Punjab National Bank (PNB) functioning in Jammu city respectively were contacted. The study found that Indian banks are purely customer oriented and had not yet fully implemented a market orientation philosophy. Moreover, they are not following relationship marketing philosophy, which is the need of the hour and it is imperative for banks to focus on developing long-term relationships with their customers. Further, the two business philosophies, namely, production orientation and selling orientation show insignificant impact on the overall business orientation of Indian banks. Therefore, bank management should concentrate equally on technology and an effective promotional mix. Moreover, they should rethink customer-oriented strategies according to the changing competitive environment and simultaneously think of a market orientation philosophy. Further, management should focus equally on four components of relationship marketing, namely, trust, commitment, loyalty and customer retention.

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