Marketing in the realm of retail banking revolves around working out the best ways to reach existing customers and potential new customers and make the bank’s financial packages and services as appealing as possible through promotional activity and overall marketing strategy.
The lowdown in marketing in retail banking
Customer insight is a driving force in retail banking marketing strategy. Roles in this field use customer insight, creativity, an analytical mind and abilities to problem-solve, combined with a thorough understanding of the target market and financial institutions. Marketing professionals will develop strategies and determine the best way to market the bank’s financial products and services in line with the bank’s brand values and industry regulations.
Marketing officers will often work within a specific division of the bank and focus on their products in particular; though more senior marketing managers will ensure any strategy they devise also reflects a wider business aim.
More on marketing
More senior marketing officers and marketing managers will lead on projects and campaigns and have to be able to make the most of, and work within budgets. They will also usually liaise with in-house branding, customer strategy and product development representatives to establish the right tone, direction and overall marketing strategy. In-house marketing managers may also liaise with creative media agencies or external marketing consultants.
Retail banking marketing jobs are available with banks’ in-house departments, and sometimes as part of a marketing agency. Some roles will focus on specific expertise for the bank’s overall marketing remit, such as digital marketing officer, branding, online marketing officer or telemarketing (marketing over the telephone).
A degree in a relevant discipline is usually necessary for entry into this area of retail banking. Chartered Institute of Marketing Chartered Marketer status is usually desirable for more senior roles.