Internship report on Effectiveness of communication tools in creating brand awareness

A case study of The Farmers Bank Limited (Motijheel Branch)

The Farmers Bank Limited (FBL) is one of the newest banks in the private sector. It has commenced its commercial operations from mid-2013.

However the competition in the banking industry has intensified more than ever before .Global financial crisis, stock market crash, recessions and other factors affected the banking industry. So banks should position themselves at a unique place in the minds of the customers by offering attractive offers such as higher interest rates or by offering superior service and also to use the marketing communication tools effectively so that the customer can memorize something about the product and come to the bank to perceive their desired product, because without creating the brand awareness by using the tools the customer cannot get the information regarding the products performance and obviously we have to provide good customer services include financial advice, flexible rates or dates of payment, portfolio management etc.

In general sense, “Bank” means a financial institution that deals with money. Banks are financial conciliator that accepts deposits from public and lends those deposits to others activities in the capital market. Banks are one of the most important financial institutions that play a vital role in the economy. Banks provides necessary funds to the investors or businessmen that they need to continue their business. It connects customers having capital shortage to customers having capital surplus.

Now-a day’s banking sector is modernizing and expanding its hand in different financial events. At the same time the banking process is becoming faster, easier and is becoming wider. Satisfaction is the customer’s fulfillment response with service and service recovery. It is a judgment that a product or service feature, or the product or service itself, provides a pleasurable level of consumption-related fulfillment. In less technical terms, Service recovery is the customers’ evaluation of a product in terms of whether that product or service has met their needs and expectations.

Banking operations are becoming increasingly customer service dictated. The ability of banks to offer clients access to several markets for different classes of financial instruments has become a valuable competitive edge. With the phenomenal increase in the country's population and the increased demand for banking services; top management commitment, rewards, training, empowerment, teamwork, role ambiguity, organizational commitment, and service recovery are going to be key differentiators for each bank's future success. Thus it is imperative for banks to get useful feedback on their actual response time and customer service quality aspects of retail banking, which in turn will help them take positive steps to maintain a competitive edge.