Role of Advertisement in the Banking Sector : Analysis of Some Selective Case Studies from UK and Lessons for Banks in Bangladesh

In developed countries, numerous wealthy fast-growing clients with diverse finance-related needs, require sophisticated and tailored financial solutions. Therefore, under the pressures of the converging market and competitive forces, the tasks of attracting and attaining clients require a higher standard of market expertise and understanding. This has not yet been visible within the financial services market, despite the variety of brands available. Retail banking is perceived as a ‘low interest’ purchase in the minds of consumers, which therefore makes many financial brands seem intrinsically uninteresting. Furthermore, for the conventional advertising most banks engage in tends to concentrate on awareness and product features rather than relationship building and establishing trite brand values. As banking institutions gradually become ever more aggressively marketed, finding the most appropriate, innovative and creative solutions to clients’ marketing needs will remain the most important competitive advantage. This paper conducts exploratory research to investigate the role of advertising and the power is possesses to brand banking services and influence the consumer decision-making process. It critically evaluates advertising campaigns of the ‘Big 4’ UK retail banks (Lloyds TSB. HSBC, Barclays and NatWest) to appreciate the strategies adopted and subsequently concludes that the primary objective of advertising is to create awareness of the organisation and the products and services it offers. It also works to establish a link between consumers and the organisation, in order to learn some lessons for Bangladeshi Banking sector