Relationship Banking: A Multinational Bank’s Application of Relationship Marketing

Abstract

We are witnessing a paradigm shift in the focus of marketing from one that has been transaction-oriented to one that builds a value-enhancing relationship with the customer. One of the earliest industries to jump onto the bandwagon of "relationship marketing" has been the banking industry. This paper investigates a multinational bank's use of relationship marketing by using McKinsey & Co.'s Seven-S framework. The study identifies internal marketing, service quality, human resource system, information technology, and the role of the account manager as key factors in implementing a relationship marketing strategy.