Promotional Strategy of Retail Banking in Bangladesh: BRAC Bank Limited & United Commercial Bank PLC

Abstract

The retail banking sector in Bangladesh has witnessed significant growth and competition in recent years. To thrive in this competitive landscape, banks must formulate effective promotion strategies to attract and retain customers. This thesis aims to explore and compare the promotion strategies employed by BRAC Bank Limited and United Commercial Bank PLC, two prominent retail banks in Bangladesh. The study begins with an overview of the retail banking industry in Bangladesh, highlighting the current market trends, challenges, and opportunities. A comprehensive literature review is conducted to identify the key factors influencing promotional strategies in the retail banking sector. The theoretical framework incorporates concepts such as branding, advertising, digital marketing, and customer relationship management (CRM) to provide a holistic understanding of promotion strategy formulation. The findings reveal that both BRAC Bank Limited and United Commercial Bank PLC adopt a multi-channel promotion approach, utilizing traditional advertising channels such as print media, television, and outdoor advertising, as well as digital platforms, including social media, mobile apps, and websites. However, the banks differ in their emphasis on specific promotional activities and their degree of integration with customer relationship management initiatives. The implications of the findings contribute to the existing body of knowledge on retail banking promotion strategies in Bangladesh. The research provides recommendations for improving the effectiveness of promotional activities and suggests strategies to overcome the challenges faced by banks in the ever-evolving digital landscape. In conclusion, this thesis offers valuable insights into the promotion strategies of retail banks in Bangladesh, focusing on the case of BRAC Bank Limited and United Commercial Bank PLC. The research provides a comprehensive analysis of the promotion strategies adopted by these banks, their effectiveness, and the challenges they encounter. The findings and recommendations of this study can assist retail banks in Bangladesh and other emerging markets in formulating effective promotion strategies to gain a competitive edge in the dynamic banking industry