Established in the year 1931 by Shri A.B. Shetty in collaboration with other farmers around Mangalore, Karnataka, and the bank’s blueprint had an aim of promoting banking and savings habit among the residents of Dakshin Kannad district.
It is not until 1958 that it became a scheduled bank and 1980 when it was nationalised. Today, the bank has expanded so much that it has a network composing of over 1600 branches together with more than 1300 ATM’s. With its headquarters in Bengaluru India, the bank employs more than 14,000 people as part of its dedicated staff that helps it to scale new heights.
Competitors
- SBI
- Indian Overseas Bank
- Indian Bank
- Union Bank of India
- Punjab National Bank
- Bank of Baroda
- Central Bank of India
- UCO Bank
Product in the Marketing Mix of Vijaya Bank :
The bank offers all the banking services that are found in Indian banks. These include:
- Savings services
- Credit services
- Withdrawal services
- Fixed deposit services
- Private banking
- Wealth management
- Mortgage loans
- Insurance services
- Corporate banking
- Investment banking
- Credit & Debit card services
- Load services etc
- Non Residential Indians banking
- Forex services
- Services to exporters
- Remittance services
- Treasury services
Currencies
- The bank deals in 9 different currencies which include:
- The Indian Rupee
- The USA Dollar
- The Sterling Pound
- The Australian Dollar
- The Japanese Yen
- The UAE Dirham and
- The Euro etc
Credit Cards
- MasterCard Classic Credit Card
- VISA Classic Credit Card
- Vijaya Platinum Card
- VISA Nurses Card
- VISA City Specific Cards
- VISA Doctors Card
- VISA Classic International Card etc
Price in the Marketing Mix of Vijaya Bank :
The bank uses the comparative pricing strategy while selling its products. As a result, it is cheaper to buy your products from this bank than it is to buy from some other financial institutions. Similarly, the billing will be done according to the type and size of the product you go for. For instance, taking bigger loans will be charged at lower percentages than going for small loans.
Place in the Marketing Mix of Vijaya Bank :
The bank is spread all over India, with over 3500 customer touch points that include about 1700 ATMs. Others are about 1900 branches stationed in India as follows: 486 rural branches, 508 semi-urban branches, 395 metro branches and lastly, 474 urban branches.
The types of loans and credit cards the bank offers to the customers can clearly tell you that the bank sells its products to all economic groups. There are mortgages, school fees loans, agricultural loans, Payee loans as well as credit cards for a wide range of people. In other words, Vijaya bank targets all Indians regardless of where they stay or what they do for an income.
Promotion in the Marketing Mix of Vijaya Bank :
Improvement of the presence, as well as the performance of the bank throughout the country, has been one of its main marketing strategies. There is nothing that works best for the population than bringing services close to their doorsteps. The company has promoted its products and services through the online and mobile banking channels, thereby pulling more customers to its counters.
The bank has also been at the forefront of pursuing the financial inclusion agenda, which is in line with the inclusive growth framework of the country. In line with these services, the bank aims to empower the rural areas financially, as they take the banking services closer to them. These are done together with the social security schemes that include the Atal Pension Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana among others. The Adoption of Girl Child Corporate Social Responsibility among other CSRs is doing the company a lot of good.
