Importance of Sales and Marketing Departments to Overcome Most Important Threats in Retail Banking Industry

Retail banking industry become more competitive.Providing regular banking needs for customers do not help retail banks to make more profits.In the competitive marketplace, retail banks need to make difference to attract more customers.Globalization, competitors, changing customer needs and technology were identified as most important threats for retail banks.All these threats are related to each other.It may not enough to take measures for just threat.It is important for managers to understand all these threats work together and ignoring one of them can have domino effect.Managers need to capable of identifying the threats before it becomes a weakness.