Marketing Mix Of Punjab and Maharashtra Cooperative (PMC) Bank and 7Ps (Updated 2024)

The Marketing mix of PMC analyses the 7Ps of PMC, including the Product, Price, Place, Promotion, People, Physical Evidence, and Process of PMC. Punjab and Maharashtra Cooperative Bank Limited is commonly referred to as PMC Bank. It is a company of Indian origins associated with the Banking and Finance industry. PMC Bank was founded in 1984, on 13 February, and has established itself as one of the top 10 cooperative banks in the country. However, marketing strategies can alternatively be seen as dealing only with the development of competitive advantages directly associated with the marketing function, such as customer loyalty and distribution channel control. PMC’s product mix includes checking accounts, savings accounts, credit cards, loans, wealth and asset management, and more. The PMC mortgage lending business segment is the largest source of revenue, contributing $4.2 billion in 2023.

It was the world’s youngest bank to get the status of Scheduled Bank in 2000 and the Authorized Dealer Category 1 license in 2011 for Forex business by the Reserve Bank of India. PMC Bank was conferred multi-state status in 2004 by the Central Registrar. Some of its competitors in industry and market top are as follows-

• Ahmedabad Mercantile Cooperative Bank Limited
• Mehsana Urban Cooperative Bank

About PMC Bank

• Type: Cooperative bank
• Industry: Banking
• Founded: 4 July 1933
• Founder: Shri Vitthalrao Vikhe Patil
• Headquarters: Dadar, Mumbai, Maharashtra, India
• Area served: Maharashtra, India
• Key people: Jayadevan Nair (Chairman) and Prafulla Pawar (CEO)
• Number of employees: 1,400

PMC Bank Product Strategy

PMC Bank is among India and the corporate world and the market’s most preferred and competent urban cooperative banks and corporate names. One of the leading products of PMC financial services is a virtual wallet, a combination of checking and savings accounts allowing unlimited check payments.

The new Product Mix of PMC Bank in 2024 is as follows (Source).

1. Retail Banking Services: This includes traditional banking services such as savings accounts, current accounts, and fixed deposits.
2. Loan Products: We offer various types of loans, including personal loans, home loans, and vehicle loans.
3. Digital Banking Services: With the emphasis on digital transformation in banking, services like online and mobile banking are likely part of their offerings.
4. Investment Services: These might include options like mutual funds, insurance products, and other investment vehicles.
5. NRI Services: Banking and financial services tailored for Non-Resident Indians, including NRE/NRO accounts and related services.

PMC Bank Pricing Strategy

This division offers wealth planning, investment management, and private banking services to individuals with over $1 million in investable assets. As a cooperative bank, PMC Bank’s pricing, promotion, advertising, and distribution strategy likely involves a few key elements:

1. Competitive Interest Rates: Offering competitive rates on savings accounts and fixed deposits to attract and retain customers.
2. Affordable Loan Rates: Striving to provide attractive interest rates, especially for critical segments like housing and education.
3. Low Transaction Fees: Keeping transaction fees minimal to ensure accessibility for a broad customer base.
4. Value-Added Services: Offering additional services like online banking at competitive rates or as part of banking packages.
5. Tailored Products: Designing banking products with pricing structures tailored to different customer segments, including retail and business clients.

PMC Bank Place Strategy

PMC Bank, especially after its merger process with Unity Small Finance Bank, would likely have a marketplace strategy that includes the following:

1. Extensive Branch Network: PMC Bank likely maintains a vast network of branches across various locations to provide easy access to banking services.
2. ATM Services: The bank probably offers a network of ATMs for convenient cash withdrawals and other transactions.
3. Digital Presence: Emphasis on digital banking solutions like internet banking and mobile apps to cater to the growing demand for online banking services.
4. Customer Service Centers: Dedicated customer service centers or help desks at branches to assist customers with various banking needs.
5. Rural and Urban Reach: A strategic presence in urban and rural areas to cater to a diverse customer base, aligning with the ethos of a cooperative bank.

PMC Bank Promotion Strategy

PMC Bank has numerous success and growth stories to its credit. In the year 1999, it was facilitated with Work Ethics Oriented to Depositor’s Service by All India Bank Depositors’ Association, Padma Bhushan Vasant Dada Patil Award nine times titled Best Urban Cooperative Bank and from NPCI, it received Special Jury Award. PMC Bank has introduced unique credit products like Bal Bhavishya Yojana and Double Decker for beneficial lending. Digital platforms like net banking and application banking help PMC banks understand customers more effectively through analytical tools.

PMC Bank is one of the world’s top companies and main propagators of women’s empowerment, and 70% of its employees are women. Its genuine efforts towards this cause include special schemes to open saving accounts for women, education loans to girls/women with a 1% lower interest rate than regular lending terms, and additional benefits in the senior citizen category to women above the age group of 58.

It donates to Cry & Saves the Children Foundation and Helpage India. To celebrate 30 successful years in business, PMC Bank organized camps for health promotion and check-ups of its well-wishers and Customers.

Some Recent Video ads and Print ads for PMC Bank are:

PMC Bank People Strategy

To provide valuable insights into the “People” aspect of PMC Bank’s Service Marketing Mix, it’s essential to consider several vital points highlighting how the bank’s staff, management, operations, and overall human resource policies contribute to its service delivery and customer satisfaction. Here are several points that could be relevant to your research article:

1. Employee Expertise and Training: PMC Bank invests in regular training and development programs to ensure its staff knows the latest banking products, services, and regulatory requirements. This ensures that customers receive professional and informed service.
2. Customer Service Focus: The bank prioritizes excellent customer service, with staff trained to handle inquiries and transactions efficiently and effectively. This includes personalized service to meet individual customer needs, showcasing the bank’s commitment to customer satisfaction.
3. Staff Professionalism: Employees at PMC Bank are expected to maintain high professionalism and ethics. This includes everything from how they dress to how they communicate with customers, ensuring a positive and respectful banking experience.
4. Teamwork and Collaboration: The culture within PMC Bank encourages teamwork and collaboration among employees across different departments. This ensures that customer needs are addressed promptly and efficiently, with a seamless service experience.
5. Employee Satisfaction and Retention Strategies: Recognizing that satisfied employees provide better service, PMC Bank implements strategies to ensure a positive working environment. This might include competitive salaries, benefits, recognition programs, and opportunities for career advancement.
6. Role of Management in Customer Service: The bank’s management plays a crucial role in setting the tone for customer service excellence. This includes leading by example, being accessible to staff and customers, and fostering an environment where feedback is encouraged and acted upon.
7. Inclusive and Diverse Workforce: PMC Bank values diversity and inclusivity, aiming to create a workforce that reflects its diverse customer base. This helps in understanding and catering to the varied needs of its customers.
8. Digital Savvy Staff: With the increasing importance of digital banking services, PMC Bank ensures its staff is well-versed in digital products and services. This enables the bank to support customers using online and mobile banking platforms.
9. Community Engagement: Employees are encouraged to engage with the community, participating in social responsibility initiatives. This enhances the bank’s image and builds strong relationships with the community.
10. Feedback Mechanisms: PMC Bank has established mechanisms for collecting and acting on customer feedback. This includes training employees to handle complaints effectively and to use customer feedback to improve service quality.

PMC Bank Process Strategy

The “Process” element of the Service Marketing Mix refers to the procedures, mechanisms, and flow of activities by which services are consumed. For PMC Bank, understanding the process aspect of risk management and pricing is essential to highlight how the bank ensures efficient service delivery, competitive advantage, and customer satisfaction. Here are several points that could be relevant to your article on the process of PMC Bank:

1. Account Opening Procedures: PMC Bank streamlines the account opening process by offering online forms, minimal documentation requirements, and quick verification to ensure a smooth and hassle-free experience for new customers.
2. Transaction Processing: The bank utilizes advanced technology to ensure that transactions, whether conducted online or offline, are processed quickly and securely. This includes real-time processing capabilities for fund transfers, bill payments, and other banking transactions.
3. Loan Application and Approval: PMC Bank has a systematic process for loan applications, including online application options, clear criteria for eligibility, and a transparent approval process. This ensures that customers clearly understand the steps involved and the timeline for loan disbursement.
4. Customer Service Channels: The bank offers multiple channels for customer service, including branch visits, telephone banking, online chat, and mobile banking apps. This multichannel approach ensures that customers can access support in the way that best suits their preferences.
5. Feedback and Complaint Resolution: PMC Bank has a structured process for handling customer feedback and complaints. This includes a precise mechanism for lodging complaints, a timeline for response, and a process for escalation if necessary, ensuring that customer grievances are addressed promptly and effectively.
6. Digital Banking Services: The bank has invested in digital banking processes, allowing customers to conduct a wide range of banking activities online, from account management to loan applications. This reduces the need for physical branch visits and provides convenience to customers.
7. Security and Fraud Prevention: Security processes are critical to PMC Bank’s operations. The bank implements rigorous security measures, including encryption, two-factor authentication, and continuous monitoring of transactions to protect customers from fraud and theft.
8. Product and Service Delivery: PMC Bank ensures that its products and services are delivered through an efficient and customer-friendly process. This includes clear communication about product features, costs, benefits, and ongoing support for service utilization.
9. Customer Onboarding and Education: The bank has processes to onboard customers effectively, including educating them about how to use banking services, understanding the features of different products, and leveraging online banking tools for convenience.
10. Regulatory Compliance: PMC Bank adheres to a strict process for regulatory compliance, ensuring that all banking operations are conducted in line with legal and regulatory requirements. This includes processes for KYC (Know Your Customer), anti-money laundering checks, and other regulatory mandates.

PMC Bank Physical Evidence Strategy

The “Physical Evidence” component of the Service Marketing Mix is crucial for service-based industries like banking, where the tangible aspects help customers form perceptions about a company, a strong brand, and the quality of service. For PMC Bank, physical evidence encompasses all the tangible elements that customers encounter, which can significantly influence their banking experience and satisfaction. Here are several points that could be relevant to your article on the physical evidence marketing strategy of PMC Bank:

1. Bank Branch Design and Layout: The design and layout of PMC Bank branches contribute to the overall customer experience. Well-organized, clean, and inviting branches with clear signage make it easier for customers to navigate and access services.
2. Technology and Equipment: Using modern technology and equipment in branches, such as ATMs, digital kiosks, and secure teller counters, enhances service efficiency and security, providing a positive impression of the bank’s commitment to innovation and customer service.
3. Branding Elements: The bank’s logo, color scheme, and other branding elements displayed across branches, ATMs, websites, and promotional materials create a consistent and recognizable identity that helps in building trust and recall among customers.
4. Website and Mobile App Interface: The bank’s website and mobile app’s design, usability, and functionality are critical physical evidence. A user-friendly interface that allows easy navigation and transaction capability reflects the bank’s focus on customer convenience and digital innovation.
5. Official Documents and Communication: The quality and clarity of official documents, such as account statements, loan agreements, and policy documents, as well as the professionalism in email communications and notifications, contribute to the bank’s image and customer trust.
6. Marketing and Promotional Materials: High-quality, informative, and well-designed marketing materials, including brochures, flyers, and digital content, provide tangible evidence of the bank’s products and services, emphasizing features and benefits effectively.
7. Customer Service and Personal Interaction: The professional appearance and demeanor of bank staff, including uniforms or dress codes, name badges, and the physical environment of service interactions, serve as physical evidence of the bank’s service quality and organizational culture.
8. Cleanliness and Maintenance: Regular maintenance and cleanliness of physical facilities, including branches, ATMs, and office spaces, reflect the bank’s attention to detail and concern for creating a pleasant and welcoming environment for customers.
9. Security Features: Visible security features, such as surveillance cameras, security personnel, and secure transaction processes, provide customers with physical evidence of the bank’s commitment to ensuring the safety and security of their assets and personal information.
10. Customer Feedback Systems: Physical feedback systems, such as suggestion boxes in branches or digital feedback options on the website or app, demonstrate the bank’s openness to customer input and commitment to continuous improvement.

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