Service Marketing Research On The Private Banking Business Of Bank A,Based On The7PS Theory

In recent years, our countries’ rapid economic growth led to a significant increase in household wealth, and also contributed to our private banking business into the booming period. Domestic banks are all gradually setting up private banks as a strategy to enhance the core competitiveness, strengthen profitability and to improve the business structure. They invested heavily in building brand image and have achieved some success. However, in the fierce competition in the industry, a striking change has happened that the private bank, as a typical financial services institutions, service and marketing are becoming increasingly important to the secret of its success. They are the magic weapon to economic benefits. It can be said that the service marketing theory regards the banking services as products like other else. From7PS multiple aspects of comprehensive effort, it makes service in shape from the inside out, both spirit and form, so that customers really feel the value of private banks.A bank, as an influential financial institution in Jiangxi province, has very strong desire in opening up the private banking market. However, because of its late starting, services marketing issues are appearing at this stage like "serious homogeneity of products, vicious price competition, not any personality characteristics". These will lead potential problems in the future development. In the times with opportunities and challenges, it is imperative of A bank to reform its way of management in Private Banking sector.This paper makes deep research in describing the theoretical7PS theory, the particularity of private banking services marketing, A banking service marketing SWOT analysis, analysis of its services marketing practice results and revelations through customer interviews, and other aspects. It seeks to combine theory and practice together. And on this basis, it hopes to find the service marketing defects in private banking business. Proposing the strategy to implement7PS is a way of better understanding of customers, competitors, and better adaption to the market.