7 P's of Icici Bank

These advantages led the smaller businesses to concentrate on convenience locations, better customer service, reduction of banking fees, waiving of ATM fees and the ability to cross-sell extra products and services. According to the research, in 2009 the consumers chose their banks based on traditional criteria, such as low account minimums, competitive rates, and convenient locations. (Case, pg. 2)

A customer is just as likely to switch financial institutions for convenient access to distribution channels as they are for product pricing or an incentive for opening a new account

Our new strategy was to look at our customers’ total holding and figure out how to deepen their relationship with the bank if they had potential. “Case study page 8”

Furthermore, with a lower cost distribution model, Maybank’s One Solution is sold through kiosks located in tall traffic areas. All channels are orchestrated to optimise customer convenience and to lower the cost to serve and acquire. The objective is to maximise low cost paths example like online, mobile, ATM and agent to open up a kiosk concept to seize and service the mass segment so there’s no need to go to a branch. (Annual Innovation Report of Maybank

From 1960s to 1980s, financial institutions used customer-centric strategy to increase customers’ loyalty and advancing their own competitive power. Commercial banks began to provide individualized products and services to customers based on their characteristics and requirements with the most convenient way. In this period, capital management services began to develop rapidly with the help of traditional loan services, investment services and consulting services. The management services are different from traditional services and they can help customers reduce investment risk and gain higher profits.

Most new entrants are technology firms of all sizes that are looking revolutionize the banking industry as they revolutionized almost all major industries in the past 15 years. These firms apply concepts such as artificial intelligence and 24/7 connectivity to create innovative ways of performing tailored banking operations at lower cost and with greater convenience for the consumer. Retail banks however have an opportunity to maintain relevancy over the upcoming decade, but in order to do so they must harness technology either through in house innovation or partnerships to accentuate they’re current competitive advantages such as personalized

Bank of America trusts that it has set up the prevalent saving money establishment accessible to serve consumers and business customers in the United States. Bank of America has developed its retail dispersion system throughout the years for the most part through acquisitions, and the bank now has 5,800 branches and 18,000 ATMs for its clients to utilize. After the buy of Merrill Lynch and Countrywide Financial, the bank has 5,300 home loan officers and almost 16,000 budgetary counselors serving 1.5 million customers with $90 billion in resources. Bank of America arrangements to utilize this establishment to serve three diverse groups: customers, organizations and institutional financial specialists. The organization trusts that this client

As their name suggests, they only execute their operations online. Customers can only be in contact with their money over the internet since they do not have any physical branches. Because online-only banks require lower overhead costs, they have the capability to offer more free services and higher interest rates compared to a traditional bank. Online banking provides many customers the convenience of handling their business at any physical location as long as they have access to internet. This is possible because of the variety of services that online banks provide despite limiting interaction to only the internet. Some of their services include applying for loans online, transferring funds and paying bills online. While the convenience of being able to access banking through the internet is worthwhile, there are limits to it. For example, making large deposits to the bank is limited and can only be made through the mail, they don’t service cashier checks for transactions, and withdrawing money from the account is very inconvenient. Luckily, the role of the internet in financial transactions is becoming increasingly prominent so that spending money online is more accessible, but it is important to understand both the benefits as well as restraints of online banking. Nowadays, many large brick-and-mortar banks have caught on and provide some online services in attempts to

Bringing consumer and commezrcial banking branches and capabilities to more places in the United States

Gerald Young, one of Best Financial Services’ top clients, switched his assets to Scotiabank for their potentially high returns and additional services.

For this unique Commerce Bank, its customers are categorized as personalizing and convenience customers. The personalizing customers who very enjoy the good and special service experience,

The multichannel banking customers connect with the bank through various channels - branch, mobile, online, call centre, ATM. However, the consumers don’t get the same service quality across all channels. Banks recommend their customers to use the channel that is the most cost effective. In most banks, the banking channel processes function in a silo. As a result, consumers are provided unwanted products or inefficient service via multiple channels. For e.g., a loan is provided via online/mobile and banking channels even if the consumer is not interested in the loan.

1. What is the role of offline and online advertising in acquiring checking account customers for the bank?

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.

Table No. 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Table Content Capital Adequacy ratio Earnings Per Share Net Profit Margin Return On Assets Credit Deposit Ratio Gross NPA Net NPA Page No.