The
number of customers have increased by almost 30 times in last seven years and has rose from 3.75 Lacs to 11.5 million in 2003.
Approximately half of the internet users in UK now uses online banking.
So
if we consider the growth of Internet Users in the world , the impact on the Online banking would be huge.
Better Prices
16%
18.8%
21.4%
13.9% 29.9%
Higher Privacy
Others
Competitive Pricing High Interest Rates No Fee or Low Cost Overdraft Facilities Special Privileges to C/A Holders Focusing on students as prospective customers Ethical Policy 24*7 Helpline Support High Customer Satisfaction Combination of CONVIENIENCE , VALUE & SERVICES
Parameters
Efficiency Of Service Competitive Interest Rate / Pricing Online Content/Site Org. Reliability/ Security Ease of Applying for Products Investment Tracking Ethics
First Natwest Direct 4.2 3.5 4.1 4 3.5 3.5 3 4 3 3.5 4 3 3.25 3
Egg
4.5 3.5 4.1 3.5 3.5 3.5 3
Smile
4.5 4.2 4.1 4 4 4 4.5
Cahoot
4.2 3.5 4.1 4 3.5 3.5 3
Efficiency Of Service
4.5 4.5 4.4 4.3 4.2 4.1 4 4 Efficiency Of Servive 4.2 4.2 4.5
3.9
3.8 3.7 Natwest First Direct Egg Smile Cahoot
Competitiveness Charges/Prices
Investment Tracking
4 4 3.5 3 2.5 2 1.5 1 3.5 3.25 3.5 3.5
Investment Tracking
0.5
0 Natwest First Direct Egg Smile Cahoot
Ethics
4.5
4.5 4 3.5 3 3 2.5 2 1.5 1 0.5 0 Natwest First Direct Egg Smile Cahoot 3 3 3
Ethics
STRENGTHS Secured Website Essential Requirement For Customer (Acknowledged by KITEMARK) Combination of Value , Transparency, Service , Commerce and Accountability Ethical Practices followed Strict Testing And Examination of Products Full telephone backup 24x7 High Interest rate Offerings to customer High Customer satisfaction through Proper COMMUNICATION CHANNELS WEAKNESS Difficult To Differentiate its Products & Services No face to face Interaction with the Customer No Physical Evidence
OPPORTUNITIES Increasing Internet Users Across The World Focus on young Population- Future Driving Force Focusing on SHORT TERM SELLING and Creating Life Time value Target the most valuable customer (80/20 rule) Possibility of linking Mobile with the Internet Banking
THREATS New Entrants Traditional banks also Offering Online services A Combination of BRICK & CLICK MODEL
Acting as a Socializer facilitates interaction between: customers and employees customers and fellow customers Be a Differentiator sets provider apart from competition in the mind of the consumer
Blogging
M-Commerce
Email & Mobile Acknowledgement
Using the DIVERSIFICATION APPROACH Moving Out to Newer Markets For UK they should go for MARKET DEVELOPMENT APPROACH. Awareness creation. Increasing Customer Loyalty. Continuous Differentiation in their offerings.
THANK YOU