In simple words, Banking can be defined as the business activity of accepting and protection money owned by other individuals and entities, and then giving out this money in order to earn a profit. However, with the channel of time, the activities covered by banking business have widened and now various other services are also offered by banks. The banking services these days include issuance of debit and credit cards, providing safe custody of valuable items, lockers, ATM services and online transfer of funds across the country / world .In Lebanon there is two types of bank ,local bank and foreign bank. One of the best local bank in Lebanon is "Blom Bank" and on the other hand ,"HSBC" BANK is the most popular foreign bank in Lebanon …show more content…
Customers also will leave an institution for another based on getting the services they want and the best price available for it, so relationship pricing and product bundling become ever more important. Banks should look at products and pricing based upon a total customer view and respond to the value that customers bring to the bank across the spectrum of rates, fees, features and services. Many banks are now-a-days bundling identity theft alerts and credit score reports with a checking account which provides increased account sales because of the attractiveness of the bundled features. and last thing is, Real time cross –selling/up –selling - Banks can use real-time events and deep customer insight to offer cross-channel marketing campaigns where “moments-of-truth” (wedding, home purchase/sale, new job, stock transactions, etc.) are acted on as a way to deepen customer relationships - to determine the next best action, be it an offer, channel, message, piece of content etc . The more customized product/service offering, the higher are the barriers to switching
Banking online or by phone allows you to make banking transactions such as transferring money, paying a bill, checking your balance or setting up a regular payment on your bank or building society's secure website. Online banking is accessible via a computer/tablet or a mobile phone. Also known as internet banking. Traditional banks were THE original banks, the financial depository institutions first to offer checkable deposits. Traditional banks invariably have the word "bank" in their names and are charted by either the Comptroller of the Currency or one of the fifty state corporation
As Sarad Tomlinson, the Market Sales Manager, says, “the company’s primary [focus] is their customers”. Bank of America is all about providing people, companies, and institutional investors the financial products and services they need to help achieve their goals at every stage of their financial lives. Sarad goes on to say, “in our experience, broad range of services and global capabilities allows us to deliver comprehensive solutions that help customers and clients succeed in today’s market and prepare for the future”. Bank of America views their customers as valued
The banking industry is under pressure in today’s business climate. Banks have been through big changes. There is opportunity, but there is also increasing competition. To be the preferred bank means changing “good enough” into a unique value proposition. And that means changing the way people have always done things, change on this level requires cutting edge technology. Change cannot be achieved with a simple directive or surface adjustment especially within the banking industry. It requires an innovative rethink of the entire system, in a strong partnership between bank leaders and their change agents. New systems and policies must support the strategy to be successful. The real test of a good strategy implementation plan is whether the people understand the strategy, are motivated and enabled to implement it, and actually start achieving its goals.
The birth of this nation was built upon the hands of individuals who came to this nation seeking a better life. It must have took a lot of courage to leave their homeland, families, and a country where for the most part was efficient and well established, but so many did to start anew. Upon arriving in this nation, it didn’t take long for the settlers to discover the abundance of resources available and to know that the abundance of resources/ goods were extremely valuable. As the states flourished, so too were the desire for specific resources, goods/ services. For this reason, this paper will explain the economic perspective of comparative/absolute advantage and how they economically impact decisions made in our nation.
Commercial Service). Business dealings are usually made in U.S. dollars, and Lebanese institutions have American banking relationships that facilitate financial transactions (U.S. Commercial Service). With these given facts the circumstances are suitable for the Y to pursue a venture into the city of Beirut.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
It is hard to believe that companies are still doing business this way in the year 2005. Have you (or your colleagues at NHBank) ever heard of MVC (Most Valuable Customer)? Just in case you aren't familiar with this approach, the MVC is the customer that you already have (i.e. me). Normally, these are the customers you do not want to lose and try not to lose. After all, research has revealed that it will cost you six times as much to find a new customer as it does to keep an existing one (i.
As the world has recently passed through the global financial crisis that begun in 2008 in the USA with the banks’ collapsing, analysts are giving different opinions and making new economic hypothesizes about the origin of, as well as the process of different countries escaped from the crisis. Among all these new “theories”, the case of Islamic banks is interesting in terms of its nature and consequences. In my essay, I will try to highlight the basic principles of the Islamic finance, the reasons of the restriction of interest, the most important tools used by Islamic banks in economic activities and brief explanation of them, and finally my view point of the probable future improvement of the Islamic financial system.
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
At one of our quarterly All Hands meetings, the president of our division discussed how growing the market share was critically important in the digital banking space. The key goal is to continue to lead this space in the future, but doing so becomes increasingly more challenging as new market competitors try to steal share. To keep ahead, we need to always bring our “A” game to the market. To create blue ocean strategies would require innovation, customer engagement, and out of the box thinking. We have to consider buyer utility, pricing, cost, and adoption. To do this would require us to be strategic about how we design, build and price our products. Even the way the business manages the different consumer segments is important. There is differentiation of the needs of different types of financial institutions. The customer centered brand management strategy we discussed in class is very useful to this type of organization. How we market to large national banks should be different than how we market to small town banks. Generally, small banks do not have the technology budget to invest in large scale digital channel solutions. Many companies decided to have different brands for their different customer segments. We discussed how this works successfully for car companies. For Digital Channels,
First, according to Section 2 IBA 1983, Islamic Banking Business is business whose aims and elements do not involve any element which is not approved by the religion of Islam. Based on the definition stated, it is clear that the Islamic Banking practices must according to or complients with the Shari’ah obliged in the Al-Quran and As-Sunnah. In conjuction with the Shari’ah appliances, the Islamic banking business must not include or prohibited involvement of illegal activities. Unlike Islamic Banking, Conventional Banking practises its system based on man-made laws and not included any religious guidelines to support their systems.
KOHLI, N. & KAUR, J. 2011. SERVICES MARKETING - WINNING AND CREATING CUSTOMERS WITH SPECIAL REFERENCE TO ICICI BANK. Asia Pacific Journal of Research in Business Management, 2.
As there are many types of banking and financial institutions in Cambodia, the scope and limitation of the study is mainly take only the commercial banks and microfinances to examine. The study will only go through the basic background of the banking industry and the basic issues and solutions which excludes the other related cases involved in politics.
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)
It is a known fact that the banking industry plays a huge role in today’s society, the industry has grown rapidly of many decades and still growing. The banking sector is that sector of the society that is actually responsible for the handling of financial assets for other sector of the economy, they do this by investing the financial assets in order to create more wealth in the society while regulating all the activities involved in the process. (What is the banking Sector 2015)