Banking's identity crisis: the need for branding

Article Abstract:

Financial services companies, particularly banks, must better establish brand identity as their services begin to overlap and as technologies wipe out geographic boundaries. Through brand identity, banks will be able to stand for something distinct, compelling and relevant in the minds of customers, employees and investors. However, banks have been slow in establishing consumer brand recognition. To be able to organize brand strength, banks should measure and manage their position in relation to their consumers in terms of quality, awareness, relevance, and competitive differentiation. While measurement entails the use of data collection techniques and comparative analysis of brands to determine the company's position on a competitive brand map, brand management calls for high-level corporate strategy and excellent customer service.

Product management

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Harnessing customer information

Article Abstract:

Banking Strategies magazine hosted a panel discussion of bank executives to explore the banking industry's application of its customer information systems and the issues arising from the harnessing of customer information. Banks have made substantial progress in installing client information systems. However, successfully capturing and formatting customer data and training employees to use it has resulted in a number of delicate questions. Such issues include how widely the information should be disseminated across the organization, how the data can be used for non-intrusive marketing strategies, the manner in which employees should be motivated to perform functions relating to client data applications and the manner in which managers should organize such efforts.

Market Research-Data, Usage, Case studies, Panel Discussion, Marketing research, Market research, Database administration, Information management, Descriptive statistics

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No guarantees in database marketing

Article Abstract:

Banks should realize that several factors affect the success of their database marketing efforts. Banks are urged to accommodate a number of product and customer contact issues in their database-based marketing programs. They are also encouraged to utilize their customer service, mass media advertising and branch locations as marketing tools designed to support their information technology systems. Banks that have not started a database marketing program should study those which have been implemented by monoline credit card companies. They are also urged to carry out a quantitative analysis on the benefits of database marketing in various banking operations and services such as the endorsement of personal loan checks and pre-approved credit cards.

Analysis

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