First direct bank

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1. First Direct Case StudyPresented byDanish N khan 2. Outlineã Key points of the Case Studyã Questions for Discussionã Relevant Theoryã First Directã Our…
  • 1. First Direct Case StudyPresented byDanish N khan
  • 2. Outline• Key points of the Case Study• Questions for Discussion• Relevant Theory• First Direct• Our Views• Questions?•
  • 3. Case study: First Direct’s InnovativeBanking Channels• Traditional Banking Structure and Channels• Branches being the only point of contact• Establishment of First Direct in 1989• No Branches!!• Personal response to calls 24x7x365• Products offered are the same as competitors’• Target Customers – Financially aware and independentincome earners• Birth of a new breed of marketing channel – Telephone,Online and Mobile Banking
  • 4. Questions for Discussion1. Why is innovation in the marketing channels generallydifficult to achieve?2. Why was First Direct different from its rivals? What gave itdifferentiation when it first launched?3. Why might some potential customers of First Direct havereservations about the innovative nature of the service?
  • 5. ProducerRetailersWholesalersConsumersConventional Marketing ChannelCreatingUtilityFacilitatingExchangeEfficienciesAlleviatingDiscrepanciesProvidingCustomerServiceStandardisingTransactions
  • 6. Factors Influencing Distribution Channels• Organisational Objectives and Resources• Market Characteristics• Product Attributes• Buying Behaviour• Environmental Forces
  • 7. 1. Why is innovation in marketing channels generally difficult to achieve?Producer’sPerspective
  • 8. Competitor’sPerspective1. Why is innovation in marketing channels generally difficult to achieve?
  • 9. ProducerConsumersProvidingCustomerServiceFirst Direct’s Marketing Channel:Direct Marketing
  • 10. History• First Direct was formed on 1st October, 1989 by Midland Bank• Became a part of HSBC after it acquired Midland Bank• Within five years of existence bank was serving to more than 500,000customers• The bank launched Internet Banking in 1998 and went on to launchedMobile Banking a year laterCurrent Situation• First Direct has 1.16mn customers, 0.9mn of them use InternetBanking and 0.4mn customers use SMS Message Banking• 44% of First Direct’s sales is via e-channels• First Direct handles around 157,760 calls every week including 29,000calls a day outside working hours
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