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Banking Industry Marketing Tools and Customer Service Evaluation

Essay by   •  February 8, 2011  •  Research Paper  •  1,437 Words (6 Pages)  •  1,228 Views

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Banking Industry Marketing Tools and Customer Service Evaluation

One of the main problems with large companies is they tend to lose touch with their customers and begin to see them as just "numbers on a page." What they fail to realize is there's no "accounting formula" to tell them just how important "happy customers" really are. The most utilized form of research on the internet is Quantitative Research. This involves collecting electronic information from an appropriate sample of clients to find out what their views are about the organization and the customer service that it offers. This paper will discuss the various marketing tools being utilized within the banking industry and level of customer service it provides.

Navy Federal Credit Union (NFCU)

Navy Federal Credit Union uses a verity of marketing tools to promote their business. These marketing tools include publicity, promotions, and competitive rates. In the NFCU website, the front page has special promotions to advertise their loans. Currently if one was to purchase a used enterprise car using a NFCU loan, then they will receive an award card worth $350. For this marketing strategy, they most likely teamed up with enterprise rent-a-car. This mean the NFCU is most likely not paying for the full 350 dollar award card.

Another marketing strategy is the use of publicity. This is the best way of advertisement because it does not cost much if any, and it has the potential to reach more people. If one was to miss a publicity event for NFCU then they could retrieve a copy of the press release on their website. Some press releases currently posted are "GOV. BUSH APPLAUDS NFCU", "NFCU and Thoreau Middle School Showcase Student Creativity at 16th Annual Student Art Exhibit", and "Visa Honors NFCU with Three Service Quality Awards".

The most basic form of marketing NFCU does is competitive pricing. On the NFCU website, they list rates for all of their services. This technique demonstrates their confidence in their services by listing rates for everything. They also highlight some extremely low rate for their loans.

ING Direct

With the knowledge of ING being one of the largest banks in the world a person would begin to ask questions which seek to broaden the company's journey of arriving to this stature. One of the marketing tools used by companies which are Internet based or customer service based organization use is the bidding or purchasing the placement rights of where their website is placed on the results page. To show an example, the following three appendices - A, B, and C show the results of where ING is placed when an individual enters the ING name into the search bar. Looking at the results page, those which are found under the 'sponsored links' section are always found at the top and at the side of the web page and the companies who are placed have paid the search engines a premium for this luxury. ING also uses print ads in newspapers, television ads, and billboard signs for reach those individuals who may not access the internet on a regular basis. Their placement of such signs and advertisements are in areas where there is a high traffic volume and the advertisement layouts are simple and sleek allowing for the reader or viewer to grasp the message sooner rather than later.

Bank of America

Bank of America (BofA) devotes most of its home page to marketing services offered to existing and potential customers. The Website offers as multitude of financial services for items such as, credit cards, home and car loans, insurance, mutual funds, CD's, and tax preparation.

Pictures are used to highlight, and bring attention to some of BofA's current promotions. For example, a picture of a house compliments an offer to "save up to $2000 on your home purchase costs." Or, a picture of a BofA credit card brings attention to a link asking if "you have been pre-approved for one of our credit cards?"

Additional marketing ploys include the use of the color red to draw attention to new services, and promotions, such as one for financial incentives for customers who recommend a friend to open an account.

The BofA Website markets the fact it has over 14 million customers who currently use its online banking service in order to entice current customers to enlist in the pay bills online service.

In order to support its services, BofA markets additional information such as, how to figure the amount of down payment needed for a home, or what type of CD investment is best for your current situation.

Another marketing idea being used by BofA to bait customers to click on the links by offering savings, incentives, and services, with no additional information added unless the link was accessed.

It is not easy to decipher if BofA is using any type of marketing based on demographics, or human behavior, but can recognize its need to offer a variety of services in order to appeal to a large target market. It promotes its pay bills online twice on the homepage, which leads the user to believe it is an important service for them. For one reason, customers would use the Website more frequently to pay bills, and they would have to keep more cash in their account to pay the bills. Also, it provides a greater opportunity for customers to have insufficient funds if they do not keep close track of bills being paid.

Customer Evaluation Tool

The most commonly chosen customer evaluation tool on all three sites is the focus group protocol. This tool allows the evaluation of how well the electronic versions of these companies are going over with the public and asking questions like: "What is your impression

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