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Marketing Strategies: Technology

 ASSIGNMENT INTRO: Like me, you have probably seen many contrasting and therefore confusing opinions about the ‘future of banking’. Recently I received an email from one of my financial service providers – “Would you like your own branch in your pocket?”. This is just the latest suggestion about technological solutions for banking which have caught my attention as a customer:- – The Sunday Times 2017 October 24 – “The private banker in your pocket”. – BBC 2018 May 22 – “Could smartphones replace bank branches?” – The newspaper advertisement reproduced in Study Unit One – “More ways to Bank” advising customers that the bank in question offers online, mobile, telephone, video, etc etc HOWEVER, there are other perspectives – not all of which are as positive about ‘banking on technology’ as those above:- – A new branch in Cardiff – “Customer choice under pressure at Britain’s banks” – “TSB investigated over IT meltdown”In Study Unit One refer to the measurement of customer satisfaction – indicating that the UK Competition and Markets Authority would be reporting soon on the results of their extended survey of customers of UK banks – both personal and business customers. Those results have now been published and we will review them in the lectures. In summary the banks that scored highest for online and mobile banking, overdraft provision, and in-branch service are not the traditional, legacy banks but those who are challengers/new entrants or legacy providers whose constitution focus on ‘customer-first’. The Mini Project this semester requires you to critically analyse new entrants to the sector in which your chosen organisation operates – to determine the benefits that customers might receive, but also to consider the challenges of responding to new solutions.

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