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First Internet Reliable Bank Discussion Questions

In: Business and Management

Submitted By oakmm16
Words 436
Pages 2
1. Even though the complete survey is not included in the case, summarize how the closed-ended and open-ended questions provided valuable customer insight for FIR.

The closed ended responses, when matched with customer demographics, confirmed that FIR customers were generally typical of internet banking customers. Most had high speed internet connections, were men, and were in medium to high socioeconomic categories and many were in technical occupations. In general the open ended questions support three main points,

The potential users still have a need for traditional banking services. One of them being mail deposits, another is access to a local ATM. Security is a concern even among sophisticated users. (Respondents 3 and 137) The big concern is the lack of security with the customers receiving phishing-type emails from hackers which can lead to identity theft. There is also a concern to small businesses that they do not have a big enough protection policy when it comes to identity theft/hackers.

The existing user base is happy with the convenience and the quality of service. Based on the surveys, the respondents believe FIR is simple and easy to use when viewing and paying bills.

2. What customer segments are targeted by FIR? On what issues should FIR focus in order to build relationships with its varied customer segments?
The customer segments that are targeted by FIR are customers who are innovation-minded, busy and technologically advanced. This assessment is generally supported by the survey date and their success. Additionally a 2004 survey found that customers were generally more experienced in using the internet, male and higher socioeconomic status. The case gives us two clues in the survey data that I find interesting and useful for the bank to focus attention. Internet connected men no longer out numbered women.

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