A revolution in banking
A first direct case study

Page 1: Introduction

There are a number of ways of developing new business opportunities and one of the most important of these is that of “recognising a gap in the market” and thereby identifying a consumer need, which enables a new product or service to be introduced. This can be exemplified where an entrepreneur recognises a business opportunity, for example, where there is no “fast food&rdquo...
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Page 2: Market research

Extensive research and analysis through the research company MORI revealed that certain types of customers were beginning to make less use of the branch network. According to MORI: One in five people had not visited their branch in the last month. 52% said they would rather visit their branch as little as possible. 48% had never met their branch manager. 27% wished they were able to conduct...
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Page 3: Mission

The way First Direct has filled the gap in the market is simple: Customers can call First Direct at any time of the day or night at local rates, regardless from where the call is made in the UK. Calls are answered in First Direct’s call centres by Banking Representatives. After verifying the customers identity the Banking Representative (BR) can call up all the customer's details at the push...
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Page 4: Decision making

The first stage in developing any new product is to thoroughly understand the business environment in which the product will be sold, as well as the nature of the market and details of the customers and their requirements. An organisation needs information about each of these three areas. Such information will help to reduce risks in decision making. The whole success of the marketing process will...
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Page 5: Strategies

83% of respondents treated their First Direct account as their main current account. 77% had their salary paid into this account. 94% of First Direct account holders said they would not transfer back to their previous bank, if it were to offer a similar service to First Direct. This last piece of evidence is very important because it indicates that First Direct has built up a strong and loyal...
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Page 6: Conclusion

A major source of First Direct’s success has been its ability to foresee the future. One of the changes which First Direct uncovered, as a result of detailed research, was a growing trend for the UK population to work longer hours and have less free time. In the time-constrained nineties, one in five of the population is prepared to use hard earned cash for more free time. By the year...
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