Taking direct banking a step further
A first direct case study

Page 1: Introduction

This case study focuses on the recent process of change in the banking industry. Ten years ago, nearly all personal banking operations were carried out in High Street branches. If customers wanted to talk to a bank official about their financial arrangements, they had to queue or make an appointment. In terms of the customer/seller relationship, the power was very much in the hands of the...
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Page 2: Marketing

Perhaps the most important ingredient of marketing is market research. Market research is a systematic process which sets out to find out detailed information about the market place and, in particular, to identify the needs and requirements of customers. First Direct carries out extensive market research amongst customers and non-customers on a regular basis. This includes both quantitative...
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Page 3: Market research

The aim of the market research was to find out whether PC Banking would provide a popular service. The surveys showed that, compared to other banks, First Direct customers are more likely to have PCs, use the Internet and want to use PC Banking. First Direct customers tend to be the first to buy and use the latest technology. This was attributed to the large number of ‘early...
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Page 4: Communication

Once First Direct had decided to develop a PC Banking service, it became necessary to develop efficient channels of communication, informing customers and potential customers about the new service: Banking Representatives were informed of what to tell customers enquiring about the initial plans for a PC Banking service. Those customers who expressed an interest were logged and kept informed of...
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Page 5: Resources

ICL, the information technology company, was brought in to develop PC Banking alongside First Direct. ICL is experienced in designing and building integrated systems and adapting them to the needs of individual companies. ICL helped set up a new telephone support number providing a technical back up service - for customers who experience technical problems - especially during set-up. Another...
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Page 6: Conclusion

In this ‘age of information and technology’ customers continually require new technological services. Today’s ‘next best thing’ may be obsolete tomorrow. One of the aims of marketing is to find out what customers will be buying tomorrow and in the months and years to come. First Direct prides itself on being a forward thinking, innovative company. Therefore it...
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