Saturday, February 29, 2020

Bank of America Mobile Banking

Brown, who was responsible for the development and launch of mobile banking, reported on the current status, In less than three years we have four million mobile banking customers. Brown was hesitant to make the banks mobile app complex by adding more features. The added complexity could slow down the app and negatively affect user experience. He explained, App comple xity has led to some high-profile failures in the marketplace. This carries a huge risk. It was also unclear if users were ready to sign up for mortgages or credit cards on their mobile phones. Carrel reminded them, Dont forget that competitors view mobile as yet another platform to differentiate themselves. Just last month, Citi integrated credit card account information in its iPhone app. Citi customers can even track their credit card rewards on their mobile devices now. Carrel floated a second option, Why not create different apps for different target groups, say an app for Merrill Lynch brokerage, or for small business customers? Citi and Wells Fargo have done this, feeling they can provide users a more customized solution. (See Exhibit 1 for mobile banking apps for major players. ) McDonald, Brown and Carrel agree that they have to come up with a new strategy on mobile banking. Financial Services Industry The U. S. financial services industry was fragmented, with thousands of banks offering retail and wholesale banking services. In 2009 the 10 largest banks held 46. 4% of total deposits, with BofA the largest U. S. bank holding company, followed by JP Morgan Chase, Citigroup, and Wells Fargo. In 2008-2009, the financial services industry went through the most stressful times in recent history. The collapse of the U. S. real estate and subprime mortgage markets caused a dramatic fall in the value of mortgage -backed securities, which led to a deep recession in the U. S. and financial troubles abroad. In 2012 they situation in the banking industry has improved. Bank of America By 2009, BofAs businesses included retail banking (i. e. , deposits, debit and credit cards, mortgage loans), global wealth management, middle market lending, large corporate lending, global treasury services, and investment banking. By December 2009, BofAs markets covered 82% of the U. S. opulation, and the bank served over 53 million customers and small businesses. U. S. Mobile Banking Market Mobile banking was introduced in the U. S. in 2007. Consumers could access their bank accounts on the move from their cell phones. Many banks saw it as yet another channel to differentiate themselves from competitors and engage customers that could potentially lead to both higher income and increased customer re tention. While mobile banking introduced some new capital investment and operational costs, analysts projected it to be one of the least costly banking channels. Since almost all banks had a well established online presence, this was the easiest option for banks. Slow browser speed on many mobile phones coupled with small phone screens made this option less appealing to some users. The emergence of smartphones, such as iPhone, Android, and BlackBerry, allowed banks to provide a richer experience to users through apps. By optimizing the user interface specifically for these devices, apps had the potential to engage users. Smartphones were expected to grow in use from 10% in 2008 to 46% of the total U. S. mobile phone market by 2012. App development costs could range from $40,000 to several hundred thousand dollars. Research from Global Industry Analysts shows that mobile and internet banking are becoming increasingly intertwined. This is largely due to the success of smartphones, which afford consumers convenient access to internet banking. The global mobile internet market will continue to drive the expansion of the mobile banking services sector. Financial institutions are responding by launching downloadable applica tions and encouraging consumers to bank online and through mobile devices by rolling out mobile and internet banking services. Market Size and Consumer Adoption In 2009, an estimated 10 million consumers used mobile banking in the U. S. ; by 2014 this number was expected to grow to 37 million, representing 30% of the total expected online banking users in the U. S. Total annual transactions for mobile banking services were expected to increase from about 180 million in 2008 to 2. 4 billion in 2014. Improvement in mobile devices and networks, better features from banks, and increasing awareness among users were the main drivers of growth. Most banks required customers to be registered online banking users before they could sign up for mobile banking. However, a 2009 survey of 500 mobile users showed that almost 60% of consumers not currently using online banking would be interested in using at least one mobile banking service. In early 2010, Wells Fargo allowed customers to sign up for its mobile banking service, regardless of their online usage. In spite of increasing interest, mobile banking was still relatively small compared to other banking channels. According to an American Bankers Association survey, only 1% of respondents considered mobile as their preferred banking method, compared to 25% for online banking, 21% for branches, and 17% for ATM.

Thursday, February 13, 2020

Federico World Travel Services Essay Example | Topics and Well Written Essays - 4250 words

Federico World Travel Services - Essay Example FWTS is concentrated on a friendly eco green environment that is both memorable and entertaining, giving the brand first class value. the company employs many revenue flow plans involving membership up-grade packages, Hotel and advertising packages for domestic airlines and outsourced advertising packages, the sales or brokering of accounting software, and subscription benefits for hotel chains. Primary traffic will originate from the free information provided to our FWTS customers and the world, using reviews, travel advice, local news resources, links, a blog, pictures, videos and universal articles, and allowing search engines to deliver guests to FWTS at no direct price. The earnings are generated perpetually as members submit content and new members are attracted, thereby attracting new advertisers. The brand model is developed specifically to fit an exponential function growth curve. Product and Services: Consultation related to activities and the complications of traveling Res ervation and lodging facilities Special customized packages for travelers Pre-arranged tours Supplemental services also include helping customers in cases related to the acquisition of passports. Mission Statement: The mission statement of FWTS clearly illustrates the scale of services, its diversity, and the target market for which the business intends to offer its services. Industry: Developing an approach of understanding the different kinds of applications that can be used primarily for improving the reputation of their businesses. Therefore, the strategic interests of businesses have leaned towards the e-commerce industry, which was later symbiotically affiliated with the Internet. Business Objectives and Goals: To shift attention towards things that carry a more â€Å"sustainable† functioning procedure and image. FWTS labels itself as a full-service tourism business. If its suppliers fail to live up to these expectations, they will be expelled from the corporation. Comp etitive Advantages: FWTS is always creating new ideas to improve the company and discovering new adventure destinations. The company strives to improve travel facilities, equipment, and technology and adopt the strategy of price leadership. Strengths: The market and size of the travel industry is continuously growing FWTS receives a majority of the customer base Weaknesses: FWTS is not very popular among people above 40 years of age, and does not capture a fair share of this specific market. Conclusion: In these competitive times, all organizations intend to introduce measures to being bring creativity to their marketing strategies and advertise the products they provide. Topic: Federico World Travel Services Introduction A marketing plan is the guideline to all the activities that a company uses to penetrate the industry market in order to sell its products and have a share in the market (Micheal,2010). To start with when formulating a marketing plan solid industry and market analy sis is vital (Michael & Susan, 2007). In the travel industry, the current players such as Air America, Fly emirates, Air Dubai do not satisfy customer needs because the market is too big for them to exhaust. Therefore, FWTS will take advantage of these weaknesses to satisfy customer needs and penetrate the market. Also, the current major players in the industry are poorly distributed only in the major cities again this is a major weakness which FWTS will capitalize on, by providing its services everywhere in the world. Also, the

Saturday, February 1, 2020

Relationship between the brand personality and purchase intention Essay

Relationship between the brand personality and purchase intention through the use of Country of Origin (COO) image and by illustrating how this impacts the intention of purchase - Essay Example The hypotheses was acknowledged through an analysis of the auto industry of China and the validation was carried out by taking into account the auto brand of Honda of Japan. The questionnaire was divided into two parts, the first part weighed the COO image, purchase intention, brand personality and subjective knowledge that the consumer possessed about the product; the second part was the registering of information the persons. The result that came out was that it was clearly established that the purchase intention is positively affected by the brand personality and the COO image. It was found that the positive COO image acted as an encouraging sign between the brand personality and purchase intention and so it would tend to increase positive brand personality and its impact on purchase intention. However if there was a negative COO image then this tend to lower the positive impact of brand personality on the purchase intention. Further it was found that if a company had a negative COO and had a weak brand personality it would still have a higher purchase intention than that of a company with a positive COO image and a weak brand personality. The report clearly suggests that there are issues like COO image which adversely affect the relationship between brand personality and purchase intention. ... Limitations and future research direction. However the research has been kept limited to an analysis of two countries. This might be a consideration which would be detrimental. Further it is quite easy to get away with the COO image when there is a lower price. Thus it can be said that the price also comes into play which makes the point of the country of origin a bit weak. Thus it can be said with ease that the research will tend to be ineffective once the generality of causes affecting the intention of the consumers are taken into account. The limitations that can be ascertained are the exclusion of the control variable in the product. The prices of the product have not been included. The research just plainly says that many points have not been considered. This is a great detriment. Corporate brand image, Satisfaction and store loyalty Background of the paper The article has clearly been written to establish the possible impact of a corporate store image on the satisfaction of the customer and the devotion that has been placed on grocery retailers. Conceptual framework and theory The corporate (store) image show the impact of a retailer as a brand, production brands and brands of store is alleged. The brand store and manufacturer store is included because of the fact that the quality of the product brand is dependent on these brands. Research design and implementation The tests were carried out through a survey via mail to consumers of answers which were usable. The test was apparently based on a model that related the hidden variables to the obvious variable and showed how store loyalty was dependent on these. Main conclusions and contribution to marketing literature and practice It was found that retailers