First Internet Reliable Bank Discussion Questions Essay

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 valuable customer insight for FIR is – Convenience: Online banking is very convenient since it is web based, customers can access it anytime. Based on the surveys the respondents FIR is simple and easy to when viewing and paying bills. – Inconvenience: There is also downsides to FIR. One of them being mail deposits, another is no access to a local ATM. The big concern is the lack of security with the customers receiving phishing-type emails from hackers which can lead to identity theft. This is also a concern to small businesses who do not have a big enough protection policy when it comes to identity theft/hackers. 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 After 9/11, some key characteristics of online bank customers were the experience of using the internet, the rise of GenX, gender and socioeconomic status. The issues FIR should focus on to build relation ships with customer segments are – Security – Customer Service: One of the respondents loved how FIR’s CSR solved the customer’s problem in a short time. Which of course leads to customer satisfaction. – Customer Loyalty: The more customers use online banking, the more they will rely on it. (i.e. I have a specific Credit Union account thats based in Sacramento due to my parents setting me up an account, I live in SD so there aren’t many branches where I can deposit a physical check. The closest one is Ontario which is a drive. Yeah I should look into signing up for another bank, but it’s not many times where I need to go to the bank. The convenience of online banking for me is that I can make instant transfer payments from my savings to checking if i need an emergency with my funds especially with my dreaded car payments.) 3. Can you recommend specific activities and practices that they might engage in order to improve customers such as Respondents 3 and 137? Similar to all your answers, FIR should invest money on engineers who can help with encrypting their website. With some credit card companies you would need a login ID and password, then to select an image at the time of your registration, then they would ask the pin number or a question you answered (color of car, favorite animal, fav team etc). In a nutshell its like a combination lock. FIR should also contact all major email providers (gmail, yahoo, aol, hotmail etc) to collaborate developing phishing filters. Another activity FIR should focus on is customer feedback. FIR could contact their customers by phone or have directly contact with them.