| By Jim Bruene on August 4, 2001 8:36 AM | Comments (0) |
Generally, the biggest rewards come to those who take the boldest risks. In
the current environment, it may seem risky to embark on new online banking
initiatives. But this is exactly the time your efforts can produce the
highest rewards. For example, advertising impressions are more affordable,
programming talent is available in most markets, and there is far, far less
noise online to compete with. In fact, with so many dot-coms biting the
dust, users are more likely to spend some of their online time at their
bank.
To help you plan the activities that are best for your financial institution we have developed the following Online Strategy Matrix. It is divided into three parts: product strategies, brand strategies, and customer service strategies. In the first column you’ll find the features and tactics that are currently state-of-the-art. Offer all these and you’ll be the best out there. But if you’d like to go a step further and differentiate your services from hundreds or thousands of others, column 2 and 3 provide ideas for features that are not widely available today. Column 2 contains our “best bets” for creating meaningful differentiation.
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Strategies |
| 1. Product marketing strategies -- checking accounts and balances -- credit products: HEQ, installment, mortgage, credit cards -- deposit products: savings, CDs, IRAs, and MMDAs -- insurance -- investment products -- payment products -- security and privacy products |
| 2. Brand/overall marketing strategies
-- entering new geographic markets -- increasing Web traffic -- attracting more press attention -- entering new vertical/niche markets| -- increasing referrals and word-of-mouth |
| 3. Strategies to improve customer satisfaction |
| 4. Small business strategies |
| 5. What to charge: ala carte pricing options for fee-based online services |
*Features to put you at parity with the best online competition. ** Differentiating strategies place you (temporarily) ahead of your online competition.
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