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 closed ended responses, when matched with customer demographics, confirmed that FIR customers were generally typical of internet banking customers. Most had high speed internet connections, were men, and were in medium to high socioeconomic categories and many were in technical occupations.
In general the open ended questions support three main points,
The potential users still have a need for traditional banking services. One of them being mail deposits, another is access to a local ATM.
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Based on the surveys, the respondents believe FIR is simple and easy to use when viewing and paying bills.
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. This assessment is generally supported by the survey date and their success. Additionally a 2004 survey found that customers were generally more experienced in using the internet, male and higher socioeconomic status.
The case gives us two clues in the survey data that I find interesting and useful for the bank to focus attention. Internet connected men no longer out numbered women. The numbers are about equal. Additionally, expanding broadband availability has brought more “working class” and rural users online as potential users.
3. Can you recommend specific activities and practices that they might engage in order to improve customers such as Respondents 3 and 137?
FIR can improve its online banking experience by upgrading their security systems with enhanced logon procedures.
FIR can offer the same protection to it’s customers as the brick and mortar bank offered. $50 limit on fraud liability.
Another activity FIR could focus on is customer feedback. FIR could contact their customers by phone or have directly contact with them
FIR has the potential to form some type of alliance with a brick and mortar bank to provide its customers with local contact banking and the local bank with internet service banking.