Service Quality in Internet Banking †Free Samples to Students

Question: Discuss about the Service Quality in Internet Banking. Answer: Introduction: SABBs purpose in the Saudi market is to give its clients the best possible service. It does this by always surpassing its customers expectations. The companys purpose is to provide customers with normal banking services, but with a difference. While the company has always banked on creating a competitive advantage through quality customer service and relationship management, it has increasingly realized that this can only be achieved through efficiency, and working to ensure that banking is not only enjoyable, but it is not an inconvenience (Craig, Ramaseshan, 1994). The best way of doing this is through harnessing technology, leading to the integrated internet based banking system that the bank has recently rolled out. The system is accompanied by a complimentary mobile banking platform that the bank runs Broderick Vachirapornpuk, 2002). The companys goals are targeted at its stakeholders. For its customers, its goal is to be the best to bank with, where investors want to invest, and where entrepreneurs go as they seek the facilities to enable them actualize their ideas. The company does this by ensuring that it offers the best rates and the most competitive facilities to its customers, which also enhance convenience and efficiency, and are transformative to lives and businesses. The company second group of stakeholders is its employees. The company understands that the only it can achieve its aims is by having a talented, skilled and highly motivated team driving business (Laplume, 2008). To achieve this, it has to achieve the right people. The company aims to be the place where the best people want to work, and ensure that a job at SABB is not only a way of making money, but a way of life, and a career changing opportunity. To its investors the company has been keen to be the place where investors want to put their money, since the bank will be able to provide them with better returns on their investment than any other in the competition. With these goals, the organization understands that its business can only be Management sustainable with good coordination between the three sections of its stakeholders (Nwanji Howell, no date). The bank currently ranks sixth in terms of assets and profitability. The bank has however faced strong competition from local and regional players, as Saudi Arabia becomes ever more attractive to banks. The market has a range of highly competitive products. But its marketing needs to be more aggressive, while it also needs more innovative solutions for its customers, which will set it apart from its competitors. Marketing initiative The marketing initiative proposed seeks to encourage more customers to sign up for internet banking and mobile banking. The plan will involve a reengineering of the whole product, and its rebranding to better communicate the aspirations of the organization. SABB will do extensive marketing promotions of the new product using all available channels radio, television, and the internet. Print media s not considered effective in this juncture, since it may not appeal to the target market. The anticipated users of the product will include young professionals and businessmen. The company also aims to be use a marketing strategy that will show the versatility of its offering, including through the integration of its product with other services, such as tax and utility bills payments, among others (Neti, 2011; Lamb, Hair, Mcdaniel, 2009). The objectives of the strategy are to enhance efficiency, and improve profitability. The company aims to see a 60% increase in applications for mobile and internet banking. It also expects to see its revenues increase by 20%, due to the increase in efficiency, and significantly more share of the market. The company also aims to use this project to build a sustainable competitive advantage over its rivals, based on technological advances, and the innovative service delivery. The implementation of the strategy will include the Management marketing initiative discussed above, whereby promotions will be carried out using the internet, television and radio (Smit, 2007). At the same time, posters and billboards along popular places will be utilized to hype the re-launch of the product. The company will have a strategy monitoring process. This will include weekly reviews of its progress, in terms of signups, and usage of the platform. Based on this, the company will decide on what to change if not working properly. The plan will take three months, at which point the marketing campaign will be toned down, to only involve an online presence, also utilizing social media. The most important goal of the strategy is to increase the number of people using online banking. This therefore is the main priority (Huber, 2011). It is expected that within the three months, the number of customers will increase by 60%. At the end of the first year, the company is expected to have achieved 80% increase on its current numbers of online banking customers. This will constitute more than half of the companys total clientele. This will significantly reduce the number of clients who need to go to the bank for transactions. It will also reduce costs since it is expected that staff may be deployed to other important functions in the organization (Blok, 2014; Lianrong, 2012). Conclusion Things may not always go according to plan. There are several environmental factors that may determine whether the goals are met, including the markets reaction. The company need not wait for the project to be fully implemented before it can measure the effectiveness of the said strategy. The company will do this using two methods. The first of these will be the monitoring of responses on the social media platforms erected for this purpose. These will be aggregated so that the company can then decide on an effective response (Lianrong, 2012). The second part of the measurement will involve measuring the signups. These will be the most important measure, since it is the ultimate aim of the strategy. Through the measurement of these numbers, the company will be able make any adjustments needed to make the strategy a success (Hill Jones, 2008). References Blok, C. (2014). A pragmatic approach to measuring, Management monitoring and evaluating interventions for improved tuberculosis case detection. International Health , 6 (3), 181-188. Hill, C., Jones, J. (2008). Strategic Management: An Integrated Approach. Boston: Cengage Learning. Huber, B. (2011). Effective Strategy Implementation:. Bern : Gabler Verlog. Lamb, C., Hair, J., Mcdaniel, C. (2009). Essentials of Marketing. Mason: Cengage Learning. Laplume, A. (2008). Stakeholder Theory: Reviewing a Theory That Moves Us . Journal of Management , published online. Lianrong, X. (2012). Approaches to the development of online measurement and evaluation system: Structure, strategy, and technology. IEEE Xplore , published online. Neti, S. (2011). Social Media ans its role in marketing. International Journal of Enterprise Computing and Business Systems , 1 (2), 1-16. Nwanji, T., Howell, K. (no date). The Stakeholder Theory in the Modern Global Business Environment. International Journa lof Applied Institutional Gorvenance , 1 (1), 1-13. SABB. (2017). Homepage. Retrieved 06 05, 2017, from sabb.com: https://www.sabb.com/en/ Smit, P. (2007). Strategy Implementation: Readings. Johannesburg: Creda Communications. Broderick, S., Vachirapornpuk, S. (2002). Service quality in Internet banking: the importance of customer role. Marketing Intelligence Planning,( 20) 6, pp.327-335, doi: 10.1108/02634500210445383 Julian, C.,Ramaseshan, B. (1994). The Role of Customer?contact Personnel in the Marketing of a Retail Banks Services. International Journal of Retail Distribution Management, ( 22),5, pp.29-34.