For banks to attract new business and sustain the loyalty of existing customers, consumers must be able to reach financial institutions through multiple channels. With consumer interest that was historically focused on Branch Banking, currently fast changing towards Mobile & Internet banking - the level of popularity and number of possible services it carries has a great potential.
Through the use of wireless banking as a customer channel, as well as an internal tool within financial institutions, the combination of Mobile and wireless technologies with the wide variety of portable devices available today, enables new revenue opportunities for financial services organizations. This provides a new channel that can be used to refresh and expand the customer base, attract prime customers and enhance loyalty.
The research topic has a greater importance in today’s context in terms of customer retention. The mobile banking services provided by NIBL showed that the customers has a high degree of trust building factor and has made their financial transactions safe and easy to operate. Though a little consumer awareness is required at certain level to the first time users in order to boost their confidence to operate easily. The revolution in the field of technology has made a boon for the society and at the same time high risk factors are also associated with it. This research has made an extensive contribution in the area of promotional activities where personal interaction and advertisement program is a must for maintaining long term customer relationship. Moreover, providing better services with added value has made the customer to become more loyal towards their mobile banking services.
Table of Contents
I. Background of the study
1.1 Introduction – Mobile Banking
1.1.1 What is Mobile Banking?
1.2 Statement of Problem
1.3 Objectives of the Project
1.4 Limitations of the Study
1.5 Promotional Mix
II. RESEARCH METHODOLOGY AND DESIGN
2.1 Research Hypothesis
2.2 Nature and Source of Data / Information Collection
2.3 Sample and Sampling Technique
2.4 Tools Techniques used for Data Collection
2.5 Methods used for data collection
2.6 Data Handling, Tools and Analysis
III: DATA INTERPRETATION AND FINDINGS
3.1 Respondents’ Profile
3.1.1 Gender
3.1.2 Age Group
3.1.3 Income Level
3.1.4 Occupation
3.2 Data Analysis and Interpretation: Mobile Banking
3.2.1 Necessary for Easy Access and Day to Day Operation
3.2.2 Fulfillment of Need and Expectation
3.2.3 Easy Financing and Cross Banking Transactions
3.2.4 Awareness of Mobile Banking Program
3.3 Data Analysis and Interpretation: Customer Value
3.3.1 Quality of Service Delivery
3.3.2 Quality of Life
3.3.3 Security Concern
3.3.4 Customer Loyalty
3.3.5 Personal Satisfaction
3.4 Data Analysis and Interpretation: Service Promotion
3.4.1 Effectiveness of Methods to Promote NIBL’s Mobile Banking Services
3.4.2 Effectiveness of Media to Create Brand Awareness
3.4.3 Brand Image through Personal Selling
3.5 Customers’ General Opinion on Mobile Banking Service
3.5.1 Easy to Operate
3.5.2 Difficult to Operate
3.5.3 Confusing and Time Consuming
3.5.4 Mobile Application Content
3.6 Customers’ General Opinion on Value Based Mobile Banking Services
3.7 Trend Analysis of the Mobile Users Growth Among Nepal Investment Bank’s Customer
IV: SUMMARY, CONCLUSION AND RECOMMENDATION
4.1 Summary and Conclusion
4.2 Recommendations
Research Objectives and Focus Areas
This research paper examines the impact of service promotion on building customer value within the mobile banking sector, specifically focusing on the Nepal Investment Bank Ltd. (NIBL) in the Kathmandu Valley. It seeks to analyze how promotional strategies contribute to customer retention, satisfaction, and the long-term relationship between the bank and its users.
- The influence of service promotion on customer value and retention.
- Analysis of mobile banking adoption and user behavior in the Kathmandu Valley.
- Effectiveness of various promotional tools such as advertising and personal selling.
- Assessment of customer satisfaction with NIBL's mobile banking features and security.
- Strategic recommendations for enhancing mobile banking services to attract high-profile customers.
Excerpt from the Book
1.5 Promotional Mix
In marketing, the promotional mix describes a blend of promotional variables chosen by marketers to help a firm reach its goals. It has been identified as a subset of the marketing mix. It is believed that there is an optimal way of allocating budgets for the different elements within the promotional mix to achieve best marketing results, and the challenge for marketers is to find the right mix of them. Activities identified as elements of the promotional mix vary, but typically include the following:
Advertising is the paid presentation and promotion of ideas, goods, or services by an identified sponsor in a mass medium. Examples include print ads, radio, television, billboard, direct mail, brochures and catalogs, signs, in-store displays, posters, mobile apps, motion pictures, web pages, banner ads, emails. The key difference between advertising and other promotional tools is that it is impersonal and communicates with large numbers of people through paid media channels. Meidan (1996) states that a financial services organization can use its advertising for either its short-term or its long-term objectives. Meidan (1996) suggests that there are two types of advertising channels appropriate for financial institution advertising. That is “above-the- line” and under-the-line” advertising. Above-the-line advertising contains different channels of communication such as television, radio, posters, magazines and newspapers. Under-the-line advertising constitutes a huge part of a financial service organization advertising activities. It is the invisible advertising of the banks services including leaflets, pamphlets, explanatory guides and manuals that can be used to support selling of a specific service.
Summary of Chapters
I. Background of the study: This chapter introduces mobile banking as a revolutionary financial technology, defines its scope, and outlines the research problem regarding the impact of promotion on customer value.
II. RESEARCH METHODOLOGY AND DESIGN: The chapter details the research approach, including the descriptive and analytical design, the use of primary data collected via questionnaires from 400 NIBL customers, and the statistical tools used for analysis.
III: DATA INTERPRETATION AND FINDINGS: This section presents the empirical findings, covering respondent profiles, data analysis regarding mobile banking usage, customer value, the effectiveness of promotional activities, and general customer opinions.
IV: SUMMARY, CONCLUSION AND RECOMMENDATION: The final chapter synthesizes the findings, confirming the positive impact of service promotion on customer value, and provides practical recommendations for NIBL to enhance its services and customer retention.
Keywords
Mobile Banking, Promotional Mix, Service Promotion, Customer Value, NIBL, Financial Services, Customer Loyalty, Marketing Strategy, Digital Banking, Consumer Behavior, Nepal, Banking Technology, Financial Inclusion, Customer Satisfaction, Remote Banking
Frequently Asked Questions
What is the core focus of this research paper?
The paper focuses on understanding the impact of service promotion strategies on building and maintaining customer value within the context of mobile banking services provided by Nepal Investment Bank Ltd. (NIBL).
What are the primary thematic areas covered in the study?
The study covers the evolution of mobile banking, the components of the marketing promotional mix, the analysis of customer satisfaction and loyalty, and the technological aspects that influence the banking experience.
What is the ultimate goal of the research?
The primary goal is to investigate how effective service promotion impacts customer satisfaction and to determine how NIBL can improve its strategies to build long-term, profitable customer relationships.
What methodology was employed to gather data?
The researcher used a descriptive and analytical method, collecting primary data through structured questionnaires administered to 400 NIBL customers in the Kathmandu Valley using a purposive sampling technique.
Which aspects of mobile banking are examined in the main section?
The main section evaluates user awareness, the necessity of mobile banking for daily operations, security concerns, the effectiveness of specific promotional channels, and the general user experience regarding ease of use and content.
Which keywords best describe this research?
Key terms include Mobile Banking, Promotional Mix, Customer Value, Customer Loyalty, NIBL, Financial Inclusion, and Marketing Strategy.
How does the paper define the role of "Promotional Mix" in banking?
It describes the promotional mix as a blend of variables—including advertising, personal selling, and direct marketing—used by banks to communicate with customers and achieve marketing objectives in a competitive environment.
What specific security tips are provided for mobile banking users?
The paper recommends verifying software authenticity, managing strong passwords with limited submission attempts, protecting personal information, frequently reviewing account statements, and reporting lost phones immediately.
What did the study conclude regarding the growth of mobile banking users?
The study recorded a significant upward trend, noting a 55.09 percent increase in mobile banking users at Nepal Investment Bank Ltd. between August 2016 and October 2017.
- Citation du texte
- Sanjeev Pradhan (Auteur), 2018, Service Promotion and its Impact on Building Customer Value, Munich, GRIN Verlag, https://www.grin.com/document/425407
