Objectives:
The brand loyalty plays a large role on customer’s choice of who they decide to do business with and it doesn’t stop at banks. Especially in today’s economy and banking experience in 2008 it is extremely challenging and important to be able to gain customer’s trust and business back. The business of the bank lies on people being able to trust their hard earned money in a stable enough bank they can do business with. There are many major banks that have been around for years, such as Bank of America and Chase, but after the financial crisis, some banks are no longer in business and people have taken their business to multiple banks to make sure they don’t exceed the FDIC limit and go on to the next bank, including credit unions. How does a bank accomplish to retain the customer’s business when they can just go to the next door bank though? How does brand loyalty play a critical role in banking? How does mobile banking affect loyalty in today’s ever decreasing use of a brick and mortar banking center. The overall objective of this study is to evaluate the effect of brand loyalty on the selection of who they bank with.
Methods:
In order to approach these objectives would be to compare brand loyalty in general and how brand loyalty translates over in the banking industry. Then research on how mobile banking has grown these past few years and how important that is to a customer. Comparing each bank’s mobile banking capacity would be compared to see the importance they place on it. Also, having an understanding on the banking centers customer service scores are across the top 4 major banks in the nation play a role on brand loyalty.
Expected Results:
With technology being an ever increasing requirement for people to live their lives comfortably it would be no surprise to see the better the technology and user friendly a bank is the better the banking customer experience is. The better the customer experience is at the bank to make their lives easier and as painless as possible, the higher the brand loyalty could possibly be. The other side of the story could be that the better the technology the next bank has, the less brand loyal the customer will be because people are just looking for an FDIC insured banking center that suits their needs of depositing money and spending it. Whoever has the best technology that is going to make their banking needs the easiest and cheapest can possibly win their business
Resources:
1) The Financial Brand – Mobile Banking
https://thefinancialbrand.com/29791/mobile-banking-ipad-tablet-apps-consumer-loyalty/
2) Samsung Readies for its Entry into Mobile Payments
https://www.portal.euromonitor.com.lib.pepperdine.edu/portal/analysis/blogindex
3) Attitudes Toward Retail Banking
https://academic.mintel.com.lib.pepperdine.edu/display/716458/
4) Current Account Switching – Consideration of Retail Banking Brands
https://academic.mintel.com.lib.pepperdine.edu/display/716461/
5) Importance of Banking Channels
https://academic.mintel.com.lib.pepperdine.edu/display/716457/