FINANCIAL SERVICES INDUSTRY

Financial Services Industry

in the Financial Services Industry

Financial Services Industry

Background To The Chosen Financial Services Organisation

Swedbank is the leading bank in Sweden, Estonia, Latvia and Lithuania with 16,000 employees serving 8.7 million private and 4,30,000 corporate customers. Swedbank aim is to make their customer's day-to-day lives easier. A full frange of easy-to-use and competitively priced financial services helps our customers reach their goals, whether they are private individuals, corporates or organisations. Swedbank skills portfolio is carefully balanced to handle every requirement and situation. Being the leading bank means offering smarter products that give you more value for your money. Through their combination of branch offices and online banking, Swedbank always improving accessibility in internet by applying e-CRM. (Aaker 2007:16-32)

Swedbanks international presence makes a strong partner for their corporate customers in their international ventures. Swedbank is strongly committed to the society as a whole and keen to help bring about a sustainable form of societal development. Swedbank Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of their business activities. They were named as Bank of the Year, 2005, in Sweden, Bank of the Year 2005, in Lithuania, Most highly respected Company, 2005, in Latvia and they have been named Best bank in Estonia for six consecutive years. Today they operate under the Swedbank and Hans bank names in the Swedish and Baltic retail markets respectively. (Boswijk 2005:52-85)

Financial service innovation

e-CRM broadens the e-services to customers through internet Swedbank is a leading NordicBaltic banking group with 8.4 million retail customers and 396,000 corporate customers in Sweden, Estonia, Lithuania and Latvia. Swedbank has combined telephone banking and email banking by integrating the two with their IVR system. Swedbank implemented a sophisticated multi-channel customer system throughout multiple regions and business units. In addition to telephone and email, these also include secure email, incoming fax and 1YR integration. Ninety percent of calls to the contact centre are self-service calls. When customers email Swedbank with questions, their average wait time has improved from 24 hours to only 4 hours and has noticed they are getting their queries answered correctly more quickly. Customers give Swedbank a satisfaction rating of 4.4 on a scale of 1-5, so as to retain and maintain them. (Boswijk 2005:52-85)

Critically analyse the chosen marketing strategy developed to support the innovation

Channel integration with e-CRM, the Internet is the hub of all marketing efforts in Media, Advertising/campaigns, Call centres, Direct Mail system, Cooperation's, Personal meetings, Search engines and Events. Internet is the starting point when looking for goods, services, and satisfied customers. The web page should make acting on a purchasing decision easier. All marketing efforts should point to the web page. (Docters 2003:158-20)

Swedbank focuses on the Customer intimacy value strategy by providing service leadership towards its customers. They make use of CRM and databases in order to provide the necessary tools for its customers to help the customers. CRM at Swedbank is used as a tool to support its strategy instead of using CRM as a strategy ...