Electronic commerce and the marketing of Internet banking in the UK

Electronic commerce and the marketing of Internet banking in the UK

INTRODUCTION

Recent evidence suggests that electronic commerce will play an increasingly important role in terms of how consumers acquire and maintain products and services, including financial products, in their daily lives in the next five to ten years. This paper seeks to explore the factors affecting this push towards Internet provision, and is achieved through an analysis of market research data and consultants’ reports on Internet banking. These findings are contextualised through a discussion of the governmental position on electronic commerce and a study of consumers’ behaviour with respect to new delivery channels. Finally an examination is provided of the services UK financial providers are currently retailing through the Internet and on what bases these services have been marketed to consumers.

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Electronic commerce and private international law

Electronic commerce and private international law

The convergence of technologies in the areas of telecommunications, information technology and computing, together with a general trend towards the liberalisation of trade and domestic deregulation of several industries, have combined to create favourable conditions for electronic commerce. The speed of communications between parties, the distance between participants to a transaction and the continuously changing identity and nature of relationships between often unknown participants and a host of new intermediaries, have emphasised the need for a compensating level of clarity as to which law applies and which court decides in disputes on electronic commerce. Work towards common frameworks has been undertaken by a number of international organisations; the Model Law by the UN is deemed by your Editor to be the best example of an undertaking to simplify and facilitate transactions, but little else has been settled that would contribute to helping resolve the many questions raised in electronic commerce. Work at the regional level, for example that by the European Union, has been bold and enlightened in many respects, but it is mostly driven by the need to avoid impeding the development of the internal single market and with a view to protecting the consumer, rather than setting standards for problem avoidance and resolution at the international level. The international nature of electronic commerce requires international steps to be taken; writing law at the national or regional level is likely to be partial to the local interests, cultures and expectations from transactions; such interests will make more difficult the full utilisation of the enabling power of the new technologies.

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CRM analytics: The fuel for the engine. CONCLUSION

In essence, that is all that has to be done: from having a customer strategy, to understanding the buying process, to taking action and then learning from it to feed back into the strategy. But it is important to remember that this type of work does not have to wait until there is an IT infrastructure in place; the analytical work can start today and the learning can commence tomorrow.

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CRM analytics: The fuel for the engine. METHODS continue

Step 3: Actions/Tactics and campaigns

This is really the ‘doing’ stage where actions are taken to implement what has been learnt from the previous stages and quantifiable results start to come through in a short space of time.

Often the tactics here take the form of producing pen portraits of customers, which give a company a visual indication of what their customer base looks like. These portraits are descriptive rather than predictive and can be extremely useful when briefing a creative agency to produce marketing materials.

During this stage, analysis is carried out at a one-to-one level and the information about customers is taken to produce manageable clusters, often of between seven and 15. This smaller number actually allows companies to implement the information from the analysis into their organisations. Once the clients understand their key customer groups, they can start to build a customer contact strategy. They can make sure that they communicate with each group in the way it wants to be communicated with, and offer products to suit their lifestyle and lifestage at a price attractive to them; this does not always mean the cheapest prices. Some groups prefer to pay more as they can be suspicious of too cheap an offer.

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CRM analytics: The fuel for the engine. METHODS

Prophit Share (PS) follows a four-step process consisting of:
— Customer strategy
— Customer buying process
— Actions/Tactics and campaigns
— Learning

Step 1: The customer strategy

More often than not companies have a business plan, a marketing plan, financial requirements etc, almost always geared totally around product but with a mission statement to the effect that ‘The customer is the most important part of this business’. So why don’t they have a customer strategy?

Do they know who their best customers are, who makes the most profit, who costs them money or even who has more than one product? If not, how can they say that the customer is the most important part of their business when they don’t know anything about them? How can they evolve a strategy when they don’t know which types of customers in their portfolio to grow, maintain or even reduce?

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CRM analytics: The fuel for the engine

CRM analytics: The fuel for the engine

INTRODUCTION

Traditionally, CRM has been driven by IT companies putting in place major systems to provide a single customer view. They pick up transactional information, product records and, to a lesser extent, client data and the better companies link with operational systems actually to apply CRM at the front end via telesales, the Internet etc. However, the CRM system on its own has limited benefit. It is quickly becoming apparent that companies may have invested in the ‘Rolls Royce’ of systems but do not have the ‘fuel’ actually to drive it. This fuel takes the form of business rules and the science behind creating these is referred to as CRM analytics. These rules can drive the product offering, the distribution channel, the timing of the offer and even the pricing or payment method.

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Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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