The aims is to get students to think about the future in retail banking and how best practices of customer relationship management (CRM) strategies can be used to build customer loyalty. Currently traditional banking practices mean setting up physical branches for customers to do their banking transactions. This appeals to the silver generation and baby boomers generation. These groups of customs would prefer face-to-face encounters for their banking transactions, and are less accepting to technology and the digital life. On the other end of the generation spectrum, the millennial generation embrace the digital life since they grow up in this Internet and digital age. They prefer internet banking and avoid visiting the branches at all costs.
With millennials being the next generation of core bank customers, this GBA requires students to explore ONE of two banks’ products that specifically targets at the millennial generation. The aim is to get students to reflect and understand the challenges and trends that affect the future of consumer banking. The millennials generation refer to those born in the early 1980s to the early 2000s.They are discerning customers who are better educated and informed They know what they want and expect to be pampered by the service providers. A common mindset is “give me what I want, or else, I will go to your competitor”. It is not just about providing the best product or service in the market to woo and keep customers. What differentiates a company from its competitor is the relationship it has with its customers. It is all about customer relationship building.
(a) Briefly discuss three (3) value categories that DBS Remix can group its existing customers for the promotion of the Remix product. (250 words)
(b) Evaluate and discuss how the DBS bank integrates interactions to communicate with its customers through two-way addressable media, using: (450 words)
(i) official website
(ii) wireless technology
(iii) email marketing
(iv) social media
(a) Briefly describe and appraise the benefits of value streams of the banking product DBS Remix in terms of: savings, credit card, investments and insurance. ( 280 words)
(b) Describe three (3) characteristics of a good and successful loyalty program, and provide a critical analysis to examine whether DBS bank’s loyalty rewards program meets these three (3) characteristics identified by you. (420 words)
And with proper APA citations and references.