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Video Banking: New Age Banking: A customer perception analysis

Video Banking: New Age Banking: A customer perception analysis

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Video Banking: New Age Banking: A customer perception analysis

Longueur:
173 pages
1 heure
Sortie:
Apr 3, 2018
ISBN:
9783744851381
Format:
Livre

Description

The banking industry is currently, more than ever, on the move. Low interest rates, EU-driven regulatory requirements and particularly the proceedings in digitalization have led the banking industry into a new age of banking. The digitalization of business processes and banking services have forced the banks to rethink their business model. As a consequence, the multi-channel approach needs to be extended by an interactive communication service called Video Banking. Video Banking enables customers to conduct their banking activities independent from their location by using a smartphone or notebook.

Since Video Banking is a relatively new service in the banking industry, the customers are not acquainted with it that far. To launch Video Banking successfully, the customers need to be convinced by the new service.
Sortie:
Apr 3, 2018
ISBN:
9783744851381
Format:
Livre

À propos de l'auteur

Wer einen Allerweltsnamen als Pseudonym wählt, tut das nicht ohne Grund. Im Übrigen fühlt sich der Autot zu alt, um noch in den Literaturbetrieb hineinzuwachsen.

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Aperçu du livre

Video Banking - Michael Müller

Table of contents

List of figures

List of tables

List of abbreviations

Introduction

1.1 Problem statement

1.2 Objective

1.3 Structure of the paper

Cooperative banking institutions in the 21st century

2.1 Classification of cooperative banks

2.2 Situation and challenges

2.3 Consequences

Multi-channel banking - Structural changes in retail banking

3.1 Multi-channel banking

3.2 The future of the bank branch - A world of experience

3.2.1 Life-assistance banking

3.2.2 Community banking

3.2.3 Convenience banking

3.2.4 High-tech banking

3.3 Different channels of multi-channel banking

3.3.1 Field service and customer consultant

3.3.2 ATM - Automated teller machine

3.3.3 Phone banking

3.3.4 Online banking

3.3.5 Mobile banking

3.4 Interim conclusion

Video consultations as a future model in the banking industry

4.1 Video consultation - Trend analysis

4.2 Video banking

4.2.1 Bank consultations through video chat

4.2.2 International comparison and pioneers

4.2.3 Benefits of video banking for the customer

Video banking on the example of a German cooperative bank

5.1 Introduction

5.1.1 Research objective

5.1.2 Approach

5.2 Brief portrait of the corresponding bank

5.3 Survey results

5.3.1 Customer perception of the video banking offer

5.3.2 Analysis of the customer needs

5.4 Marketing approaches to increase the customer perception

5.5 Summary

Conclusion

Appendix A

Appendix B

Appendix C

Appendix D

Bibliography

List of figures

Figure 1: Amount of direct bank customers in Germany (2000 - 2015)

Figure 2: Amount of bank branches in Germany (2004 - 2014)

Figure 3: Amount of private bank branches in Germany (2004 - 2013)

Figure 4: Amount of cooperative banks in Germany (1991, 2004 and 2014)

Figure 5: Multi-channel banking

Figure 6: Consumer behavior in the multi-channel context

Figure 7: Number of ATMs in Germany (2001 - 2013)

Figure 8: Amount of online banking users in Germany (1998 - 2014)

Figure 9: Customers desire regarding video consultation

Figure 10: Consulting services according to the interest of customers

Figure 11: Age groups

Figure 12: Gender

Figure 13: Educational level

Figure 14: Have you ever heard about video banking?

Figure 15: Did you know, that your bank offers video banking?

Figure 16: Did you recognize the video banking link on the website your bank?

Figure 17: Would you have used the service, if you had been informed about it?

Figure 18: Would you like to receive information about video banking?

Figure 19: Customers want to receive information through:

Figure 20: Reasons why customers do not want to receive information

Figure 21: Differentiation regarding age groups

Figure 22: Differentiation regarding educational level

Figure 23: Would you like to see a video tutorial about video banking?

Figure 24: Data security

Figure 25: Time saving

Figure 26: Convenience

Figure 27: User-friendliness

Figure 28: Personal contact beforehand

Figure 29: Better conditions

Figure 30: Will you use video banking, if you receive better conditions?

Figure 31: Which service would you use most likely with video banking?

Figure 32: Cost-Income Ratio of selected banking markets in Europe (2013)

List of tables

Table 1: Importance

Table 2: Status quo vs. future picture of banking

Table 3: Survey results

List of abbreviations

Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.

- Steve Jobs

1. Introduction

1.1 Problem statement

Cooperative banks are in a difficult situation nowadays. A variety of reasons has caused the cooperative banks to close down thousands of branches within the last decade. While they were running more than 17,400 branches in 2000, they only ran 12,770 branches at the beginning of 2014 (BVR, 2015). Researches state that an additional 20% are predicted to become closed within the next three years (Welp & Fehr, 2015). There are different reasons for this prediction, such as the growing popularity of direct banks. Direct banks do not run a tight network of branches. Therefore, they are saving costs and can offer more attractive banking products (Direktbanken.net, n.d.). Another reason for the complicated situation of the cooperative banks are stricter regulations ran by the European Union (EU). Due to these regulations, small cooperative banks face the same regulatory requirements as large banks¹. In contrast to large banks, cooperative banks are suffering because of these regulations, as they cannot handle the additional administrative effort (Fehr, 2013). A further reason appeared with progress in digitalization. In this connection so-called FinTech companies have started to emerge in the banking market (Danoglidis, 2015). As more and more customers are using the internet to conduct their banking affairs today, the traditional branch banking has become less important. As a consequence, the cooperative banks had to close down branches (Seibel, 2014). In particular branches in rural areas, which are poorly visited, need to be closed down (Hillger, 2015). The problem to the branches disappearance is that especially the nationwide presence is a tradition for the cooperative banks. Customers of cooperative banks are normally used to find a branch close to their location (Volksbanken Raiffeisenbanken, n.d.). However, the maintenance of a tight network of branches is correlated with high costs. Therefore, the cooperative banks had to renew their business model to stay competitive and to keep current customers. In this context, traditional branch banking has already been restructured into an integrated multi-channel strategy (Krupp, 2015; Kunz, 2015). Multi-channel banking provides the opportunity to conduct banking business through different channels. The most used channels are online and mobile banking, automated teller machines (ATM), and branch banking (Mihm, 2014; Mihm, 2013). Even though multi-channel banking provides the opportunity to conduct banking matters through a variety of different channels, the approach may need to be extended. Nowadays, customers prefer to conduct their banking independently from their current location. At the same time, a lot of customers do not want to relinquish personal contact. Specifically customers of cooperative banks attach importance on personal contact. Therefore, some cooperative banks have started to offer a service called video banking. Video banking offers clients the possibility of a personal consultation through a video chat. As a result, customers can obtain a personal consultation without visiting the branch. Even though video consultations are already well-known in other industries, video banking is a relatively new trend and not sufficiently researched thus far. However, due to recent events video banking may be essential for cooperative banks to remain competitive in the future (Jäger, et al., 2015).

1.2 Objective

In this connection, it is important to analyze whether video banking is a profitable new channel, which increases customer satisfaction and secures competitiveness in the banking sector. To obtain best possible data, this paper has been written in cooperation with a German cooperative bank. Since two years, the corresponding cooperative bank is offering video banking. Thus far, the service is not being used by the customers. Therefore, the main objective of this research work is to analyze the customer perception of video banking and to find out why the customers of the bank are not using it more often. Hence, it is necessary to analyze whether the customers of the bank have been sufficiently informed about the video banking offer. Furthermore, the customer attitude towards video banking should be analyzed. For this purpose, the

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