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The Midas Bank

Business Operations
School Name:
Leitrim.

Carrigallen Vocational School, Carrigallen, Co.

Bank Name:

The Midas Bank

We decided to hold a competition to decide the best name for our school
bank, with a prize of 10 for the winning suggestion. This generated a lot
of interest among staff and students and we received a large selection of
interesting responses. We collated the results and discussed possible
options. As a group we decided on The Midas Bank because of a
historical link between the name and the accumulation of gold/wealth in
ancient Greece. In Greek mythology King Midas had an ability to turn
everything he touched with his hand into gold.
Key People and Roles:
Our management team consists of a number of key people as follows:

The Midas Bank

Customer
Services
Customer
Services
Niamh
Brady
Ciara Lavin
Takes
Takes
lodgements lodgements
Checks all
Checks all
applications applications
to ensure
to ensure
they are
they
are
correct.
correct.
Answers
Answers
customer
customer
questions
questions
and provides and provides
information information.

Financial
Sales and
Controller
Marketing
Claire
Victoria
Harkness
Whelan
Records all
Promotes the
fnancial
bank
transactions
Runs
Prepares
a
seasonal
cash
fow
marketing
forecast
iniatives
Ensures
Puts together
spending
is
a social
receipted.
media plan
Balances the
Follows
books
at the
regulations
end
of each
on the use of
day.
social media.

Bank
Assistant
Manager
Manager
Sarah
Conor
Moran
Hession
Deputises for In charge of
the manager the bank and
staff.
when she is
absent.
Chairs and
conducts all
Meets with
meetings.
new account
holders and
Deals with
ensures all
customer
laws are
problems.
adhered to.
Delegates
Atends and
work and
participates
coordinates
in meetings.
the team.

We applied for these positions by submitting our CVs and completed


application forms to our local AIB student Officer. We then prepared for
interview. We each applied for the position that we felt best suited us. We
all know each other and are delighted to get the opportunity to work
together. We understand that it is important to keep channels of
communication open, pull our weight and play to our strengths in order to
ensure that we work effectively together as a team.
When and Where ?
Our bank will operate in Room 10 every Thursday between 1:30p.m. and
2:10 p.m.
This is a good location because it is in an area of high traffic beside the
rear exit to the football and basketball courts where most students will
spend their lunch period. It is also beside the TY noticeboard which can be
used to publicise opening hours. This location is also safe and secure and
the room is big enough to offer students privacy while they are carrying
out transactions.

The Midas Bank


Number of potential customers.
There are 270 students attending our school which is located on the
outskirts of a small rural town which does not have a functioning bank and
which has lost its ATM within the past 12 months. The only fnancial
institutions in the immediate area are the local post office and the credit
union.
This is our frst time participating in the AIB Build a Bank Challenge and
we are looking forward to the experience
Objectives and Goals of the School Bank
Our goals/objectives can be summarised as follows:
Commercial/Business Goals
Educational Goals
To reach a target of 100 new
To contribute to our local
accounts opened by the end
community
by
educating
of April 2015.
national school children about
To achieve total lodgements
the importance of saving.

To make presentations to the


amounting to 1,000.
To take advantage of a niche
elderly about the use of
in the local market.
internet banking and the
To build our brand through
range of services provided by
effective marketing.
fnancial institutions.
To maintain a constant fow of
To encourage senior cycle
new customers by offering
students to open an account
rewards.
before moving on to college.
To attract positive attention
To learn about what a career
through the use of seasonal
in banking might be like.
To help us make wise subject
promotions.
To encourage students to save
choices for senior cycle.
To learn how to run a
for future events like the
Debs, a school tour or a
successful business and use
family holiday.
this knowledge in other areas
To provide a good service to
at school.
our customers and encourage
them to give us feedback
about our service.
Personal Goals
To learn how to prepare a business plan.
To learn about the range of services that a fnancial institution
provides.

The Midas Bank

To develop presentation skills, IT skills, Interview skills, Marketing


skills and leadership skills.
To improve decision making and work effectively with others.

We believe that these goals are Smart, Measurable, Achievable, Realistic


and Timely and we will develop a plan in order to achieve these after
carrying out a SWOT Analysis.

Strengths

SWOT
Analysis

We have a strong motivated


management team and a very
supportive
and
knowledgeable
student officer who will support us.
Opportunities
The local bank closed down in
recent years and the ATM was
removed from the town. The use of
debit cards and internet banking
would help young people overcome
these problems.

Weaknesses

We may fnd it difficult to attract


customers and get parents to
support our bank and encourage
their children to save with us.
Threats
The local post office and the credit
union are both very popular and
students may not wish to open an
account with us.

The Midas Bank

Products and Services


Our product will be a current account for second level students aged
between 12 and 18. Once opened the account will provide the holder with
a range of services which include:
A Debit Card option
This card can be used by students to purchase goods and services without
having to use cash. It can also be used to withdraw money at ATMs in Ireland and
abroad. Students can shop online using the card, top up their mobile phones or
pay for goods over the phone.
A Phone & Internet Banking option
Students can have access to their money 24 hours a day 7 days a week. They
can check their balance and keep a track on money coming in and money going
out.
A Mobile Banking
Students can check their balances, transfer money, pay bills and top up their
mobiles, on their smartphones.
An Annual Statement of Account
Students will receive a statement once a year giving details of lodgements and
with drawls. This statement can be received in hard copy or electronically.
Benefts include:
No account maintenance and transaction fees
The annual Government Stamp Duty(tax) on your Debit Card will be paid
for you.
No commission charges applicable for buying/selling foreign currency
notes.
Each student will be made aware of these services in an information leafet which
will become part of the student starter pack that we will provide when an
account is opened. We will give demonstrations to students on the use of
internet banking. We will be available during bank opening hours to answer any
questions about the services that we provide.
We plan to develop a website for our school bank and have a blog operating on
the site that customers can use to communicate with us outside of bank opening
hours.

The Midas Bank

Marketing
Target Market:
The target market for our school bank includes all of the students in the school
from frst year to sixth year. We hope to attract students who do not have a bank
account and those who have a bank account with another fnancial institution.
We need to aim our marketing at teenagers by encouraging them to save for
school events or for items that they are interested in buying. We feel that by
opening an accounts students will learn how to manage their money and realise
the importance of saving.

Market Research
We conducted a survey among all students in the school. We asked them if they
already had a bank account and if they would like to set up an account with our
school bank. The feedback we got was very positive with about 31% of students
saying that they would like to set up an account. A further 35% of students said
that they might consider setting one up. If all of the students who said they
would open an account actually do so we should have 98 customers. Our
questionnaire was designed using google docs and circulated electronically
where possible.

Do you currently have a bank account ?

98

94

No

149

Yes

Number of
students

No
Maybe
78

Yes

121

50 100 150 200

Build a Bank Challenge Survey


Whats your name? *
*For Competition purposes only..
What gender are you? *
o
Male

(* Required)

The Midas Bank


o

Female

What year are you in? *


o
1st Year
o

2nd Year

3rd Year

Transition Year

5th Year

6th Year

Do you currently have a bank account?


o
Yes
o

No

Would you be interested in opening a bank account in the school?


o
Yes
o

No

Maybe

What is your suggestion for a name for our school bank?

There are 141 potential customers who would be frst time account holders and
121 customers who we would have to convince to transfer over to us. We hope to
attract students by:
Providing Information about our service.
Making them aware of the services that we offer and how they are
relevant to them as teenagers. (Information leafet and starter pack)
Telling them about the benefts of opening an account.
Showing them how to operate their account, their card, internet banking
and mobile banking. (demonstrations both in class and one to one support
during bank opening hours)
Providing them with ongoing online support through our website and blog
where students can talk to each other and to us.
Answering student queries face to face during bank opening hours in an
honest, open and professional manner.
Increasing awareness about who we are and what we do.

The Midas Bank


Posters around the school and in businesses throughout the local town.
These will be designed by frst year students during art class with a prize
for the winning team.
Key rings bearing our name and logo may be given to each student who
opens an account. All students have lockers and carry keys. So key rings
would be very visible. We may source the key rings from a student
enterprise which operates in the school if we can get a reduced price for
buying in bulk.
Alternatively a cupcake may be given to each student when they open
their account.
Launch day when a celebrity will be asked to officially open our school
bank. Planned for the end of January or the frst week in February. A
photographer from the Leitrim Observer newspaper will be invited and
pictures will be displayed in the newspaper.
Advertisement in our school newsletter which will be sent out to all
parents in January and on a TV screen which is located above the main
entrance door to our school.
Facebook page, website and twitter page used to spread the word about
our bank. (encouraging likes) Any student who leaves a positive message
about our bank on any of the above will be entered into a prize draw)
Encouraging frst year students to use our name and logo as their
screensaver on their Ipads. (All frst year students have Ipads)
Display Stand at parent teacher meetings.
Demonstrations to national school children and to the elderly in the local
area.
We will develop our brand by designing a logo/image and colour scheme
to accompany our name. The brand name and logo will appear on all
promotional material.
We may hold a competition among business students to come up with a
catchy logo for our bank.
Sales Promotions
Prize for the most frequent saver each week(maybe a voucher for the tuck
shop). Saver randomly selected from all those who lodged money each
week.
Loyalty Card system where a card is stamped each time a lodgement of a
specifed amount is made e.g.: 1. When the card is full students will be
entitled to an award (free homework pass/voucher for the school shop)
and entered into a draw for a more substantial monthly prize e.g.: iTunes
card, mobile phone cover(sold by another enterprise in the school), iPad
charger etc
Seasonal promotions for Valentines day/St Patricks day and Easter. (In the
run up to valentines day we could ask students to vote for best suited
couple by paying 1 for a vote) The winning couple would get chocolates
and a teddy bear and each student who votes can have a chocolate given
to their secret valentine by a member of the team.

The Midas Bank


Using sponsorship to fund prizes and attract students. We may ask a local
hairdresser/beautician to sponsor a voucher for a debs package which
could be raffled off to senior cycle students. Any student who opens an
account is eligible to be entered for the draw. In return the business would
be given advertising space on our website/social media page.
Business Studies Quiz involving students from First Year to Third Year.
Entry Fee of 1 per student. Range of prizes.
Prizes may also be funded by selling soup and sandwiches at lunchtime
during the month of January.

The Midas Bank

Finance
We have prepared a cash fow forecast for our enterprise for the period
from January 2015 to April 2015.