First Internet Reliable Bank

FIRST INTERNET RELIABLE BANK

First Internet Reliable Bank was the pioneer in providing the banking service over the internet locally, nationally and internationally. Following were FIR’s advantages:

• Since they were the pioneers of internet banking, they had no competition as such.

• Many of its transactions were automated and fast.

• People could easily transfer large sum of money with relative ease.

Disadvantages:

• Low Profit margin

• Security Issue

• Intangible products

Open and close ended questions provided the following valuable customer insight for FIR:

Convenient Banking System:

Online banking is very convenient as it is easily accessible anytime to the customers. Thus the customers can do monetary transactions at mid night as well. According to the customers, FIR is simple and easy to access and work with when viewing and paying bills online. The customers are happy with the interest rate offered by the bank and also with the helpful Customer Service Representatives (CSR)

Inconvenient Banking System:

FIR also has few disadvantages, major one being that there is no access to a local ATM because of which people also need to maintain another account in the local bank which is usually not preferable by the customers. Another big concern is the lack of security because of which the customers receive phishing-type emails from hackers containing the Bank name and Logo which can lead to theft and leakage of personal information. This is also a concern to small businesses who do not have the protection policy when it comes to identity theft/hackers.

FIR founders were both visionary and practical and hence came up with this idea of convenient online banking system for the people. They targeted customers who are innovative-minded, busy and technologically advanced people. FIR team analyzed and found that around 63% of people having broadband at their place used internet banking services and people with more than six years of experience using internet tried using the online banking system.

The rise of GenX: Around 60% of people between the age groups 28-39 have used internet banking service.

Higher Socio-economic status: Online banking or transactions are more performed by people who are highly educated and have high socio-economic status.

Thus by performing this analysis,