Marketing Financial Services

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  • 4.By latest technology and network effectiveness 5. via both traditional and electronic channels
  • 2. We do not believe in misleading advertising, and endeavour to be transparent about our products. 3. so that they can make informed decisions. After assessing their needs, we recommend products that are mutually beneficial. 4. , including training our staff regularly on customer service, as well as reviewing our processes regularly.
  • , thanks to rules that forbid the sort of risky business that is felling mainstream institutions. as the conventional banking system re-evaluates its business model 3. - not shady repackaged subprime mortgages - and because risk is shared between the bank and the depositor there is an incentive for the institutions to ensure the deal is sound.
  • - Insert photo of ATM card
  • 24-Hour account access via our ATMs, Cash Deposit Machines, PhoneBanking, InternetBanking and Mobile Banking Easy transaction monitoring: just update your passbook at any Branch or Passbook Update Machine to view transaction details Interbank GIRO - Let Interbank GIRO take care of payment for all your local bills
  • Direct channel of distribution Indirect: advertisements/posters
  • - May exceed the limit for our budget (probability a need to print more brochures etc)

Transcript

  • 1. Al – Wadi’ah Premier Savings + Protection Account
  • 2. CONTENTS:
    • Our Bank
    • Brief introduction on Islamic Banking and Islamic Insurance
    • Market Research
    • Al-Wadi’ah Premier Savings + Protection Account
    • Advertising Strategies
    • Marketing Strategies
    • Campaigns
    • 4Ps
  • 3. Premier Bank
    • Started its operations in Singapore in 1960 as a full licensed commercial bank
    • Top five banks in ASEAN and a Qualifying Full Bank in Singapore
    • 22 Branches and 32 ATMs are strategically located in both the business districts and the suburban estates for the convenience of our customers
    • Committed to bring convenience and a wider spectrum of value-added financial services to our customers.
    • Customers will be able to conduct their banking needs anytime, anywhere in the world
  • 4. Vision
    • Be a Premier Bank in the Asia-Pacific region
    • Committed to providing Quality Products
    • Excellent Customer Service
    • Simply the Best!
  • 5. Our Objectives
    • Adopt a relationship-based approach to banking and seek to develop long-term and mutually beneficial relationships with customers.
    • Protect the interest of our customers.
    • Ensure that customers are equipped with sufficient knowledge about our products
    • Continuously seek ways to improve our customer-centricity
  • 6. Our Products and Services
    • Deposits   Personal
    • iSavy Savings Account-i
    • Savings Account-i
    • PremierOne Account-i
    • Al-Wadiah Premier Savings and
    • Protection Account-i(new)
    • Business
    • Current Account-i
    Investments Structured Deposit Alpha Structured Deposit Prestige Structured Deposit Premier Structured Deposit Unit Trusts DWS Noor Global Equity Select Fund DWS Noor Precious Metals Securities Fund DWS Noor China Equity Fund DWS Noor Japan Equity Fund DWS Noor Asia Pacific Equity Fund Ehical Growth Fund Ethical Value Fund
  • 7. Our Branches
    • Central
    • PremierBank Tower
    • PremierBank @ Balestier
    • PremierBank @ Chinatown
    • PremierBank @ RobinsonRd
    • PremierBank @ NorthBridge
    • PremierBank @ Queensway
    • PremierBank @ TextileCentre
    • East
    • PremierBank @ Bedok
    • PremierBank @ GeylangSerai
    • PremierBank @ Kovam
    • PremierBank @ MarineParade
    • PremierBank @ Siglap
    • PremierBank @ Tampines
    North PremierBank @ AMK PremierBank @ HDBHub PremierBank @ Woodlands888 PremierBank @ Yishun West PremierBank @ BtTimah PremierBank @ ChoaChuKagng PremierBank @ HollandV PremierBank @ Jurong East PremierBank @ Jurong Point
  • 8. Contacts
    • Address: 2 Battery Road Premierbank Tower Singapore 049907
    • Phone:
    • - Local: 1800-PREMIER (1800-773-6437)
    • - Overseas :(65) 6533 5229
    • Website: www.premierbank.com.sg
  • 9. Islamic Banking
    • KUALA LUMPUR, MALAYSIA - ISLAMIC banking has largely escaped the fallout from the global financial crisis
    • The outlook for Islamic financing is bright
    • Transactions must be backed by real assets
    • Global Islamic banking pie is valued at about US$1 trillion (S$1.5 trillion)
    • In light of the financial crisis, many investors are opting for less risky alternatives
  • 10. ISLAMIC BANKING
    • The basic principle of Islamic Banking is the prohibition of Riba’ (Usury or Interest)
    • Riba’
    • “ increase in” or “addition to anything”.
    • effortless profit or profit that comes free from compensation or extra earning obtained without any exchange
  • 11.
    • Islam prohibits lending of money to profit.
    • Instead Muslims are encouraged to do businesses through partnerships where investor and entrepreneurs can carry out business on a more equitable basis
  • 12. Contemporary Insurance
    • Current insurance provided by insurance agents are not in line with teachings of Islam
    • Insurance contracts has usury/riba’ as they promise to pay more than the premium paid
    • Insurance companies invest the premiums which they have collected in interest-bearing investments
    • Considered as gambling as policy holder loses the insurance premium to insurance company if insured event does not take place
  • 13. Islamic Insurance
    • Mutual provision of guarantees
    • Parties to the contract support each other when any of them suffer losses
    • Allow policy holders to enjoy the same level of cover provided by conventional insurance and at the same time help the unfortunate in time of needs
  • 14. Market Research
    • Competitive Analysis
    • Market survey
  • 15. Competitive Analysis OCBC Al-Wadi'ah Savings Account Maybank Savings A/c Maybank PremierOne Account- i Dividend Payout Half- Yearly dividend Payout At Bank’s Discretion At Bank’s discretion Benefits ATM card Phone Banking Internet Banking Monthly Statement Zakat Auto Deduction Service Free Giro Service 24-Hour account access MayBank Visa Money Transfer Interbank GIRO Mobile Banking Phone Banking 24-Hour account access Monthly Statement No account fees Free 1 chequebook Phone banking Mobile Banking Internet Banking 24-Hour account access Eligibility Min. Age of 15 Min. deposit of $1000 Min. Age of 15 Min initial deposit of $10 Avg daily bal. Req. is $200. Min. Age of 21 Min. Deposit of $1000 Service Fee S$2 per month if monthly avg. Bal. falls below S$1,000 - $8.50 levied if monthly avg. Bal. falls below S$3,000, Indicative Div. Rate 0.125% - 0.4%p.a. 0.25% - 0.3750% 0.25% - 0.3750%
  • 16. Market Survey
    • Questions:
    • Do you know what Islamic Banking is?
    • Have you heard of any bank that provide Islamic Banking services?
    • In your opinion, are there enough advertising/campaigns on Islamic Banking?
    • Would you open an account if Islamic Banking only offers dividend and not interest?
    • If road shows are carried out at Community Centre or mosques, are you interested to attend?
  • 17. 1) Do you know what Islamic Banking is?
  • 18. 3) In your opinion, are there enough advertising/campaigns on Islamic Banking?
  • 19. 5)If road shows are carried out at Community Centre or mosques, are you interested to attend?
  • 20. Al-Wadi’ah Premier Savings + Protection Account
  • 21. Product Info
    • Combines the features of savings and insurance
    • "Hibah" or "token" in the form of dividends is distributed quarterly
    • Minimum balance required :500 SGD
    • Insurance premium of SGD 50 automatically deducted from account monthly.
  • 22. Assuming a non-smoking female or male who takes up this account The figures are for illustration purposes only. Insurance eligibility and premiums are subject to underwriting. * Subject to terms and conitions Age Coverage Benefits Annual premium amount Monthly premium amount 30 year old, male Terminal illness, permanent disability, accidents and loss of property* Sum assured of S$200,000 up till age 70 S$570.00 S$50 35 year old, female Sum assured of S$500,000 up till ge 70 S$700.00 S$60
  • 23. Benefits-Product
    • Provides convenience for consumers
    • Easy cash withdrawals via your ATM Card
    • 24-Hour account access
    • Easy transaction monitoring
    • Interbank GIRO
    • Insured up to 200,000 for accidents and loss of property
    • Hibah or dividend is distributed quarterly
  • 24. Eligibility
    • To be at least 21 years of age
    • This account is also open to non-profit organisations
    • The account can also be opened in your child's name as a trust account with you as the sole account operator
    • Be Singapore Citizens or Singapore Permanent Residents
    • Minimum Deposit of SGD500
  • 25. Recent Dividends Declared
    • First S$500: 0.3500% p.a.
    • Next S$10,000: 0.4750% p.a.
    • Remaining balance above S$10,500: 0.6000% p.a.
    • ***Effective as at 4 July 2009
  • 26. Summary of Product Premier Bank Al-wadiah Premier Savings +Protection Dividend Payout Quarterly dividend payout Benefits ATM Card Interbank GIRO Mobile Banking Phone Banking 24-Hour account access No account fees Insurance coverage of up to SGD200,000 Eligibility Min. Age of 21 Min. Deposit of $500 Service Fee S$2 per month if monthly avg. Bal. falls below S$500 Indicative Div. Rate 0.30-0.60%
  • 27. FAQ-Products
    • 1. Is Islamic Banking only for Muslims?
    • No. Islamic Banking is for anyone who may wish to use interest-free banking. We welcome all customers regardless of their religious background.
    • 2. If my Islamic Account is interest-free, how does it work?
    • Your money is kept in accordance with the Syariah guidelines. This means that we don't use the money you keep with us for activities that is contrary to the Syariah guidelines.
    • 3. Who has decided that the Islamic Account is Syariah compliant?
    • We work with a committee of distinguished scholars who have a lot of experience in Islamic finance and the Syariah law. They guide us in our creation of Islamic Banking products which are right for you.
    • I am already a Premier bank customer. Can I change my existing account to the Islamic Account?  
    • Yes. You just need to visit any Branch, and we will effect the necessary changes.
  • 28.
    • How do I go apply for an Al-Wadiah Premier Savings and Protection Account?  
    • Simply visit any of our 22 Branches. Applicant(s) only need to bring their NRIC and place an initial deposit in cash
    • Can I open an Al-Wadiah Premier Savings and Protection Account with a joint account holder?  
    • Yes, you can open an account with another applicant. The joint account will be opened based on either party to sign basis.
  • 29. Marketing
  • 30. Marketing
    • Target Group: 30 – 60 years old
    • Both Muslims and Non-Muslims
    • Preferably working adult
  • 31. Advertising Strategies/Programs
    • We carried out a survey and many felt that not much
    • advertising is carried out to promote Islamic Banking. Many do
    • not know what it is about and the products that banks in
    • Singapore provide. Thus, we have decided to have:
    • Posters at bus-stops/MRTs
    • Brochures to be given out and is available at all of our banks
    • Premier Bank website
    • Talks at Mosque
    • Sponsor Carnivals( give talk and goodie bags on product)
    • Newspaper advertisements
    • Hotline
    • Goodie Bags
  • 32. Marketing Strategies/Programs
    • A team will be created to be in-charge of promoting the new Islamic product
    • Letters and emails will be sent to customers to promote the new product to them.
    • Database of all customers between the ages of 30 to 60 will be collected
    • Team will have to check that all data is correct and emails/letter will be sent to them.
    • Team will also need to include the brochure in the letter and send it for printing.
    • A follow-up will have to be carried out to find out who are interested in it.
  • 33. Brand/Publicity Campaigns
    • We will conduct road shows at mainly 4 housing estates (North, South, East and West).
    • Around 4 will be employed each day at each location to promote the new product.
    • collaborate with mosques during a ‘Family Carnival’ to conduct talks or road shows with regards to the product.
    • Tissues, Brochures and goodie bags given out during the campaigns
  • 34. Promotion
    • Lucky draw
    • 1st Prize : Pair of air tickets to and fro to Japan.
    • 2nd Prize : Pair of 3 days 2 nights trip to
    • Phuket
    • 3rd Prize : $200 NTUC voucher.
    • *50 consolation prizes of $50 NTUC vouchers.
  • 35. Place
    • Talks at Community Centres
    • Talks at Mosques in Singapore
    • 3 day Road shows(Friday, Sat, Sun) at:
    • North: Woodlands
    • South: Tiong bahru
    • East: Hougang
    • West: Choa Chu Kang
  • 36. Distribution
    • Direct mail and emails to existing customers
    • Posters at various heartlands, bus stops, and notice boards at community centres
  • 37. Limitations faced by Premier Bank
    • May not get the authority to hold talks at mosques
    • May exceed the limit for our budget
    • Product may not be as well received as expected
    • Customers not willing to change bank as they are loyal
    • Ensure that all staff act according to the Code of Consumer Banking Act
    • Difficulty in retaining customers
  • 38. Solutions
    • Ensure that all licenses required are obtained (license to give talks etc)
    • Come up with more promotions to attract new customers (give out vouchers and movie tickets)
    • Provide excellent customer orientated services (free coffee at branches)
    • Open more counters during peak hours
    • Make sure all staff go through a 3 day training program with regards to promoting financial products
  • 39. Budget BUDGET   Quantity Price Total Price Cost of printing survey forms 1000 $0.05 $50.00 Cost of printing application forms 10000 $0.03 $300.00 Posters at bustops (license to put up posters included) 100 $62.00 $6,200.00 Brochures 60000 $1.50 $90,000.00 Newspaper advertisements (for 5 days)     $111,650.00 > The Straits Times 7 $9,900.00 $69,300.00 > The Business Times 7 $2,600.00 $18,200.00 > Barita Harian 7 $3,450.00 $24,150.00 Radio advertisement     $13,000.00 > Warna 94.2FM (morning-$120, lunch-$150, day-$100, evening-$110, night-$50) 5 $530.00 $2,650.00 > 938LIVE (morning-$290, lunch-$160, day-$150, evening-$240, night-$60) 5 $900.00 $4,500.00 > Love 97.2FM (morning-$250, lunch-$450, day-$170, evening-$240, night-$60) 5 $1,170.00 $5,850.00 Magazine advertisement     $34,500.00 > Female 3 $4,200.00 $12,600.00 > NTUC lifestyle 3 $4,200.00 $12,600.00 > Manja 3 $3,100.00 $9,300.00 Printing of letters 100000 $0.03 $3,000.00 Postage Costs 100000 $0.27 $27,000.00 Envelopes 100000 $0.05 $5,000.00 Rental of place for roadshows (3 days, at 4 locations) 12 $4,500.00 $54,000.00 Logistic fee     $15,000.00 > Sound system rental 12 $500.00 $6,000.00 > Hiring of emcees 12 $750.00 $9,000.00 Cost of employing workers ($70 per day, three times) 40 $210.00 $8,400.00 Banners 8 $168.00 $1,344.00 Collaboration with mosques 4 $1,500.00 $6,000.00 Tissue paper together with information of our product printed on it 60000 $0.35 $21,000.00 Notepads 60000 $0.60 $36,000.00 Recyclable bags (goodie bag for roadshows) 60000 $0.50 $30,000.00 Expenses incurred for promotion     $11,180.00 > Pair of air ticket to and fro to Japan 2 $2,210.00 $4,420.00 > Pair of 3 days 2 nights trip to Phuket 2 $630.00 $1,260.00 > NTUC vocher 1 $500.00 $500.00 > Consolation Prizes 50 $100.00 $5,000.00 Family Day Carnival (sponsored by us, talk and brochures given) 1 $4,000.00 $4,000.00       $477,624.00
  • 40. References
    • http://www.wealth.moreclass.com.my/index.php/riba-and-usury/what-is-riba-and-usury
    • http://www.islamic-banking.com/ibanking/whatib.php
    • http://www.takafol.ru/eng/rubrika.php?rub=47
    • http://www.islamic-banking.com/aom/takaful/i_shakir.php
    • http://www.corporate.mediacorp.sg/mediarates_radio.html