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Marketing Plan

PRE- ACCOUNT OPENING VIA ELECTRONIC
CHANNELS

Written By:
Merry Lai
Maria Javed

9th August 2008

Total Word Count: 1,870


EXECUTIVE SUMMARY
Malaysia's first Standard Chartered bank, established in 1875, it has a network of 37 branches across Peninsular and East Malaysia. Standard Chartered Bank’s core businesses in Malaysia are in Consumer Banking and Wholesale Banking.

The main aim of this report is to outline in detail how Standard Chartered Bank (SCB) Malaysia benefits from E- Channel, in particular bank accounts opening. This is a precursor study of a final proposal to the bank on implanting e-forms for such a purpose. This is prompted by the fact that existing paper-based forms are wasteful, rigid and non-value adding in this competitive market.

Fact in this report are all based on review of related literature and own job experiences. The materials used were the information gathered from the Bank, the prescribed text-book, websites and academic journals.

Use of the e-forms from the bank’s point of view is mainly related to cost savings. E-form approach provides direct method of performing account opening procedure online. Such facility saves both the time and money of the bank with additional advantage of reducing the possibility of committing error by bank officers. Furthermore to this E-form strategy is an interesting way to attract new customers to the bank and retain the existing ones through mass customization suiting the exact needs of the customer. From Customers point of view E-forms provides services regardless of geography and time. Customers over the world have relatively easy access to their accounts, 24 hours per day. Such facility improves customer experience and customers loyalty.

On the other hand e-forms online could raise a lot of security issues from customer’s point of view such as stealing of personal and confidential informational. One of the major issues for the majority of people is that of...