Corporate reputation, image, and identity are key intangible resources that form the basis for creating sustainable grow
Posted: Fri May 20, 2022 7:29 am
Corporate reputation, image, and identity are key intangible
resources that form the basis for creating sustainable growth and
competitive advantage in the banking industry through identifying
and responding to changes in consumer behaviour. One of the threats
currently facing the retail banking industry in Ghana is the
changes in consumer behaviour in the massive patronage of digital
channels accelerated by COVID-19. On the positive side, Covid-19
presents the opportunity for banks to identify and respond to these
changes by leveraging the strength of digital platforms to drive
significant revenue growth. Fidelity Bank Ghana Limited (FBGL) was
issued a universal banking license on 28 June 2006 according to the
Banks and Specialized Deposit-Taking Institutions Act 2016. (Act
930). The Bank is owned by individuals from Ghana, other
institutional investors, and its senior managers. Formerly, the
bank was Fidelity Discount House. After operating profitably for 8
years, the country's business environment attracted investors to
the idea of establishing a bank. FBGL is a private limited
liability company with a profit-making motive. The Bank has
1,423,000 customers, 1,640 staff, 76 branches, and 115 automated
teller machines. FBGL’s customer base is Business to Customer
(B2C), which is the retail segment that serves individuals and
Business to Business (B2B) which serves Commercial and small and
medium-scale enterprises and corporate firms.
Range of products and services include; •
Savings and Investment: Fidelity Bright Kids Account,
Fidelity Lifestyle Investment account (Ghana Cedi and US dollar),
Fixed Term Deposit Account, Business Savings Account.
• Transactional Account: Current Account, Premium Current
Account, Pay-check Plus Account.
• Loan Products: Salary Backed Loan, Auto Loan, Fast and Easy
Loan, Home Finance, Home Completion, Discounting Invoice Facility,
Local Purchase, Overdraft Facility.
• Bancassurance Products: Life Plan, Hospital Cash Plan,
Educational Plan,
• Treasury: Trading, Sales, Asset and Liability
Management, and Investment Banking
• Digital Banking: Internet Banking, Fidelity Mobile App,
USSD Platform, Online account opening, Visa cards, Platinum Debit
Card, Prepaid Card, Whats App Banking Assistant (Kukua).
Main Competitors
According to the PWC Ghana banking survey report, (2021, p63)
Fidelity’s market share is 6.4% which makes FBGL a market
challenger. The main competitors and their market share are Ecobank
Ghana Limited 13.4%, Ghana Commercial Bank 12.1%, Stanbic Bank
Ghana 9.0%, Consolidated Bank 7.1%, Standard Chartered Bank Ghana
6.9%, ABSA Bank Ghana 6.4%, Zenith Bank Ghana Limited 5.5%, CAL
Bank 4.8%, United Bank for Africa 4.4%, Agricultural Development
Bank 4.2%.
Key customer segment
FBGL's customer segments are retail, commercial, small and
medium-scale enterprises, corporate and financial, and capital
markets. The key customer segment is retail. This key segment serve
the individual. Services include savings, deposits, withdrawals,
loans, mortgages, debit and credit cards, bank account requests,
bill payments, and remittances. Retail operations take place in the
branches and at our digital touchpoints. Among FBGL's customer
segment, retail is the largest contributor to FBGL's revenue.
COVID-19 and its effect have prompted a massive change in consumer
behaviour in Ghana as retail customers prefer the usage of digital
platforms which curtails the spread of Covid 19. A senior partner
in KPMG Ghana states that “Banks that already have digital service
offerings take advantage of this opportunity by continuing to
enhance the experiences of their customers while keeping them
safe”.
Your Role as a Digital Marketing Manager of Fidelity bank, you
must also develop an effective digital marketing strategy aimed at
engaging your stakeholders in this pandemic. You must explain some
key digital marketing concepts that can influence Fidelity’s
reputation, image, and identity to management.
(a) Conduct a SWOT analysis that identifies key strategic
options for Fidelity bank within Ghanaian banking, with a focus on
developing a digital marketing plan.
resources that form the basis for creating sustainable growth and
competitive advantage in the banking industry through identifying
and responding to changes in consumer behaviour. One of the threats
currently facing the retail banking industry in Ghana is the
changes in consumer behaviour in the massive patronage of digital
channels accelerated by COVID-19. On the positive side, Covid-19
presents the opportunity for banks to identify and respond to these
changes by leveraging the strength of digital platforms to drive
significant revenue growth. Fidelity Bank Ghana Limited (FBGL) was
issued a universal banking license on 28 June 2006 according to the
Banks and Specialized Deposit-Taking Institutions Act 2016. (Act
930). The Bank is owned by individuals from Ghana, other
institutional investors, and its senior managers. Formerly, the
bank was Fidelity Discount House. After operating profitably for 8
years, the country's business environment attracted investors to
the idea of establishing a bank. FBGL is a private limited
liability company with a profit-making motive. The Bank has
1,423,000 customers, 1,640 staff, 76 branches, and 115 automated
teller machines. FBGL’s customer base is Business to Customer
(B2C), which is the retail segment that serves individuals and
Business to Business (B2B) which serves Commercial and small and
medium-scale enterprises and corporate firms.
Range of products and services include; •
Savings and Investment: Fidelity Bright Kids Account,
Fidelity Lifestyle Investment account (Ghana Cedi and US dollar),
Fixed Term Deposit Account, Business Savings Account.
• Transactional Account: Current Account, Premium Current
Account, Pay-check Plus Account.
• Loan Products: Salary Backed Loan, Auto Loan, Fast and Easy
Loan, Home Finance, Home Completion, Discounting Invoice Facility,
Local Purchase, Overdraft Facility.
• Bancassurance Products: Life Plan, Hospital Cash Plan,
Educational Plan,
• Treasury: Trading, Sales, Asset and Liability
Management, and Investment Banking
• Digital Banking: Internet Banking, Fidelity Mobile App,
USSD Platform, Online account opening, Visa cards, Platinum Debit
Card, Prepaid Card, Whats App Banking Assistant (Kukua).
Main Competitors
According to the PWC Ghana banking survey report, (2021, p63)
Fidelity’s market share is 6.4% which makes FBGL a market
challenger. The main competitors and their market share are Ecobank
Ghana Limited 13.4%, Ghana Commercial Bank 12.1%, Stanbic Bank
Ghana 9.0%, Consolidated Bank 7.1%, Standard Chartered Bank Ghana
6.9%, ABSA Bank Ghana 6.4%, Zenith Bank Ghana Limited 5.5%, CAL
Bank 4.8%, United Bank for Africa 4.4%, Agricultural Development
Bank 4.2%.
Key customer segment
FBGL's customer segments are retail, commercial, small and
medium-scale enterprises, corporate and financial, and capital
markets. The key customer segment is retail. This key segment serve
the individual. Services include savings, deposits, withdrawals,
loans, mortgages, debit and credit cards, bank account requests,
bill payments, and remittances. Retail operations take place in the
branches and at our digital touchpoints. Among FBGL's customer
segment, retail is the largest contributor to FBGL's revenue.
COVID-19 and its effect have prompted a massive change in consumer
behaviour in Ghana as retail customers prefer the usage of digital
platforms which curtails the spread of Covid 19. A senior partner
in KPMG Ghana states that “Banks that already have digital service
offerings take advantage of this opportunity by continuing to
enhance the experiences of their customers while keeping them
safe”.
Your Role as a Digital Marketing Manager of Fidelity bank, you
must also develop an effective digital marketing strategy aimed at
engaging your stakeholders in this pandemic. You must explain some
key digital marketing concepts that can influence Fidelity’s
reputation, image, and identity to management.
(a) Conduct a SWOT analysis that identifies key strategic
options for Fidelity bank within Ghanaian banking, with a focus on
developing a digital marketing plan.