Corporate reputation, image, and identity are key intangible resources that form the basis for creating sustainable grow

[answerhappygod]

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.
(a) Explain at least (6) key principles to consider before
adopting a digital marketing strategy for Fidelity bank.