A marketing communications campaign on Metropolitan Bank and Trust Companys Metrobank Direct
Abstract/Summary
With the current downturn of our economy, one industry that is affected is the banking industry. Banks in the Philippines are in a tight competition to attract clients. Most of the universal banks are merging or buying smaller savings bank to increase their assets and value of the bank.
In the Philippines, Filipinos are looking for a bank that can help them make their life more convenient. They are looking for a bank that gives them security and at the same time they can enjoy great interest rates.
Internet banking is a service that offers clients the convenience they need. Most Internet banking services offers fund transfer, utility payments, and balance inquiry among others. Electronic banking is a fast-rising state of the art service that most banks will surely explore. It is a revenue source that is estimated to increase by at least 10% annually. (BSP Annual Report 2008)
Metrobank, the best known and a well-established bank in the Philippines has launched its own version of electronic banking - Metrobank Direct. It essentially offers everything clients look for in an Internet service product, from fund transfer to balance inquiry. And for the first time in the electronic banking industry, Metrobank offers online remittance and wire transfer through its foreign subsidiaries.
The product is useful to its clients, but Metrobank has been unable to communicate clearly its availability and a lost opportunity in customer satisfaction. It is not as well advertised in newspapers, magazines and TVCs compared to other competitors. This has resulted into a low awareness of the product, even to the banks own clients.
The current downturn has also decreased the amount of deposits and the banks number of clients, Mr. George Ty chairman of Metrobank, cascaded his anger to all the branch heads. All branches are affected with the reaction of the top management.
The study recommends that the company to re-launch Metrobank Direct as a product that can give convenience to its clients. A product that is useful to every busy entrepreneur. This product will empower clients to control all their monetary transactions right at their own computers. With an effective marketing campaign, the product will be accepted by bank clients.
