Unified Account!

One Account, All Solutions

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Executive Summary:
Now a days people have to maintain at least 4 accounts in their bank e.g. savings deposit
account for emergency expenditure, recurring deposit scheme for future targeted use, fixed
deposit accounts for monthly or yearly benefit, and a credit account for consumer financing
facility. These four accounts may be they maintain in four banks or a single bank along with four
separate account identification number. People feel discomfort with these costly and time
consuming as well as bothering account maintenance system. Most people think of savings
accounts solely as a source of emergency spending for a rainy day. But they're also best used for
allocating money for big purchases such as a home or new car. To save money for multiple
financial goals, you'll need multiple savings accounts. While our society feel such type of
problem and unethical banking, we and our bank come with a complete solution named Unified
Account. We provide this account to our client with all exclusive features that you need in your
life thorough. Our banks unified savings account come with more convenience and less cost for
relaxing your life by memorizing a single number. The primary marketing objectives of this plan
are to achieve 20% of the total low cost deposit of our banking sector from the middle class
people of our society, as this portion is large in Bangladesh .

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Current Situation-Macro
environment:
Economy:

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability,
poor infrastructure, corruption, insufficient power supplies, slow implementation of economic
reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP
is generated through the services sector, almost half of Bangladeshis are employed in the
agriculture sector, with rice as the single-most-important product.

Garment exports, the backbone of Bangladesh's industrial sector, accounted for more than 80%
of total exports and surpassed $25 billion in 2015. The sector continues to grow, despite a series
of factory accidents that have killed more than 1,000 workers, and crippling strikes, including a
nationwide transportation blockade implemented by the political opposition during the first
several months of 2015. Steady garment export growth combined with remittances from overseas
Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are the largest
contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
(Bangladesh Economy Profile 2016 by Mundi Index, 2016)

The market-based economy of Bangladesh is the 41th largest in the world in nominal terms, and
29th largest by purchasing power parity; it is classified among the Next Eleven emerging market
economies and a Frontier market. According to the IMF, Bangladesh's economy is the second
fastest growing major economy of 2016, with a rate of 7.1%. Dhaka and Chittagong are the
principal financial centers of the country, being home to the Dhaka Stock Exchange and the
Chittagong Stock Exchange. The financial sector of Bangladesh is the second largest in the
subcontinent. (Economy of Bangladesh, en.wikipedia.org.)

The financial sector of Bangladesh is generally small and underdeveloped. This sector consists of
a banking segment and an emerging but still nascent capital market segment. The banking
segment in the country is relatively more developed than the equity market segment, even though
both are quite underdeveloped in international comparison. The root causes of the Bangladeshi
financial sector problem are the lack of market discipline due to lack of competition in the
banking industry.

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Deposits held in DMBs (Taka in Millions)
Items
March, 2017 FEBLruary, 2017 March, 2016

Demand Deposits* 878588 875717 743038

Time Deposits* 7622144 7571752 6816876

Total 8500732 8447469 7559914

Bank Credit (Taka in Millions)

Items March, 2017 FEBLruary, 2017 March, 2016

Advances 7078468 6966345 6128597

Bills (Import & Inlands Bills) 271219 268511 215034

Investments 1647370 1674512 1634371

Total 8997057 8909368 7978002

Source : Statistics Department, Bangladesh Bank.

Note: * Excludes Inter bank Deposits and Government Deposits.

Bank is contributing towards the development of any economy as well as plays a vital role of
financial intermediary of a country. Bank is treated as an important service industry in modern
world. But due to globalization and free market economy, this industry is facing severe
competition in Bangladesh. Domestic banks management is now very strictly focusing on
improved service quality and product if they are to build positive reputation and increase profits.
Because reputation plays an especially important strategic role in service markets. So it is
therefore important for any retail bank in Bangladesh to understand the main drivers of Bank
reputation as well as to take effective measure to improve both service and product quality which

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will enhance their reputations and thus attract a large share of profitable customers, and maintain
a sustainable competitive advantage in the long run.

Legal and Government Environment:

Marketing decisions are strongly affected by developments in the political and legal environment
as this environment is composed of laws, government agencies, and pressure groups that
influence and limit various organizations and individuals. Excessive government intervention
and political connections, economic and political corruptions, operational and managerial
inefficiency and ineffectiveness result in vicious circle that inhibits economic development,
industrialization, and social progresses in poor and developing countries in general and in
Bangladesh in particular. Unfair business practices, competition in banking sector violate laws
and regulations which ultimately affect the quality banking.

Technology:

From 2006 to 2010, the number of most types of common transactions performed inside bank
branches declined, from opening bank accounts to making deposits and resolving problems. As
more people bank online and via smartphone, banks are evaluating the future of the old-
fashioned branch.

Weve pulled together 5 technology trends, several of them are intertwined, that we should be
paying special attention to as your organization looks to make strategic and transformative
business decisions. By focusing on these trends and undertaking transformation projects,
organizations stand to gain rapid returns on investment and achieve ongoing operational
excellence.

1. Mobile banking: Were seeing more and more banks incorporating mobile banking as a
regular delivery channel as consumer adoption continues to increase.
2. Enterprise-level management of data: Financial institutions must become more data-
centric to be able to transform their business models and support both new and existing
products and services. Data governance and master data management will be
fundamental to an organizations success in the years to come.
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 3. Customer experience: This term has taken on a new role in the financial services
industry. It has evolved to include various customer touchpoints to deliver an end-to-end
multichannel experience.
4. Location-based offers and loyalty programs: Well established financial institutions are
in the position to capture the attention of consumers using mobile offers.
5. Service-oriented Architecture to support core transformation: Service-oriented
Architecture (SOA) allows banks to extend and improve integration among existing
applications and drive innovation for payment strategies, big data capabilities, core
banking processes, mobile and more.

Natural or Ecological environment:

There is growing evidence that investing in companies that threaten the health of ecosystems can
be bad business, and not just because of reputational risks. In last few years, media predicted that
the financial crisis would cause companies to lose interest in environmental issues because
environmental stewardship would no longer be affordable. However, the global environmental
crisis is increasing supply chain costs, tightening legislation, and providing new market
opportunities. To protect themselves, investors are increasingly factoring environmental concerns
into their lending requirements. It is therefore critical that companies understand and address
their dependence and impacts on ecosystem change.

Socio-Cultural Environment:

Society shapes the beliefs, values, norms that largely define these tastes and preferences. People
absorb, almost unconsciously, a worldview that defines their relationships to themselves, to
others, to organizations, to society, to nature, and to the universe. A bank needs to manage the
impact of its activities on society in two ways: first, by removing, or at least mitigating, any
negative impacts it may have; second, by taking positive steps to help communities through its
employment practices, fundraising, volunteering and charitable giving. The first part requires a
bank to create a set of ethical business principles that must be followed to ensure it is a
responsible provider of financial services to customers be they individuals, small businesses,
large corporations, public sector bodies or any other entity so that bank-financed customer

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activities do not harm others. A banks lending, investing and asset management policies should
have built-in respect for human rights. The best way for a bank to develop commercially is to
look at the big picture and act in a way that benefits consumers, the economy, society and the
environment. Banks are part of complex human, social and environmental ecosystems.

Supply Chain:

Financial supply chain describes the longer channel stretching from development of a product to
carry it to the targeted/final buyers. Financial supply chain management also is a means to
further eliminate paper from the world of international trade. A lot of these payments are still
done with paper, in addition to the paper that follows these transactions around. Banks are being
driven to reevaluate some long-established paper-based processes to make life easier for their
clients. Bank use it branches in various location as a supply chain where all the facilities are
provided to the customer.

Situation Analysis:
Market Definition:

Marketing is used to identify the customer, satisfy the customer, and keep the customer. With the
customer as the focus of its activities, marketing management is one of the major components of
business management. Marketing evolved to meet the stasis in developing new markets caused
by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing
strategies requires businesses to shift their focus from production to the perceived needs and
wants of their customers as the means of staying profitable.

Financial sector of Bangladesh is dominated by banks as asset of the banking sector holds more
than 65 per cent share in the Gross Domestic Product (GDP) and total deposit is currently 51 per
cent of GDP of the Country. As per the last year's (2013) financial records the total asset of 47
commercial banks of the country stood at Tk. 5875 billion and deposit at Tk. 4510 billion.
Furthermore, during the last ten years the total asset of the banking sector has grown by 325 per

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cent while deposit has increased by 327 per cent which is the sign of remarkable contribution of
banking sector in development of the Country.

Market Segmentation:

Market segmenting is dividing the market into groups of individual markets with similar wants
or needs that a company divides into distinct groups which have distinct needs, wants, behavior
or which might want different products & services. Broadly, markets can be divided according to
a number of general criteria, such as by industry or public versus private. Consumer-based
market segmentation can be performed on a product specific basis, to provide a close match
between specific products and individuals. The overall intent is to identify groups of similar
customers and potential customers; to prioritize the groups to address; to understand their
behavior; and to respond with appropriate marketing strategies that satisfy the different
preferences of each chosen segment. Revenues are thus improved. Improved segmentation can
lead to significantly improved marketing effectiveness.

Product Positioning:

Positioning has come to mean the process by which marketers try to create an image or identify
in the minds of their target market for its product, brand or organization. There are two types of
products positioning: Re-positioning involves changing identify of a product, relative to the
identity of competing products in the collective minds of the target market. De-positioning
involves attempting to change the identity of competing products, relative to the identity of your
own product, in the collective minds of the targets market. There are many brands in Bangladesh
but their products not for all class people because some of their product is high quality and some
low quality. On the other hands our product is standard and reasonable for all class customers.

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Market Research
Our market research provides useful information about the demands of clients in the local
market. This study designed to determine the validity of an issue brought to light by staff
observations or client complaints. Market research had provided information needed to design
new products. Tools such as surveys and focus groups provide insights into the competitive
position of products and the reputation of the institution.

(SWOT) Analysis:

Strengths

1. Network and outlets

Eastern Bank Ltd. will spread all over the country with 79 branches in all major cities, upazilla
including the capital of the country, ATMs and kiosks which are operating in different potential
areas of the country.

2. Innovative products

From the very beginning Eastern Bank Ltd. tried to do something special for its valued clients.
EBL brought about several New to Bangladesh products and services so far e.g. VISA corporate
cards, Remittance cards, and Mobile phone based Remittance solution are some of its brilliant
examples of innovation. Now SME and Corporate banking units of EBL are efficiently handling
all kinds of financial needs of its clients. Eastern Bank Ltd. believes in long term relationship
and sustainable development of its clients and the bank itself. Simultaneously it works for the
society of its own.

3. Pricing

Our product will be priced lower than competing banks- all of which has several type of account
with different name but almost same feature.

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Weakness

1. Lack of brand awareness- Eastern Bank Ltd. not yet start branding it product or product
mix.
2. Heavier Weight- here we are the innovator, and we dont know the market behavior
against a new product with multifunction feature.

Opportunities

1. Diverse application- wide range of account operation facility standing below a single
umbrella.
2. Civilian Busy life- day by day people are going to busy in their daily life, and they have
no time to go any bank premise for waiting in a long human traffic. Otherwise there is a
say that people want banking, however they dont like banker.

Threat

1. Rival product- the modern credit card facilitate customer to pay their utility bill, and
other expenditure. Moreover mobile banking occupy lower income people segment
abruptly with easiest access to their banking and remittance service.
2. Alternative product from rival banks- early adopter and early majority may start this type
of product with different name.

Marketing Plan
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A marketing plan provides the roadmap for product development and marketing efforts. An
institutions marketing plan should be goal oriented and based on sound business principles; the
plan should help the savings institution to meet its business targets in a competitive marketplace.
Even a small financial institution has many marketing tools it can use in a marketing program,
including sales and cross-selling, selling in the field, media advertising, point-of-sale advertising,
direct marketing, and promotions. Savings institutions define strategies to encourage current and
potential clients to use all the products offered by the institution. These Product Development
and Marketing: Meeting the Local Demand strategies may be based on image, quality of service,
rates of return, or a combination of these and other strategies. Branching enables an institution to
offer convenience to clients and to cover the widest geographical area possible on a cost-
effective basis.

Managers in a savings institution should have a vision for the future. This vision is carried out
through a long-term development strategy, which is broken into short-term actions that, through
effective planning, work together to achieve the vision. Long-term planning, short-term planning,
and marketing planning help managers to stay on track with their development strategy.
Profitability planning is also necessary, since managers must be able to determine whether their
savings strategy is sustainable. Institutional growth will accompany savings mobilization.
Through planning, managers can manage growth without compromising quality of service.

Vision:

Making banking easier through one account permitting enjoy multiple banking experience.

Mission:

We want to create a more prosperous and stable society through providing easier solution to
financial products. We value the customers time & limits. So we want to provide all banking
facilities by just an account.
Objectives:

To provide quickest banking services.

To provide easiest banking experience.

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 To lead the future banking industry occupying at least 65% market share.

Marketing Strategy Product:

Product development and marketing efforts focus on meeting the local demand for savings
services. Good product offerings and effective marketing will result in a successful savings
mobilization program that will lead to growth in the institution. The first step in determining how
to meet client demand is to find out what clients and potential clients want in their savings
services. Once that information is obtained, savings institution managers should evaluate existing
products to see if they meet those demands.

Name of the product:

The name of the product is Unified Account. Since all the banking facility combined in one
platform here, so this name is logical, practical & functional.

Why we need a unified account? Most people think of savings accounts solely as a source of
emergency spending for a rainy day. But they're also best used for allocating money for big
purchases such as a home or new car. To save money for multiple financial goals, you'll need
multiple savings accounts.

Product feature:

Our banks unified savings account come with more convenience and less cost for relaxing your
life by memorizing a single number. We facilitate following feature for your financial portfolio-

A usual/traditional savings account

A usual recurring deposit scheme- 4 types e.g. children future scheme/house
building/pension scheme

A usual fixed deposit account

A credit account for facilitating consumer finance

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 Relieving you from monthly payment of your electricity, gas, and water supply bill.

Interest/Profit Rates:

The interest/provisional profit rates are competitive enough for getting attention.

Savings: 5.5%

Monthly Deposit Scheme:

3 years: 8.75%

5 years: 10.00%

10 years: 11.50%

Fixed Deposit Scheme:

3 month: 11%

6 month: 11.5%

Upto 1 years: 12%

2-5 years: 12.50%

6-10 years: 13.00%

Consumer Loan: for 3 years 15.99%

Utility Bill Collection & Processing Fee: Tk.20 for each bill per month.

Others: Transferring amount from savings to DPS, FDR, Loan, and Utility is charge free.

What our valued customer to do? You only open an ordinary savings account and mark tick on
the account opening form that how many service you want to get with your unified account. This

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account gives you privilege to change your temporary direction as well as your permanent
directions.

Identifying Market Segments and Targets:

Newly appointed and mid-level employee from corporate house and government organization,
retail and wholesale business people. We also facilitate foreign wage earner who go abroad for
earning handful amount for rest of their life.

Creating Brand Equity:

Our logo indicates U as a prime letter. It actually indicates the customer. Initially we are going
to arrange a competition namely best speaker for Unified Accounts!. The winners will be
awarded through something they didnt think of, and their Unified accounts will be open with
premiums series numbers such as 555, 1000 or matching with their date of birth, anniversary or
their favorite numbers.

Crafting the Brand Positioning:

With our unique featured product, we will try our best to get a permanent position in the
consumer mind. Man is a bundle of sentiments and emotions. This can effectively be helpful in
branding our products. Considering the features of products and target group of customers, the
product can be effectively branded so as to sound it catchy and appealing.

Dealing with Competition:

We know that leading banks will launch similar product very soon and then the real competition
will start. As we are the pioneer in this sector, we must provide competitive facilities toward our
valued & loyal customers. The interest/profit rates will change time to time to defend the
competition.

Setting Product strategy:

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The core benefit the customers will get from our product is hassle, stress & worry-free banking
experience.

Designing & Managing Services:

We would like to recruit fresh MBM graduates (preferably from BIBM) to deliver premium
services to the Unified account holders.

Advertising:

In order to build up the brand name and brand recognition the bank uses institutional advertising.
The main reason of institutional advertising is that when a person will know about the
organization he/she will automatically aware about their product and services.

Though Unified Account! is banking product, advertising will expose through the following
media:

Newspapers
Television
FM Radio
Bill Boards
Banks wEBLsites etc.

Public Relations:

Public relations are important for promoting and for selling a new product. Its handled through a
number of media and ways with varying objectives. In order to inform the public about our bank
and its product, the bank tries to appear in news television programs and to write articles in
financial magazines. There are numbers of well-reputed financial magazines in our country, in
which our bank is active. For creation of good will, our bank will sponsor number of social
projects. Through sponsorship, we will actually highlight our new product Unified Account!
and its features.

Implementation:

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Everything comes to an end while organizations are going to implement their marketing plans
but without proper implementation everything is meaningless. The following sections focus
some of the areas that really important for proper implementation.

Financial Requirements:

The financial requirements of the product development team are met up by the annual allocated
budget given by the management authority of the bank. Additional requirements are met up by
the decision of the management.

Marketing Strategy: Distribution:

The distribution of banking product is different from other conventional financial service
provider. As our product is targeted, so all of our 79 branches will well this product.

Marketing Strategy- Promotion:

Banking or financial services are different from other products because of their special
characteristics. Banking products cannot be touched and they require detailed explanation to
corporate and institutional clients. So they need to be sold in a special way. Promotion is the
direct way in which an organization communicates the product or services to its target audiences.
Within the financial services industry promotion is used in many different ways such as

Advertising
Public relations
Personal selling
Direct marketing

How Eastern Bank Ltd. Get Benefit from these Unified Saving Deposit Account?

There are four ways for our institution to grow its savings base:

Attract new savers.

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 Persuade savers to put more money into their accounts.

Convince savers to use additional savings products.

Reduce the number of savings account closings.

Controls:

We are planning tight control measures to closely monitor quality, speed, and customer service
satisfaction. This will enable us to react very quickly in correcting any problems that may occur
during this product life cycle. All 79 branches of Eastern Bank Ltd. will be in strict monitoring
through daily reporting on this product performance (increasing & decreasing trend of deposit,
frequency of use by customer, and service people want to get from this account).

Conclusion:

Good product offerings and effective marketing are the cornerstones of a successful savings
mobilization program. While it is necessary, it is no longer sufficient for institutions to present an
image of trustworthiness and security to attract savings. Banking sector reforms have changed
the traditional way of doing banking business. Mainly technology is the outcome of banking
reforms. Customer is now the king and customer focus or satisfaction of customer is the main
aim of the banks. With the introduction of new products and services competition has grown up
among the banks. Only those banks will survive who face the competition with the effective
ways of marketing.

From the very beginning of our operation we the Eastern Bank Ltd. take socially responsible
marketing and relationship marketing as our marketing strategies- by which we can feel our
customer demand and can get a touch of their mind. Our latest product unified savings account
act as a binder with our valued clients as well as take the responsibility of our customer as it is
share the busiest civilian life work.

References:
http://www.indexmundi.com/bangladesh/economy_profile.html
https://en.wikipedia.org/wiki/Economy_of_Bangladesh
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 http://www.bankrate.com.

Kotler, Philip (2011-2012), Marketing Management 13th edition

www.bb.org.bd

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