Assignment on

Implementation of the Gaps Model and Top financial services marketing trends

Submitted To:

Ma'am Rabia

Submitted by:
Awais khan Muhammad Usman Ali Raza Umer ali 116 113 145 135

Semester 8th morning BBA (banking and fianc)

GC University Faisalabad

Implementation of the Gaps Model on Kashf Microfinance Bank in Pakistan and Top financial services marketing trends of 2012

The Gaps Model

Implementation of the Gaps Model on Kashf Microfinance Bank in Pakistan

Customer gap: The difference between customer expectations and perceptions, the service quality gap. In now a day, some people have skills, knowledge, experience they want the money so that they can start the business at low level. The KASHF MICROFINANCE BANK provides the loan to these people. From the personal needs, word of mouth, past experience the people expect that this bank will provide them the following facilities. Provide the loan when they require Provide at low interest rate. Give high rate on deposits Appreciate innovative idea Easily accessible in all areas of Pakistan. Provide the other banking facilities at low cost, less timing and in convenient ways

But there is difference between the customer expectations and perceptions Gap 1: The difference between what customers expected and what management perceived about the expectation of customers. The management perceive that people need money, but they want money to meet working capital or fixed assets requirements only. Gap 2: The difference between managements perceptions of customer expectations and the translation of those perceptions into service quality specifications and designs After perceiving the customer expectations the management make the package to meet the customer requirement. Gap 3: The difference between specifications or standards of service quality and the actual service delivered to customers.

The bank provide the following package Purpose of Loan: To meet working capital or fixed assets requirements only. Loan Amounts First Loan Cycle: Second Loan Cycle: Third Loan Cycle: Rs. 50,000-Rs.100,000 Rs. 50,000-Rs.150,000 Rs. 50,000-Rs.100,000 Tenure First Loan Cycle Second Loan Cycle and beyond: 3 months 15 months 3 months 12 months For all loan cycles: 23-60 (at the time of sanction of the loan) Age of the clients: Age of the Age of the guarantor: 23-60 (at the time of sanction of the loan) Guarantor: It should be an operational business owned by the client. Business: Trade, production, services or livestock raising Type of Activity: At least 2 years of experience in the same business. Experience: Business operating in the same location for at least 1 year. Business Location: Gap 4: The difference between the services delivered to customers and the promise of the firm to customers about its service quality. The bank provides the loan at higher interest rate up to 60%. When the client comes for loan, they draw the cheques of payments from the client. If the client somehow enables to make the payment. They sue the customer that its cheque has been dishonoured. Use the illegal methods for taking the loan back. People do not have easily access to the bank. They have limited operation in specific locations.

Top financial services marketing trends of 2012

1. A broader brand presence across channels: With the range of available marketing channels growing all the time, financial services businesses will start to recognize the value of connecting up their marketing approach across the web, social media and other channels. This will be inspired by the need to better manage business resource in more challenging times and to create a more streamlined brand presence. Instead of relying on one or two channel marketing approaches, more and more financial services companies will link up their activities to create a truly coherent brand across multiple channels. 2. Mobile marketing reaches critical mass: Mobile is going centre stage. A third of Smartphone owners have used their device to buy a product online and this number is growing. The financial services companies that fully prepare their marketing approach for mobile in 2012 are the ones that will benefit from a potential clientbase that browses and shops on the move. This demands targeted, mobile-ready content and a willingness to adapt internal marketing processes. With 59% of UK consumers now in possession of a Smartphone and 18% owning a tablet device (Source: EPiServer), mobile marketing is a trend that businesses cant afford to ignore. 3. The gap closes between financial services brands and social media: We all know social media is big news for financial services organizations. But in 2012, it will be even bigger and even slicker. Financial services companies will start taking social media more seriously as a professional marketing tool. But it wont just be the big companies using social media to actively connect with clients and prospective clients. Many more companies will start to interact; meaning client service and client interaction via social media will evolve even further. The gap between social media and the financial services business brand will get ever smaller. Again, the user or the client will take centre stage with the rise of the brand advocate in recommending, recruiting new clients and connecting with companies in 2012. 4. A clearer vision on the value of analytics: Financial services companies will seek to improve their understanding of marketing analytics in 2012. With increased channels and brand presence, businesses will look to clarify and streamline their marketing data. Companies will recognize the value of analytics that allow them to maximize on the flexibility of social media marketing by adapting their content according to live viewer response. Add to this an increasing focus on cost management and online marketing analytics look set to become the vital flipside of financial services marketing.

5. Up close and personal: This year is the year that marketing will become more personalized. Tailored content that is customized to the needs and interests of a specific market or audience will grow in value and popularity. This is for a number of reasons the increasing growth of contents role within online financial services marketing and the growing presence of online, niche communities, for example. As people become more and more accustomed to selecting which brands and businesses can join them within their own online community, the value of personalized marketing approaches and content will continue to grow. 6. Content diversifies again: Content and its role and value are likely to diversify even more this year. With the increase of personalized marketing, more financial services companies will start to present content that is focused on telling stories about their business and products or services. But this wont be a top down approach. Financial companies will need to draw out the stories from within their workforce and encourage their workforce to share stories. In 2012, carefully crafted, managed and distributed content will play a vital role in successful financial services marketing. 7. The client recommendation rules: In 2012, the voice of the user or the client will get louder. Financial services businesses are becoming smarter at integrating opportunities for client feedback and response within their marketing approach. Social media word of mouth will keep growing, with people increasingly relying on their own online social circles to advice and comment on their choice of product and services providers. The financial services companies that actively embrace this shift will be the ones that boost their profile and credibility this year. 8. The influence factor takes over: Social media influence will gain critical mass in 2012. Already gaining momentum, a powerful trend is the ability for financial services companies to influence, increase and map their influence across the social media channels. The power to inspire users in a real-world, but professional way will make a huge difference to their performance in 2012. 9. Video is centre stage: Anticipated to be big for quite some time, it looks likely that video is set to be one of the leading marketing trends in 2012. The growth of video within financial services business marketing fits naturally with the broadening of social media channels and with increasing client focus on feedback and recommendations. Expect video to take on some surprising approaches this year with many financial services companies developing fresher and more user-focused forms of viral marketing.