First Internet Reliable Bank Case Study

First Internet Reliable Case Study

MGMT 532
Embry Riddle Aeronautical University

First Internet Reliable Bank Case Study

1) Even though the complete survey is not included in the case, summarize how the
closed-ended and open-ended questions provided valuable customer insights for FIR.

The customer insights that were valuable for FIR were found in the random sample of
one thousand customer surveys. The convenience of not having personal contact with
service representatives to discuss problems should they arise was one of the top responses.
Web based banking gave customers unlimited access to their accounts at any time, along
with the convenience of paying bills online, thus alleviating the need to use the post office.
One of the major inconveniences was no access to ATM machines within the
communities. Security risks from online use was also of major concern.

2) What customer segments are targeted by FIR? On what issues should FIR focus in
order to build relationships with its varied customer segments?

Customer segments targeted by FIR are broadband and online experienced customers
who are tech savvy, higher socio-economic status customers, and the rise of the GenX
population of people between the ages of 28 and 39.
FIR should focus on security, first and foremost. Customer service is also of utmost
importance. Relationships with customers and rapid responses to customer concerns
and needs are key to building relationships with the customer base.

First Internet Reliable Bank Case Study

3) Can you recommend specific activities and practices in which they might engage, in
order to improve customer service quality and retain customers such as Respondents 3
and 137?
Respondent 3 has concerns of safety and security, especially PHISHING scams. I
would recommend stricter internet policies that are currently being used right now.
Secured log in sites, the special character and picture recognition applications, and the
alert emails to notify you of attempted access to your account if/when it is trying to be
accessed from an unknown device.
Respondent 137 concerns of protection if their card is stolen and used. I would
recommend the online company offer the same protection benefits as a brick and
mortar bank would offer. They must stay competitive in order to retain the customer
base. Today, online banks offer additional securities for the safety of their customers
automatically. I have personally had to use this service myself for a company trying to
charge annually for a subscription that I didnt authorize. After contact with the bank, I
was credited back and a new card was issued expeditiously.