Online Banking: Star Check Book Register

ONLINE CHECKING ACCOUNT REGISTER: BY BIANCA DUCK

I currently work at Pennstar Bank and the most frequent problem customers seem to face is balancing their checkbook register. They forget to write checks, debit card transactions, ATM transactions and deposits in their checkbooks. Online banking and automated telephone number is offered as product services to help customers balance their checkbooks. However it still does not help them to remember to write down transactions in their register or encourage them to use a checkbook either. This results in customers receiving bank fees for insufficient funds and bank personnel having to help customers wade through transactions to figure out problem areas in their accounts. Most customers use online banking and would benefit by having a checking register online.

NEW PRODUCT STRATEGY:
To create an online checking account register that will help bank customer keep track of their daily monetary and banking transactions without have to physically write them down. The product will help customers balance their accounts and help them to avoid paid items fees, and non-sufficient funds fee and increase satisfaction with the Pennstar financial institution. This product will be marketed toward all customers of all demographic backgrounds; putting emphasis on busy families and college students.

IDEA GENERATION:
TO CREATE AND GENERATE IDEAS WE WILL SURVEY AND INTERVIEW BRANCH PERSONNEL WHO ACTUALLY INTERACT WITH CUSTOMERS, SO THEY WOULD BE AN EXCELLENT SOURCE OF RECOGNIZING WHAT CUSTOMERS NEED, WANT AND BENEFIT BY. THEY CAN INTERVIEW CUSTOMERS, TAKE SURVEYS, AND WRITE DOWN FREQUENT PROBLEMS THAT OCCUR FOR CUSTOMERS.

IDEA SCREENING:
Will the online checkbook register be used for personal or business accounts or both? How will the register balance? What will remind people to enter any checks written in the register? Will there be reminders? Will the checkbook automatically enter debit card, ATM transactions, deposits, automated payments and wire transfers as they come through? How long will it take to update the register? Who do customers contact for assistance if problems should occur? Who will this product be tested on? Bank employees who have accounts at Pennstar will be asked to test out the product and complete a survey.

BUSINESS ANALYSIS:
The demand for the product will be great after it is introduced to customers as need that they hadn't recognized before. The impact the product will have on overall will be a high increase in sales of checking accounts, which in turn lead into sales of other bank products. This is a solution to a problem that customers continuously have at all banks therefore by providing a solution makes Pennstar an industry leader and gives them a competitive advantage in which would increase their market share, profits, sales, and return on investment. This product would help other products such as checking accounts to sell themselves, and increase use of online banking. The only product that it might cannibalize is the actual physical paper checking account registers’ that customers use. However the older generation and a few others probably would still continue use a paper register because of their resistance to change and technology. All current customers would benefit from this product especially college students, busy individuals, families and also businesses. The product would enhance the image of the company's overall product mix by thinking forward technology wise, and offering a solution to a common problem. The new product would affect current employees by not being bombarded with problematic questions regarding customer’s accounts not balancing. This product would keep the workforce of the company at the same level. The company wouldn't have to hire more employees to service the product or decrease it's current employee workforce because the product would not affect transactions at the branch level. Employee attention could be better put to use other areas. There would be no new facilities for this product since it would be an easy addition to the online banking that already exists. Competitors would eventually respond to offering the product themselves, since most financial institution products are the same the differences are in the fees for products.. The risk for failure is minimum and the company would be willing to take the risk since there are so many benefits and opportunities to come from offering the product.

DEVELOPMENT:

The online checkbook register will resemble a physical checkbook register. The lines for monetary transactions that are debits will be gray with red writing. The lines for monetary transactions that are credits will be white with blue writing. Balances will always be black except when balances are in the negative,which will then be posted in red, in order to draw attention from the customer to the balance. All transactions will appear in real time. This means as soon as transactions are posted to the bank they will appear in the register. So if a customer makes a purchase at Wal-Mart with his/her debit card that transaction will appear in the register 5 minutes later. The register will keep a running current balance. Each time the customer logs on to view his or her account a window will pop on the register that reads ' DID YOU WRITE A CHECK TODAY' so that they may enter in the check. When the checks clear whom the check was made out to will be appear in the register in the check register. Bold, black, and large checkmarks will appear next to all transactions that have been processed.

TEST MARKETING:
The product will be first tested on bank employees who currently have checking accounts with Pennstar. Surveys, and interviews will be conducted with employees to identify problem areas and needs for improvements. Product testing also will be done on to customers that already use online banking. Research will be conducted for 3 months in order to gather results on satisfaction of product with customers. Last tweaks for the online check register will be made in this stage.

COMMERCIALIZATION:
This is when the product will be given an official Pennstar brand name of Star Checkbook Register. It will be labeled under the checking account product line. This will be available immediately on Pennstar online checking. A widget will appear for customers to sign up for the free service. Bank branch personnel will have received training on how to operate this register online, along with being able to view the account with customer at their stations if customers should encounter problems. Marketing will be in charge of distributing flyers in bank statements, running an advertisement campaign on radio, Television, and local newspapers for the product so that Pennstar is seen as the industry leader of the product. Brochures and posters will be placed in lobbies of branches.