Key Success Factors of Banking Industry

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;left&semi;margin&colon;0px 0px 0px 0&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p align&equals;"justify">Product Innovation is one of the major success factors in the banking industry&comma;&&num;160&semi; Since all the banks are offering similar products therefore differentiation is very important for the future survival&period; Banks are trying to come with different innovative products in order to&&num;160&semi; differentiate themselves from other banks&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>QUALITY<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Service Quality includes all the dimensions of quality which the consumers want&period; Brick and mortar banks have the advantage to directly contact with the customers due to which customers feel satisfaction&period; On the other hand&comma; in&&num;160&semi; virtual banks there is lack of person-to-person contact which forced consumers to resolve their problems over the phone or via E-Mail&period; In many cases such contacts frustrate some customers&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>BRAND IMAGE &lpar;RECOGNITION&rpar;<&sol;h3>&NewLine;<p> &&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">Brand image plays an important role in selecting the product or bank&period; For example City group and Bank of America are two major players in the industry with huge resources and they have major market share as well&period; That&&num;8217&semi;s why most of the people wish to be their customers&period; On the other hand&comma; virtual banks are not so much popular and have a low market share&period; In this way&comma; market share and brand awareness within banking industry is a major concern for them&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>SIZE OF THE COMPANY<&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;0px 0 0px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p align&equals;"justify">Size of the company is an important key success factor&period; In banking industry size of bank refers to the total market share&comma; total assets&comma;&&num;160&semi; total number of branches and ATM&&num;8217&semi;s&comma; total number of customers etc&period; Brick and mortar banks have a good market share due to which they can compete effectively&period; Contrary&comma; virtual banks have relatively lower market share in USA banking industry which is a major problem for them&period; <&sol;p>&NewLine;<h3>&&num;160&semi;<&sol;h3>&NewLine;<h3>LOCATION AND CONVENIENCE <&sol;h3>&NewLine;<p align&equals;"justify">&&num;160&semi;<&sol;p>&NewLine;<p align&equals;"justify">It is important to note that convenience attracts consumers&period; For example if a bank has wider network then it will be convenient for the customers to make transactions easily&period; In this case virtual banks have advantage over brick and mortar banks&period; Internet only banks can be accessed any where in the world through internet&period; Virtual banks have no ATM network and no branches&comma; requiring customers to use other banks&&num;8217&semi; ATMs&comma; or by using cash-back services with debit cards&period;&&num;160&semi; The growth of the internet in the last few years&comma; has forced many brick-and-mortar banks to consider and develop online banking&period; &NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 2&period;0&period;95 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;0px&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;