Convenience banking: services, accessibility, and customer adoption

Convenience Banking

BB&T - Convenience Banking

The contemporaneous banking system is extremely dynamic, facing increased competition not only nationwide, but on a global level as well. In order to strengthen and maintain their competitive position, banking institutions strive to increase the levels of customer satisfaction, while in the same time increasing the internal operational efficiency. A most relevant means of achieving this desiderate is that of implementing convenience banking. The system refers to an adaptation of the banking operations to the unique demands of each customer. It often requires additional investments in technologies or human resource formation, but its positive outcomes are worth it.

BB&T was among the first banking institution to implement the concepts of convenience and their primary agenda has been focused on improving online banking, offering money management solutions, travel solutions, payment of bills, mortgage access or other financial opportunities. The aim of this paper is to present the endeavours so far launched in regard to improving convenience banking within BB&T, but also to identifying current issues which could use improvement.

Before launching such an endeavour however, it is crucial for the reader to form an image of the company itself and the market in which it operates. This will be achieved in the BB&T section, through a general presentation, as well as a SWOT analysis, revealing the positive and negative features of the micro and macro environments. The following information will concentrate on the history of convenience initiatives taken by BB&T, to continue with a plan for future developments in convenience banking. The paper will come to an end with a section on concluding remarks.