PROMOTION STRATEGIES OF ELECTRONIC BANKING SERVICES IN KOSOVO

Transcription

1 FACULTY OF ECONOMICS MASTER STUDIES DEPARTMENT: BANK AND FINANCE MASTER THESIS PROMOTION STRATEGIES OF ELECTRONIC BANKING SERVICES IN KOSOVO Mentor: Ass.Prof.Dr. Gadaf Rexhepi Candidate: Jehona Gashi-Bunjaku Pristine, October 2016

2 CONTENT ABSTRACT... INTRODUCTION... AIM OF THE PAPER... OBJECTIVES OF THE PAPER... RESEARCH HYPOTHESIS... IMPORTANCE OF THE THESIS... EXPECTED RESULTS... I. THEORITICAL TREATMENT OF RESEARCH ISSUE Definition and role of promotion The main forms of promotion Advertisements Personal selling Progress of selling Economic publicity Promotion planning Alternative strategies of promotion Electronic banking business Informatization of the banking system Electronic bank Reasons for presenting banks on internet Electronic banking business (e-banking) System to electronically transfer money Cash machines - ATM (Automatic Teller Machine) POS System (Point Of Sales) E/POS System (Electronic Point Of Sales) E-Banking electronic system...

3 2.5.5 M-Banking electronic system Systems of banking business SMS Cellular WebTV SMS Top Up The promotion of financial services Unique aspects of financial services promotion Models for the promotion of financial services Model 1: Decision-making process of the consumer Model 2: Communication process Model 3: Hierarchy of needs of consumers Success factors in promoting financial services... II. RESEARCH METHODOLOGY Organization and dynamics of research Representative group sample Research's methods, techniques and instruments... III. PROCESSING, ANALYSIS AND INTERPRETATION OF RESULTS Interpretation of the results obtained from the questionnaire Analysis of the obtained results during the survey BPB Bank Raiffeisen Bank Kosovo Analysis of general results and the testing of hypotheses... IV. CONCLUSIONS AND RECOMMENDATIONS... LITERATURE / SOURCES FROM THE INTERNET... APPENDICES...

4 ABSTRACT Major technological, social and cultural changes have affected all banking services, electronic banking services respectively. Therefore in this paper the theoretical treatment was done on the strategies of promotion with a special focus on electronic banking services. In this paper we will present strategies which could be better used to give maximum effect to the economies in transition by including Kosovo, but also countries with similar economies, then the similarities and differences in the selection will be analyzed and the effect that every set of promotional strategies might give. We also add to the theoretical part the practical part in order to determine the theoretical parts, and to see how these strategies operate in Kosovo s economy or which strategies have the banking institutions in Kosovo used and currently use. This not only to identify them, but also to see which one of them has given greater effect, and also the reason why they have failed or succeeded. Research methods which are used for the realization of this work are: theoretical analysis methods, methods of documentation analysis, descriptive methods, qualitative, quantitative and comparative methods. Through theoretical analysis method I have analyzed scientific and professional papers in the field of promotion of electronic banking services. With the methods of documentation analysis in accordance with the objectives of the research I have used all legal and administrative resources of the banks involved in this research. With descriptive method I have described the research findings, and the drawn conclusions and recommendations. The qualitative method is done by gathering information through interviews concerning the strategies used to promote banking services. While the quantitative method was done by the data processing and preparation of the questionnaire which led to the identification of strategies for the promotion of banking services and further by extracting conclusions that includes both theoretical and empirical aspect. With comparative method I have made the comparison of results between data obtained from quantitative and qualitative approaches to research. Based on the findings that are out of the data declared by the subjects involved in research, it is observed that the use of the Internet is a fundamental condition for the existence of banks, and that all marketing strategies and in particular the strategies of promotion of banks in our country are massively oriented in the investment and development of electronic banking services. But knowing the great the importance that promotion has for electronic banking services in Kosovo, a greater use of tools and strategies is suggested which promote electronic banking services in Kosovo. The results of this research, conclusions and recommendations will be a modest help for those who create promotional strategies for electronic banking services in Kosovo.

5 CHAPTER IV: CONCLUSIONS AND RECOMMENDATIONS CONCLUSION We say that the electronic banking system has become imperative of banking technology, due to the very fast dynamics of life and daily needs, which in one or another way are more closely related to banking business. However, everyday life without communication with the bank today is impossible, the reasons for this are numerous and inevitable. To facilitate access to communication with the bank and to benefit in many segments of everyday life, applied technical sciences inherited from the many discoveries of technology and communication, have developed techniques and methods of banking business offered a wide range of services, which have made the bank to be a more flexible financial institution, more open to communication and especially safe in the transfer and storage of financial secrecy. This development made by the end of the last century and the beginning of this century, only increased the need and trust of citizens and economic entities for cooperation and long-term bank harvest. By researching and analyzing the websites of prestigious banks in our country, we led to a conclusion that they all resemble from the products and electronic services, the issue of attracting customer is perhaps only the prices they offer in exchange for their electronic services. So all the banks in our country with their strategically investments mainly have aimed the electronic services mentioned above and tomorrow we can say that the main drawbacks of these electrotechnology services is their high cost that the country's banks have to pay as well as their safety is an issue of concern to customers of banks, because in the modern times different organizations are formed from hackers who use every software mistakes by banker engineers, and it normally that would raise concerns of customers. Through this paper we have come to the conclusion that the clientele is aware and all have begun to use them at a greater rate than a few years ago. They understand that their use will reduce such costs: going to the bank for any service should be reachable by car, it costs because it consumes oil or petrol, must find parking for the car, should wait in long rows, spend a lot of time which probably they would use for any other work, we managed to understand which of the strategies the bank is better to use in order not to focus on it and not to make unnecessary expenses for one which fails to clients but in one that is accepted by them and that by raising awareness of how to use clientele and being close to clients in promoting electronically banking services.