Table of Contents
Introduction
In this introduction, I will be discussing the topic at hand.
Targeted Audience
Audience Aim
Market positioning
In conclusion,
This is an introductory statement.
United Overseas Bank’s (UOB) headquarters is located in Singapore. UOB has many branches in South East Asia. They are committed to building long-lasting relationships with their customers through market and product expertise and by always doing what is right. UOB offers a wide range of services that cater to the needs of different people. Service like corporate and commercial banking, wealth and privilege banking service and private banking. UOB trains its employees on a monthly basis to ensure that they can provide their customers with the best possible service and knowledge. UOB will also be discussing how it runs and maintains its influence in banking.
Market SegmentUOB segments their market in 3 groups: Individuals and Companies. The need for banking services can be found in all age groups. UOB offers 12 different types of services and account openings for people of all ages and income levels. Savings Accounts are the first of 12 types, followed by Accounts in Trusts, Gold Savings Accounts or Silver Savings Accounts. Junior Savers Accounts follow, then Privilege Accounts and Wealth premium Accounts. The list of account services caters for adults, children and older people with higher incomes. UOB provides these services and accounts to give residents more choices, given their personal circumstances.
UOB operates in many countries, including South East Asia. The United States, Canada and Australia are just a few. UOB’s diverse regional franchise allows it to service customers from small businesses to multinational corporations and address cross-border business needs. Regional networks have also been established to provide assistance for any businesses that need it. UOB will be able to serve as many different customers and potential consumers at the same time.
Market TargetUOB created products and service that are geared towards everyone, but the Baby Boomers, Generation X and especially new business owners, are a priority. UOB wants a long term relationship and reciprocal trading. Baby Boomers & Generation X will be the target audience, as they spend approximately $2.3 trillion a year and account for about 35% of all assets in the nation. UOB offers a variety of services to encourage loyal workers to select UOB as their bank. UOB offers consumers incentives like a Passbook Account that earns a daily interest of 0.05% as well as supplying prepaid global Automated Teller Machines. These incentives encourage customers to select UOB, especially those who have saved a lot of money. UOB offers its customers a global card that allows them to travel abroad without having to convert and change currencies. They can also spend more time with their families by not having to worry about changing and converting currencies. UOB offers 24 hour Internet Banking, and UniAlerts will notify consumers about any transactions made via mobile or email.
UOB offers business banking services, including corporate and institution banking. Also, business bank loans are available for new entrepreneurs. UOB offers three types of business loans: UOB Business Loans, UOB BizMoney, and UOB Overdraft. UOB BizMoney provides startup owners with up $350,000 of funding, and a repayment term of up 4 years. Interest rates are 10.88%. UOB’s Business Application gives customers access to business tools and news as well 24 hour access to their business banking. Business owners are able to learn more about the business world by using Business Application. The customer will get additional benefits if they successfully apply for UOB Business Loan. These include vouchers that can be used free of charge.
UOB upgrades customers who are already in its customer portfolio to Wealth Banking or Privilege Banking if they have an asset total of S$100,000. Customers in higher segments are sometimes also offered higher interest account. Customers will feel more comfortable and welcome to UOB.
Market PositioningUOB uses mass media to target their customers, such as magazines, newspapers and Facebook (Instagram, YouTube, etc.) to inform them of the latest products and offers. This helps to increase the number of customers. UOB chose these platforms for their advanced technology, which allows them to connect and communicate with ease. Everybody’s eyes seem to be glued on their screens. This gives you the chance to capture their interest while they’re using social media. UOB for instance pays YouTube so that their commercial is played before YouTube viewers can view their videos. YouTube users are shown a commercial ad lasting between 10 seconds and 2 minutes. This is to promote applications, goods or services. UOB sometimes creates new advertising campaigns, mainly during holidays like Chinese new year or Christmas. The user will be able to get a better idea of what UOB is doing for them by reading the stories and then retaining the information. Facebook is still used by people aged 21 and older. UOB uses Facebook to share their promotional or new products with users. UOB has advertised their products on buses and MRT stations, where people can see them once they look up from their phones.
ConclusionUOB, in conclusion has worked hard to build a profitable business relationship with its customers. It does this by providing a wide range of services. UOB offers comfort, knowledge and moral values while building long-term relationships with their valued customers around the globe. UOB is committed to providing their valued customers with the best possible experience. They do this by treating them with care and respect. They can retain their existing customers while increasing their customer base.
