Service Marketing (MKT3010) National Commercial Bank

University of Technology

Ronique Hyatt (1805392)

Sashalee Swaby-(1803485)

Ashley Allen (1600052)

Service Marketing (MKT3010)

Tutor: Clifton Neil

Date: March 31, 2021.

Service Marketing (MKT3010) National Commercial Bank

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Service Marketing (MKT3010) National Commercial Bank

Overview of National Commercial Bank

National Commercial Bank was founded in 1837 and has sustained its legacy from then until

now. Currently it is the largest financial group in Jamaica. The organization is focused on

maintaining a profitable organization providing competitive and innovative goods and services.

The values of this organization are respect, commitment, continuous renewal, and reward

recognition. National Commercial Bank aims to stay in pursuit of their union of Building a

World Class Digital Experience, Accelerating Regional expansion and Reinventing its Core

Business Productivity has been the center of its core business, but they have also been exploring

inorganic growth opportunities.

The service offerings of the National Commercial Bank Group are accessible through their

diversified portfolio of companies, namely: National Commercial Bank Jamaica Limited which

provides good and services to meet the banking needs of customers – deposit accounts,

unsecured and secured loans, credit cards, overdraft lines, foreign exchange, personal and private

banking services. The National Commercial Bank Capital Market Limited is the arm of the

N.C.B group which is responsible for wealth and assessment management. This component of

the company offers investment and brokerage solutions of individual and corporate clients and

investment banking solutions to their corporate clients. Similar services are in the Cayman

Islands provided via National Commercial Bank Capital Markets Cayman. The National

Commercial Bank Insurance Company Limited, offers solutions to meet the insurance, long term

investment and pension needs of individuals and group clients. National Commercial Bank

(Cayman Limited) is the offshore banking subsidiary of the N.C.B Group and provides banking
Service Marketing (MKT3010) National Commercial Bank

and trust services. Finally, the National Commercial Bank Global Finance Limited aspect of the

company provides merchant banking services including deposits, organization of loans and

leases and provision of foreign exchange and trustee services.

The National Commercial Bank Group of Companies is aimed at providing the best quality

service to its target market. A company’s target market is defined as a particular group of

consumers at which their service or good is aimed. National Commercial Bank’s aims to target

all individuals 18 years and over who wish to utilize their banking services, individuals who need

insurance, individuals who wish to invest or borrow. With such a wide target market, the

National Commercial Bank ensures that all the services offered by their entity are of good

quality to ensure satisfaction of all customers.

Service Marketing (MKT3010) National Commercial Bank

The Marketing Mix of National Commercial Bank

The marketing mix of any organization is geared at influencing consumers to utilize their

goods and services. The marketing mix for goods consist of 4P’s namely, Price, Place,

Promotion and Product. However due to the differentiating characteristics of services, namely,

Intangibility, Inseparability, Variability and Perishability the 4 P’s have now been extended to 7

P’s. The additional 3 P’s are People, Physical Evidence, and Process. The 7 P’s are now used by

companies that are in the service industry, such as National Commercial Bank Group of

Companies to market their product. To attain a full understanding of how the National

Commercial Bank markets its services we will look at each aspect of their marketing mix

individually.

Price: This is the monetary value placed on a product. The National Commercial bank has

rates and fees which are mandatory depending on which service offering the customer utilizes.

There are withdrawal fees, transfer fees, cheque encashment fees and balance enquiry fees.

Example the cost to do an international ABM withdrawal is JMD$500.00.

Place: Refers to where you decide to distribute your product and is very important as

facilitating your customers is important. The national commercial bank uses a mixture of

physical locations and online platforms to distribute their service offerings. Customers can visit a

May pen branch or Kingston branch or any parish they reside in easily, with no hassle.

Customers can also access banking services via online platforms and their newly developed

banking app.
Service Marketing (MKT3010) National Commercial Bank

Promotion: This entails how an entity advertises, markets, and sells its products. The way in

which an entity decides to promote its product will have a direct impact on the performance of

the business. National Commercial bank uses a variety of avenues to promote its services

including television ads, billboards, social media, and promotion agents. They have had

Christmas promotions, which customers could win cash prizes from but most recently they

promoted their banking app, by using cash incentive of fifty thousand dollars. When customers

download and use the app, they are among the numerous persons who could possibly win the

fifty thousand dollars. Due to this promotion, several individuals have downloaded their banking

app.

Product: This can refer to a good or service offered by an entity. In the case of the national

commercial bank, they offer a service product. The national commercial bank’s main service

offerings are deposit accounts, unsecured and secured loans, credit cards, overdraft lines, foreign

exchange, personal and private banking services. It is of utmost importance that these service

offerings meet the needs of their customers.

People: These are all the individuals who are actively participating in the delivery of the

service at hand to influence buyers of the service. In the National Commercial Bank Company,

people would include the firm’s personnel such as bank tellers, customer care agents, managers,

and supervisors among other personnel help to deliver the service to customers. This aspect of

the marketing mix also highlights Customers and Other Customers. Customers are individuals

who purchase or utilize the service, other customers involve individuals who will possibly use

the service. For a service encounter to take place, the personnel and customer must be present.

Physical Evidence: This component of the marketing mix, speaks to the environment in

which the service is being delivered, where interaction takes place and the tangible components
Service Marketing (MKT3010) National Commercial Bank

which enable communication of the service. The National Commercial Bank has numerous

branches island wide, mainly in the capital of each parish, where customers can easily visit to use

their services. Each branch has proper furnishings such as seating, accent pieces, air

conditioning, properly tiled flooring, rugs and even vases with flowers. All these aspects of their

physical space allow customers to feel comfortable while awaiting their service. Additionally,

the staff is properly groomed in uniform which are designed with the signature colors of the

institution, along with the name of the institution embalmed on them. All these dimensions of

physical evidence aid the institution in delivering quality service.

Process: These are the direct procedures and activity involved in the service delivery process.

This institution has numerous service offerings as mentioned before, and as a result, numerous

procedures and activities will be involved in the service delivery process.

Service Marketing (MKT3010) National Commercial Bank

Servuction Model
Service Marketing (MKT3010) National Commercial Bank

Servqual Instrument
Service Marketing (MKT3010) National Commercial Bank

Service Gaps within National Commercial Bank

The Knowledge Gap

NCB is currently pushing their customers to engage in online services, for example,

banking transactions (checking accounts, transferring transactions) and bill payments.

However, there is a significant gap in NCB encouraging customers to utilize the online

services, for example, there is a significant number of customers who are not

technologically savvy and especially for the older customers. We can see this gap based

on the number of persons who still turned up at the bank.

Strategies to close the gap

 Implement seminars and workshops to educate customers to better utilize the

online platforms.

 Encourage one on one interactions with customers especially with senior citizens.

 As much as possible, specify online facilities while still keeping customer

information safe and confidential.

Service Marketing (MKT3010) National Commercial Bank

The Communication Gap

NCB may make sudden decisions that will affect their customers, for example, closing a

branch and only giving a week's notice with communications about the closure being

broadcast over on medium (the nightly news on television). So, the gap that NCB their

communication method may not as effective as they think.

Strategies to close the gap

 Give a longer notice period when implementing changes that will affect the

customers.

 The usage of more than one communication media e.g., Television, radio

newspaper, billboards, mobile device messages.

 Using call centers to make direct calls to customers.

Service Marketing (MKT3010) National Commercial Bank

The Standards/ Policy Gap

The gap that NCB has is that its policy states that customers will be greeted warmly and

offered prompted assistance with 5 minutes of entering the NCB units and customers

will receive full, undivided attention and within 30 minutes but these policies are not

being demonstrated as customers will sometimes stand in NCB service lines for over an

hour or more.

Strategies to close the gap

 Make the effort to greet the customers warmly when they enter the bank.

 Have customer service representatives walk through the banking hall explain

and/or apologize when there are long delays.

 To cut down on long waiting times have teller and customer service

representatives, for instance, a lot of the time there are 10 teller stations but only

3 are active.
Service Marketing (MKT3010) National Commercial Bank

The Delivery Gap

The delivery gap is that most of the time customer representatives will tell the customer

that they will return a call within 3 to 5 days or more but fail to carry out that promise or

they fail to carry out that promise with that timeframe.

Strategies to close the gap

 Make records of the customers that should receive calls regarding assistance.

 Supervisors and managers should make sure that customer service representatives

completed their assigned tasks, for example, call customers when they promise to

do so.
Service Marketing (MKT3010) National Commercial Bank

Customer Relationship Programme for NCB.

CRM is the overall process of identifying, attracting, differentiating, building and retaining

profitable customers by delivering superior customer value and satisfaction. It also maximizes

customer loyalty.

National Commercial Bank, the world’s largest commercial bank with its many branches across

the world is the most profitable financial services group. NCB is a leader in the use of highly

sophisticated loyalty programs. NCB has launched a number of tiered customer loyalty program

in the banking industry. Today, it has seven tiers in its program: (Cash Back): Visa Classic, Visa

Gold and Gold Keycard; (Travel Reward Cards): Lovebird Keycard and MasterCard Platinum

Travel; (More Days to Pay): Classic Keycard and MasterCard Standard. The program is

integrated across all of its services.

For the Visa Classic customers earn 0.30% cash back on all purchases therefore the more the

customer uses their card the greater the reward. Customers have local and international

purchasing power, the card has worldwide acceptance, and it also has worldwide travel

assistance and accident. There is emergency cash assistance where customers instantly access

emergency cash at ABMs worldwide or locally. The card has price protection and travel accident

insurance and it gives a 0% interest for three months on instalment purchases.

For the Visa Gold customers earn up to 5% cash back on their everyday purchases, there is a

faster payback where they get cash back four times per year instead of once, there are no

boundaries which gives no annual cap on the cash back you can earn, customers have local and
Service Marketing (MKT3010) National Commercial Bank

international purchases, the card is locally and internationally accepted, there is price protection

and travel accident insurance and it has 0% interest for three months on instalment purchases.

For the Gold Keycard it gives up to 5.5% cash back, there is greater spending power with a

higher spending limit, customers get up to 60 days interest free days to repay, there is flexibility

where they pay now and pay later, the cards are safe where there is no need to carry cash in your

pocket, customers get exclusive discounts at some of Jamaica's finest merchants. A percentage of

every Keycard swipe is contributed to children’s home in Jamaica.

For the Lovebird Keycard there is freedom in flying and staying anywhere! Customers can

redeem points to fly and stay anywhere in the world, there is no out of pocket fees (points cover

hotel and travel taxes), customers can also earn points faster than any other card – $100 per

point, the card has Fast and easy ONLINE redemption, customers can earn 7000* bonus points

when they activate a new card and there is 0% interest for three months on instalment purchases.

There is a percentage of every Keycard swipe which is contributed to children’s home in

Jamaica.

For the MasterCard Platinum Travel there are amazing travel rewards to suit a customer’s

lifestyle. Customers can earn 2 point for every $US1 (or Jamaican equivalent) spent, they can

redeem points for: Travelling on any airline with NO blackouts and Hotel stays and car rentals.

Customers get access to exclusive features such as: Worldwide acceptance – shop both locally

and internationally, Personal Concierge and Travel Assistance Services , Auto Rental Insurance,

Exclusive access to MasterCard’s Priceless Cities and Purchase protection and extended warranty

up to US$15,000. Plus there is a, complimentary VIP travel lounge membership with 6 free visits

per year!
Service Marketing (MKT3010) National Commercial Bank

For the Classic Keycard it boost customer spending power with the only truly Jamaican credit

card. It is perfect for all your everyday purchases, accepted at over 9000 NCB merchant

locations island wide, customers have up to 60 days interest free days to repay and withdraw

cash at any NCB branch or ABM island-wide. There is a percentage of every Keycard swipe is

contributed to children’s home in Jamaica.

For MasterCard Standard customers can unlock the convenience of worldwide shopping. The

card has worldwide acceptance, it has the convenience of shopping and paying in US dollars,

customers have up to 60 days interest-free to repay, and there is local and international

purchasing power and purchase protection.

What is special about NCB is not its loyalty program, but what it does with the information

gleaned about its customers when they use their cards to earn points. At the backend, NCB has

linked all of its databases in order to have a holistic view of each of its customers. NCB have

detailed data on over 42 million of its customers in order to know their preferences ranging from

how much they spend using each of the cards. NCB uses this data to drive its marketing and on-

site customer service.

Service Marketing (MKT3010) National Commercial Bank

References
Service Marketing (MKT3010) National Commercial Bank

Appendices

 Ashley Allen 1600052 Question 1-2

 Ronique Hyatt Question 5

 Sashalee Swaby Question 6

Graphic Representation of the Marketing Mix of National Commercial Bank

Service Marketing (MKT3010) National Commercial Bank