Corporate reputation, image, and identity are key intangible resources that form the basis for creating sustainable growth and competitive advantage in the banking industry through identifying and responding to changes in consumer behaviour. One of the threats currently facing the retail banking industry in Ghana is the changes in consumer behaviour in the massive patronage of digital channels accelerated by COVID-19. On the positive side, Covid-19 presents the opportunity for banks to identify and respond to these changes by leveraging the strength of digital platforms to drive significant revenue growth. Fidelity Bank Ghana Limited (FBGL) was issued a universal banking license on 28 June 2006 according to the Banks and Specialized Deposit-Taking Institutions Act 2016. (Act 930). The Bank is owned by individuals from Ghana, other institutional investors, and its senior managers. Formerly, the bank was Fidelity Discount House. After operating profitably for 8 years, the country's business environment attracted investors to the idea of establishing a bank. FBGL is a private limited liability company with a profit-making motive. The Bank has 1,423,000 customers, 1,640 staff, 76 branches, and 115 automated teller machines. FBGL’s customer base is Business to Customer (B2C), which is the retail segment that serves individuals and Business to Business (B2B) which serves Commercial and small and medium-scale enterprises and corporate firms.
Range of products and services include; •
Savings and Investment: Fidelity Bright Kids Account, Fidelity Lifestyle Investment account (Ghana Cedi and US dollar), Fixed Term Deposit Account, Business Savings Account.
• Transactional Account: Current Account, Premium Current Account, Pay-check Plus Account.
• Loan Products: Salary Backed Loan, Auto Loan, Fast and Easy Loan, Home Finance, Home Completion, Discounting Invoice Facility, Local Purchase, Overdraft Facility.
• Bancassurance Products: Life Plan, Hospital Cash Plan, Educational Plan,
• Treasury: Trading, Sales, Asset and Liability Management, and Investment Banking
• Digital Banking: Internet Banking, Fidelity Mobile App, USSD Platform, Online account opening, Visa cards, Platinum Debit Card, Prepaid Card, Whats App Banking Assistant (Kukua).
Main Competitors
According to the PWC Ghana banking survey report, (2021, p63) Fidelity’s market share is 6.4% which makes FBGL a market challenger. The main competitors and their market share are Ecobank Ghana Limited 13.4%, Ghana Commercial Bank 12.1%, Stanbic Bank Ghana 9.0%, Consolidated Bank 7.1%, Standard Chartered Bank Ghana 6.9%, ABSA Bank Ghana 6.4%, Zenith Bank Ghana Limited 5.5%, CAL Bank 4.8%, United Bank for Africa 4.4%, Agricultural Development Bank 4.2%.
Key customer segment
FBGL's customer segments are retail, commercial, small and medium-scale enterprises, corporate and financial, and capital markets. The key customer segment is retail. This key segment serve the individual. Services include savings, deposits, withdrawals, loans, mortgages, debit and credit cards, bank account requests, bill payments, and remittances. Retail operations take place in the branches and at our digital touchpoints. Among FBGL's customer segment, retail is the largest contributor to FBGL's revenue. COVID-19 and its effect have prompted a massive change in consumer behaviour in Ghana as retail customers prefer the usage of digital platforms which curtails the spread of Covid 19. A senior partner in KPMG Ghana states that "Banks that already have digital service offerings take advantage of this opportunity by continuing to enhance the experiences of their customers while keeping them safe".
Your Role as a Digital Marketing Manager of Fidelity bank, you must also develop an effective digital marketing strategy aimed at engaging your stakeholders in this pandemic. You must explain some key digital marketing concepts that can influence Fidelity’s reputation, image, and identity to management.
(a) Conduct a SWOT analysis that identifies key strategic options for Fidelity bank within Ghanaian banking, with a focus on developing a digital marketing plan.
