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ULSTER SAVINGS BANK PLAN

ULSTER SAVINGS BANK PLAN. BUS100-113 Fall 2009. Team 5 BANK BREAKERS Alyssa Bradt Kevin Condon Erica Fernandez Richard Minieri Michael Petta Katherine Wetzler. AGENDA. What and where is Ulster Savings Bank? Analyze the industry Our new product The financials. WHAT AND WHERE IS

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ULSTER SAVINGS BANK PLAN

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  1. ULSTER SAVINGS BANK PLAN BUS100-113 Fall 2009 Team 5 BANK BREAKERS Alyssa Bradt Kevin Condon Erica Fernandez Richard Minieri Michael Petta Katherine Wetzler
  2. AGENDA What and where is Ulster Savings Bank? Analyze the industry Our new product The financials
  3. WHAT AND WHERE IS ULSTER SAVINGS BANK ?
  4. COMPANY OVERVIEW Ulster Savings Bank has been part of the Ulster County Community since 1851 Currently has over 84,000 accounts and services more than 40,000 households. Business deposits, internet banking, and commercial loans have also been made available. ULSTER COUNTY Source: Nutshell Realty
  5. MISSION AND VISION Vision: To exceed all expectations of customer service. Deliver high quality innovative products and services for a growling market. Mission: To remain an independent, profitable mutual savings bank that meet the needs of the customers, employees and community.
  6. HOW DOES USB OPERATE? As a traditional savings bank. USB promotes savings deposits and investments through: Savings, Checking, or Certificate of Deposit accounts Main office in Kingston, NY processes loan applications. USB community outreach programs and charitable affiliations demonstrate their commitment to the community.
  7. ANALYZE THE INDUSTRY
  8. THE FINANCIAL SERVICES INDUSTRY Competitor in the Commercial Banking sector USB Offers Retail and Wholesale Banking services           We are strong.      We are here to stay.
  9. EXTERNAL ENVIRONMENTAL TRENDS Trends affect the banking industry: Demographic –Age, Income and Population Size Economic – Interest, Mortgage and Savings Rates Political/legal – Laws and regulations, Deregulation and Education Policies Technological – R&D and Product Innovation
  10. WHO ARE USB’s MAJOR COMPETITORS? OTHER LOCALLY BASED BANKS: Rhinebeck Savings Bank $484,277,000 in assets Rondout Savings Bank $213,700,000 in assets Sawyer Savings Bank $173,669,000 in assets *These Banks differ from the national banks as competitors because they are local (Hudson Valley) and community-oriented.
  11. HOW IS USB POSITIONED VIS-A-VIE ITS COMPETITORS? Commitment to the community: helps gain contacts/expand customer base. Total assets of $719,053,000, (June 2009) exceed Rhinebeck, Rondout and Sawyer Savings Banks. Greatest number of braches compared to its competitors.
  12. KEY SUCCESS FACTORS
  13. INTERNAL ANALYSIS Profit primarily generated from fees Offer traditional and non-traditional banking products Senior laden management team that puts customers needs at the forefront of its business model
  14. SWOT ANALYSIS
  15. OUR NEW PRODUCT/ PRODUCT LINE
  16. $ $ 1 2 3 4 5 6 7 8 9 * 0 # OUR NEW SERVICE MEET BUDGET BUDDY!
  17. $ $ 1 2 3 4 5 6 7 8 9 * 0 # ABOUT BUDGET BUDDY Budget Buddy is like a Portable Financial Advisor Helps customers control spending by allowing them to set budgeting goals. Notifications and warnings sent via mobile phone and e-mail alert system You have spent $256.78 on groceries this month. You have $243.22 left for the next 2 weeks.
  18. WHERE THIS FITS IN THEMARKETPLACE Mobile Banking is becoming a must have service for both banks and their customers. Customers are looking for comprehensive banking programs that are both convenient and accessible. The Budget Buddy is most convenient for young adults (18-25). This generation appreciates mobility and simplicity The Budget Buddy offers both
  19. MARKETING THE BUDGET BUDDY Brochure kiosks at every USB branch Well-informed tellers (face-to-face communication) Budget Buddy option under website’s Personal and Business Banking tab Advertisements: Local newspapers, radio, television
  20. $ $ 1 2 3 4 5 6 7 8 9 * 0 # MARKETING STRATEGIES 1st month free for all customers 3 months free for every new customer recommendation Target Local College campuses (18-25 year olds) sporting events, orientations, parent’s weekends, etc.) USB community out-reach programs / charity based events
  21. THE FINANCIALS!
  22. $ $ 1 2 3 4 5 6 7 8 9 * 0 # PRODUCTION PLANS/COSTS Cost to produce Budget Buddy (mobile banking service): $36,000 $10,000 to implement a mobile banking system Additional monthly fee of $3,000 to maintain the system First year: $46,000 After the first year: $36,000
  23. PRICING & PRICING STRATEGIES Monthly user fee: $3.99 Number of new accounts each month: 95 NEW CUSTOMERS – USB receives about 1,140 new customers a year. EXISTING CUSTOMERS– 1-3% of USB’s customers use a new product within the first year of its introduction. These new and existing customers combined make-up the customer forecast.
  24. PRO FORMA INCOME STATEMENT
  25. $ $ 1 2 3 4 5 6 7 8 9 * 0 # “All of your finances are right at your fingertips” –Budget Buddy
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