Banking Segmentation - NBK Example
1) Banking Segmentation
Bank customers can be ultimately divided into two large groups; individuals and business customers. Each group can be subdivided into smaller segments; individuals can be subcategorised geographically (local and foreign customers), and most commonly demographically; whereas potential business customers can be segmented based on origination type, size, and location.
National Bank of Kuwait (NBK) provides specialised banking solutions for both personal and business clients. Foreign Corporate Department in NBK offers services to multi-functional foreign firms operating in Kuwait, ranging from diplomatic missions to foreign airlines. Domestically, NBK team develops financial solutions to business clients including the government, public and private companies and institutions. These services are designed to meet the needs of business clients ranging from Treasury, Investment Banking, Credit line services, and Trade Financing.
When it comes to personal banking, the demographics segmentation approach is clearly visible in NBK marketing strategies. Offering banking services that match the needs of a wide spectrum of the society, children can have separated banking account, in which children can start up with "Zaina" account, a specific saving account designated for younger customers; and as they grow, they pass through different account types such as "alazrag" and "alshabab" until they reach the regular salaries account. NBK also provides shopping cards for female customers, with special discounts and incentives earned when using these cards.
National Bank of Kuwait has created an image utility by providing premium accounts, and targeted those with higher education level and income in the society. The holders of "Althahabi" gold cards enjoy the special care by the bank officers, and often receive exclusive offers that match their spending habits.
2) Insurance Markets
There are two markets for insurance companies to target; corporate and
Bank customers can be ultimately divided into two large groups; individuals and business customers. Each group can be subdivided into smaller segments; individuals can be subcategorised geographically (local and foreign customers), and most commonly demographically; whereas potential business customers can be segmented based on origination type, size, and location.
National Bank of Kuwait (NBK) provides specialised banking solutions for both personal and business clients. Foreign Corporate Department in NBK offers services to multi-functional foreign firms operating in Kuwait, ranging from diplomatic missions to foreign airlines. Domestically, NBK team develops financial solutions to business clients including the government, public and private companies and institutions. These services are designed to meet the needs of business clients ranging from Treasury, Investment Banking, Credit line services, and Trade Financing.
When it comes to personal banking, the demographics segmentation approach is clearly visible in NBK marketing strategies. Offering banking services that match the needs of a wide spectrum of the society, children can have separated banking account, in which children can start up with "Zaina" account, a specific saving account designated for younger customers; and as they grow, they pass through different account types such as "alazrag" and "alshabab" until they reach the regular salaries account. NBK also provides shopping cards for female customers, with special discounts and incentives earned when using these cards.
National Bank of Kuwait has created an image utility by providing premium accounts, and targeted those with higher education level and income in the society. The holders of "Althahabi" gold cards enjoy the special care by the bank officers, and often receive exclusive offers that match their spending habits.
2) Insurance Markets
There are two markets for insurance companies to target; corporate and