This paper looks at the value of the service in relation to the consumer, industry substitutes and the impact on the pricing decision, demand of service, issues affecting consumer demand and the price, and strategies to enhance revenues. It focuses on the financial aspect of electronic transactions and other types of e-Bill payments. First Union National Bank (FUNB) like other companies trying to cash in on the electronic world, are all offering some form of wireless services to better serve the consumers.
Individual Product Pricing Component
First Union National Bank offers its consumers online or wireless financial services. First Union National Bank, like many other financial institutions are beginning to offer financial services electronically. In addition, First Union National Bank is a mid-sized financial service company offering different types of the financial services.
In the online banking industry, the concept of customers banking still remains at a crossroad as customers are very sensitive to price, banking features and services. There are many buyers and sellers offering and buying financial services, products, vice versa. The online bank market structure would continue to change as more competitors enter and exit the market in the future. The market structure for the growth of online banking is that of a perfectly competitive market. The online bank concentration promotes the growth of the industry.
First Union National Bank is in the businesses of financial services, with emphasis on electronic technology; especially in e-Banking as well as online billing. Financial institutions are just beginning to gain publicity with electronic bill payment and other financial services. In the next few years, more consumers would rather handle their financial services needs online compared to seeking financial services the traditional way. Also, wireless technology and the companies... [continues]
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