Chase Bank is a subsidiary of multinational corporation JPMorgan Chase and has its headquarters in Columbus, Ohio. This national bank deals in commercial and consumer banking and has helped its parent company in becoming one of the leading four banks in United States. It was earlier known as Chase Manhattan Bank but in year 2000, it was merged with its recent parent company and came to be known by its present name Chase Bank. Its chief competitors are as follows
- Wells Fargo & Company
- Bank Of America Corporation
- CITIGROUP Inc.
Product in the Marketing mix of Chase
Chase has the distinction of making most loans to small enterprises and women and has earned no 1 position in it. It is also leading issuer of credit cards based on outstanding loans. Its banking portal is most visited site and the bank has earned top spot in banking through mobile functionality. Providing mortgages and helping customers to buy their homes have made it second in mortgage department. Its financial services includes
- Personalized guidance from a capable financial advisor
- Reliable client service
- Easy access to its products
- Helps in proper retirement plans
Its product range of financial services includes
- Investment advice
- Auto financing
- Credit cards, Debit cards and reloadable cards
- Home Equity
- Student Loans
- Lenders to small business enterprises
- Personal banking includes checking and savings account
- Online banking
Place in the Marketing mix of Chase
A company needs a distribution channel that is at par with today’s market and is well-organized enough to provide quick results. Chase Bank is a professional banking institution that realises importance of proper distribution channels and has undertaken the challenge of establishing a competent network of channels to fulfil its purposes.
It has 5,300 branches and nearly 15,500 ATMs to provide necessary help to its every customer. All its branches and ATMs are located in places in terms of easily availability, safety and suitability to its customers. Transactions are made possible through phones, online and mobiles for techno-savvy customers and for traditionalists its numerous branches are a boon. Direct Deposit options helps in automatic deposit of paycheck in account so that withdrawals at anytime and anywhere becomes possible.
Price in the Marketing mix of Chase
Chase provides various organizations and individuals financial solutions to help them in achieving their dreams and goals. This sort of financial services and its different products help to generate revenues for the firm and help it in making pricing policies that are beneficial for everyone.
Its interest rates are quite lower because of competitive pricing policy and this helps customers in choosing it above others. Chase has kept its processing fees at very low rates that are easily met by clients. As it caters mostly to small businesses it has decided to keep its rates minimum and this has resulted in more volume and ultimately larger revenues.
Promotions in the Marketing mix of Chase
Infrastructure of a banking institution is constantly changing because of advanced technologies and people’s preference in using them. Online and mobile banking has changed the concept of banking and hence its authorities have decided to market its products and services on a large scale to make it more visible in consumer market.
Newspapers have an utmost demographic and geographic reach and as most of the people are addicted to go through them in morning it makes for one of the best advertisement tools. Chase has taken its help in printing ad campaigns and has also given incentives along with information like first hundred customers will have $ 125 in their checking accounts. Company has also used templated approach for promoting opening of new branches. Opening of its San Jose branch was a landmark event as it put its count to 1,000 and for this Chase used Facebook for its promotional activities.