The Marketing mix of Deutsche Bank analyses the 7Ps of Deutsche Bank, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of Deutsche Bank. Adelbert Delbruck, in the year 1870, started the Deutsch Bank. It was established on 22 January 1870, and on 10 March 1870, the Prussian authorities granted a banking license. The Bank remarkably established itself when the financial institutions and industrialization underwent significant changes. To date, banks can establish themselves as one of the leading financial institutional agencies.
The Bank was established with foreign finances, but later, it expanded its scope. In the Nineties, the Bank went through major banking reforms by acquiring and establishing subsidiaries across the globe. What we see today in personal banking is majorly impacted by the development of the nineties.
- UBS is a Swiss financial company providing global financial assistance.
- Lloyds, headquartered in London, is a British personal and commercial banking enterprise.
- Deutsch Bank faces significant competition from UNITECH, a centrally owned bank of India in Indian land.
- Again, a British-based multination banking sector, Barclays is a tough competitor of Deutsch.
About Deutsche Bank
- Type: Multinational investment bank and financial services company
- Industry: Financial services
- Founded: 1870
- Founders: Ludwig Bamberger, Adelbert Delbrück, Adolph vom Rath, Gustav Kutter, Hermann Zwicker
- Headquarters: Frankfurt, Germany
- Area served: Worldwide
- Key people: Paul Achleitner (Chairman) and Christian Sewing (CEO)
- Number of employees: 78,000
Table of Contents
Deutsche Bank Product Strategy
With its strong branch and widespread seats, Deutsche Bank aims to provide multiple personal and commercial banking and investment services worldwide in various nations.
- Retail Banking and Personal Finance: Savings and Checking Accounts, Personal Loans and Mortgages, Credit Cards, Wealth Management and Private Banking Services, Investment Advisory Services for Individuals
- Business and Commercial Banking: Business Loans and Lines of Credit, Commercial Real Estate Financing, Treasury and Cash Management Services, Trade Finance and International Banking, Business Investment and Advisory Services
- Investment Banking and Capital Markets: Mergers and Acquisitions (M&A) Advisory, Equity and Debt Capital Markets, Underwriting Services, Institutional Sales and Trading, Asset Management Services
- Wealth Management and Asset Management: Portfolio Management, Investment Advisory Services, Mutual Funds and Exchange-Traded Funds (ETFs), Alternative Investments, Retirement Planning
- Global Markets and Trading: Foreign Exchange (FX) Trading, Fixed Income Trading, Equities Trading, Commodity Trading, Derivatives and Risk Management
- Corporate and Investment Banking: Corporate Finance and Lending, Debt Financing and Syndicated Loans, Treasury and Cash Management Services for Corporations, Trade Finance and Export Services
- Real Estate Finance: Real Estate Investment Banking, Commercial Real Estate Financing and Advisory
- Transaction Banking: Payment and Cash Management Services, Trade Finance, and Supply Chain Financing
- Private Banking and Wealth Management: High Net Worth and Ultra High Net Worth (UHNW) Client Services, Estate Planning and Trust Services, Philanthropy and Family Office Services
- Asset Servicing: Custody Services, Fund Services, and Administration
Deutsche Bank Place Strategy
Deutsche Bank is headquartered in Frankfurt, Germany. It is widespread in 70 countries, providing various financial and investment assistance. Deutsche Bank enjoys a respectable position in global transaction banking and in its homeland, while a more significant segment of the Bank is active in Europe. Recently, the Bank has been expanding its market in Asia as well. Recently, private and business banking has been launched in China.
With its vast network and regional branches, Deutsche Bank promises versatile services to its consumers. Online private banking branches and automatic banking serve as a platform for customers for easy banking operations. The 2015+ strategy of the Bank to implement the universal Banking model definitely would bring laurels to the Bank.
Here are five key elements of Deutsche Bank’s place strategy:
- Global Network of Branches and Offices: Deutsche Bank maintains a network of branches and offices in major financial centers worldwide, ensuring a physical presence to serve local clients, multinational corporations, and institutional investors.
- Digital Banking Platforms: The Bank offers robust online and mobile banking platforms, allowing clients to access a wide range of banking and financial services from anywhere, enhancing convenience and accessibility.
- International Correspondent Banking: Deutsche Bank acts as a correspondent bank, providing services to other banks, financial institutions, and corporations, enabling cross-border transactions and access to global financial markets.
- Relationship Managers and Advisors: Deutsche Bank deploys relationship managers and advisors to engage directly with clients, including high-net-worth individuals, corporate clients, and institutional investors, offering tailored solutions and personalized support.
- Partnerships and Alliances: Deutsche Bank collaborates with strategic partners and alliances, including fintech companies and technology providers, to expand its reach and offer innovative financial solutions and services to a broader customer base.
Deutsche Bank Pricing Strategy
As Deutsche Bank is a leading financial bank with multiple services to its customers in finance, the price policy depends on the type of services. It was ranked at the top in foreign exchange dealing in the world in 2009.
In 2008, it experienced losses for the first time. Since its inception, the Bank has decided pricing policies according to the market alterations. With keen observation of current accounts and consumer semantics, the bank approaches its customers with consumer-friendly price policies.
Here’s an overview of Deutsche Bank’s pricing strategy:
- Value-Based Pricing: Deutsche Bank’s pricing approach is fundamentally aligned with the value it provides to clients. The Bank offers a wide range of financial products and services, from basic banking to sophisticated investment and advisory services, and prices them based on their perceived value. This includes personalized solutions for high-net-worth individuals, corporations, and institutional investors.
- Competitive Pricing: In a highly competitive financial services landscape, Deutsche Bank continually monitors the pricing strategies of its competitors to ensure its rates and fees remain competitive. This approach helps the Bank attract and retain clients while keeping with industry standards.
- Fee Structure and Transparency: Deutsche Bank maintains a transparent fee structure, clearly communicating the costs associated with its services to clients. This transparency builds trust and enables clients to make informed decisions about their required services.
- Customization and Tiered Pricing: The Bank offers customized financial solutions tailored to individual client needs. Pricing can vary based on the complexity and scale of services required, ensuring that clients pay for the specific value they receive. Tiered pricing models accommodate different client segments, from retail customers to large corporations.
- Strategic Pricing for Institutional Clients: For institutional clients, such as corporations and asset managers, Deutsche Bank employs strategic pricing discussions, considering factors like the volume of transactions, ongoing relationships, and the complexity of financial solutions. This approach fosters long-term partnerships and mutually beneficial arrangements.
Deutsche Bank Promotion Strategy
The company’s growth with the risk-restricted framework was the basic ideology of the Deutsch Bank. It uses various promotional tactics to increase the consumer market. The leading official of Deutsche Bank marketing recently stated that television advertisements don’t positively impact promotions and have a relatively lower impact on sales, thereby leading to negligible revenue returns. Updating customized offers for consumers around the globe is the Bank’s stubborn customer–oriented promotion policy.
Deutsche Bank’s promotion marketing strategy in the financial sector includes:
- Thought Leadership: The Bank leverages its industry expertise and research capabilities to publish reports and insights, positioning itself as a thought leader and building client trust.
- Relationship Building: Deutsche Bank fosters strong client relationships through personalized services, events, and networking opportunities, focusing on client retention and referrals.
- Digital Engagement: The Bank utilizes digital channels, including its website and social media, to engage with clients, share financial insights, and promote its products and services while enhancing accessibility and convenience.
Some Recent Video ads and Print ads of Deutsche Bank are:
Deutsche Bank People Strategy
When discussing the “People” aspect of the Service Marketing Mix for Deutsche Bank, it’s essential to consider the various stakeholders involved, including employees, management, and customers, and how they contribute to the overall service delivery, marketing management, and customer experience. Here are some key points.
- Employee Expertise and Training: Deutsche Bank invests in comprehensive training and development programs for its employees to ensure they have the expertise to provide high-quality financial advice and services. This includes continuous professional development and specialized training in financial products, customer service, and compliance with financial regulations.
- Customer Service Focus: The bank prioritizes customer service, employing a team of professionals dedicated to addressing customer needs, queries, and issues promptly and effectively. This focus on customer satisfaction is crucial in maintaining loyalty and trust.
- Diversity and Inclusion: Deutsche Bank emphasizes diversity and inclusion within its workforce. By fostering an inclusive culture, the bank aims to attract and retain a diverse group of employees who can offer a wide range of perspectives and solutions, enhancing its ability to serve its diverse customer base.
- Performance and Reward Systems: The bank has performance and reward systems to motivate employees and recognize their contributions to the organization’s success. This includes bonuses, promotions, and other incentives based on performance metrics and customer feedback.
- Leadership and Management: Leadership at Deutsche Bank plays a critical role in setting the tone for service excellence. The bank’s leaders are involved in strategic decisions that impact service delivery and are responsible for cultivating a customer-centric culture throughout the organization.
- Employee Engagement and Satisfaction: Deutsche Bank understands the importance of employee engagement and satisfaction in delivering superior service. The bank conducts regular employee surveys and feedback sessions to identify areas for improvement and ensure that employees feel valued and engaged.
- Global and Local Expertise: Given Deutsche Bank’s international presence, its employees bring a blend of global and local market expertise, which is vital for providing services that meet the varied needs of customers across different regions.
- Compliance and Ethical Standards: Employees are trained and expected to adhere to high ethical standards and compliance regulations. This commitment to integrity and legality is crucial for maintaining customer trust and the bank’s reputation.
- Innovative Culture: Deutsche Bank encourages a culture of innovation among its employees, enabling them to contribute ideas for new services or improvements to existing offerings. This culture supports the bank’s goal of continuous improvement and adaptation to changing market conditions.
- Communication Skills: Effective communication with customers is paramount at Deutsche Bank. Employees are skilled in communicating complex financial information clearly and understandably, ensuring that customers are well-informed about their choices.
Deutsche Bank Process Strategy
The “Process” element of the Service Marketing Mix refers to the procedures, mechanisms, and flow of activities by which services are consumed. This aspect ensures efficient, customer-friendly, and consistent service delivery. Here are some key points regarding the processes at Deutsche Bank.
- Customer Onboarding Process: Deutsche Bank has streamlined its onboarding process to make it as smooth and efficient as possible. This includes digital forms, online identity verification, and quick account setup procedures to ensure that new customers can start using banking services without unnecessary delays.
- Digital Banking Services: The bank has invested heavily in digital banking technologies to facilitate easy access to banking services online. This includes mobile banking apps, online banking platforms, automated transaction services, account management, and customer support.
- Transaction Processing: Deutsche Bank employs advanced technology for the fast and secure processing of transactions. This includes real-time processing capabilities for domestic and international transfers, direct debits, and payments, ensuring that customers’ financial operations are carried out promptly.
- Risk Management and Compliance: The bank has robust processes in place for risk management and compliance with financial regulations. This includes anti-money laundering (AML) checks, know-your-customer (KYC) procedures, and continuous monitoring of transactions to prevent fraud and ensure the security of customer funds.
- Customer Service and Support: Deutsche Bank has established comprehensive customer service and support processes, including multi-channel support through phone, email, online chat, and in-person consultations at branches. These processes are designed to address and resolve customer queries and issues quickly.
- Product and Service Development: The bank has a structured process for developing and rolling out new products and services. This includes market research, customer feedback analysis, regulatory compliance checks, and pilot testing before full-scale launch, ensuring that new offerings meet customer needs and comply with market regulations.
- Feedback and Continuous Improvement: Deutsche Bank has mechanisms to gather customer feedback through surveys, social media monitoring, and direct feedback channels. This feedback is then used to improve service processes, products, and customer experiences continuously.
- Training and Development: The bank has ongoing employee training and development processes to keep them updated on the latest banking practices, technologies, and compliance requirements. This ensures that the staff is well-equipped to deliver high-quality service.
- Dispute Resolution Process: A transparent and fair process for handling customer complaints and disputes is in place. This process is designed to be transparent, with set timelines for resolution and regular updates provided to the customer.
- Security and Privacy Processes: Deutsche Bank prioritizes the security and privacy of customer data, employing strict data protection processes, including encryption, secure data storage, and privacy policies that comply with global data protection regulations.
Deutsche Bank Physical Evidence Strategy
Physical evidence in the context of the service marketing mix refers to the environment in which the service is delivered, along with any tangible components that facilitate the service or help customers evaluate the service quality before purchase. Physical evidence shapes perceptions of trustworthiness, professionalism, and service quality for a bank like Deutsche Bank. Here are key points on the physical evidence marketing strategies associated with Deutsche Bank.
- Bank Branches and Offices: The design, layout, and location of Deutsche Bank branches and offices provide a tangible representation of the bank’s brand and service quality. Well-maintained, secure, and conveniently located branches help create a positive impression and enhance customer trust and comfort.
- ATM Network: The availability, functionality, and ease of use of Deutsche Bank’s ATMs serve as physical proof of the bank’s commitment to providing accessible and convenient banking services. The ATMs are equipped with the latest technology for secure transactions.
- Official Website and Mobile Banking App: Though part of digital services, the design, user interface, and functionality of the bank’s website and mobile banking app are tangible aspects that customers interact with directly. These platforms must offer a seamless, secure, and user-friendly experience.
- Marketing and Promotional Materials: Printed and digital marketing materials, including brochures, reports, and advertisements, contribute to the bank’s physical evidence by conveying information about its services, achievements, and market position in a tangible form.
- Statement and Communication Materials: The quality and clarity of financial statements, account summaries, and other communication materials sent to customers are crucial. They should reflect professionalism and attention to detail, reinforcing the bank’s image of reliability and trustworthiness.
- Corporate Identity Elements: The bank’s logo, color scheme, and other corporate identity elements, when consistently applied across branches, ATMs, marketing materials, and online platforms, help create a solid and recognizable brand presence.
- Interior Design and Ambiance of Branches: The interior design and ambiance of Deutsche Bank branches, including the waiting area, meeting rooms, and customer service areas, play a significant role in enhancing customer experience and satisfaction. Comfortable seating, privacy in consultation areas, and a clean, well-organized environment are essential.
- Signage and Wayfinding Systems: Clear and coherent signage inside and outside bank branches helps guide customers and improve their overall experience. This includes directional signs, information boards, and digital screens displaying current information and services.
- Customer Feedback Systems: Physical devices or systems placed within branches for collecting customer feedback are evidence of the bank’s commitment to continuous improvement and customer satisfaction.
- Security Features: Visible security features, including surveillance cameras, security personnel, and secure transaction environments, reassure customers about the safety of their transactions and personal information.
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