Umpqua Bank – Unit 4 Assignment March 1, 2011 Kaplan University, Marketing AB219-01 Introduction Financial institutions such as Umpqua Bank know the positive impact of employee incentive programs. Financial institutions such as Umpqua believe that they can ensure their customers will be treated well by first treating their employees well. They go beyond compensation to make their employees feel valued by using performance recognition programs.
An annual awards gala for employees, on-the-spot employee-to-employee recognition rewards, ongoing training and development opportunities, and a paid-time volunteer program are some of the programs that are offered. In 2007 Umpqua Bank placed 34th in Fortune magazine’s “100 Best Companies to Work for” list, proving that employees truly feel valued by Umpqua (Casison-Tansiri, 2007). Characteristics Affecting One’s Choice to Become A Customer Umpqua Bank is a new generation of the banking. This gives new sense to bank work culture where most of the works is done by online transactions.
As customers do not wants to go to the bank just for transaction only. Rather Umpqua bank wants customers to come to their branch and spend their time. Umpqua calls itself an Innovation lab (Umpqua Bank, 2011). A bank is like a small community where different cultures, subcultures, and every segment of social class people visit. The customer is made to feel comfortable spending time at the bank which also gives more opportunities to Umpqua bank to interact with its potential customers and the ability to meet their financial needs.
As Umpqua states, “It’s understanding our customer’s financial needs and at the same time realizing there’s more to life than money” (Umpqua Bank, 2011). So whether a consumer walks into the bank wanting information on a basic account or has thousands of dollars to invest, they can be assured that their need will be met with the greatest attention and respect. Umpqua Bank offers services for all members of a family, any family size, and in any industry. When a bank offers all of the conveniences for the whole family from children’s savings accounts to investment accounts and mortgages, it is a big advantage.
A customer is allowed to bring their pet in while banking or enjoying any of the many services that are offered. Every customer is valuable for the bank. Umpqua bank takes care of every age and life cycle of their customers according to their occupation and economic situation. The baby boomer generation and Generation X prefers to have more face to face interaction while banking and performing transactions whereas, people from minimal generations are technology oriented and like online banking, billpay, and mobile banking.
Umpqua offers all of these services and more at no extra charge to consumers (Umpqua Bank, 2011). Umpqua Bank is “equal parts checking account and knitting club, commercial loan and local music source, IRA and Internet cafe” (Umpqua Bank, 2011). Every customer is more than a number to Umpqua, they are family. Walking into Umpqua a customer is able to spend time having a coffee at Starbucks or surfing internet. They are greeted as if they have been known all of their life.
When you are treated like family, you have higher expectations and with those expectations come loyalty. Five Stages of the Consumer Buying Process Once the consumer recognizes the need for a banking service, they begin their search. Advertising, billboards, opinions of friends and relatives are just some the information that may be reviewed as the consumer begins to gather and evaluate information. The more information that is obtained, knowledge and awareness increases about the varying brands.
Once the information is gathered, sorted, and narrowed down to the desired choices, evaluation of alternatives takes place. In the case of Umpqua, comparing them to Bank of America or your local credit union, the consumer could arrive at different decision making alternatives. Umpqua compared to Bank of America is smaller, more personalized, and local whereas a credit union is owned and controlled by its members, giving the consumer a sense of ownership. After the evaluation stage, the consumer makes the purchase decision.
Umpqua bank offers not only personal service, but online banking, investment portfolios, and they make you feel like you are family. If happy with the purchase decision, Umpqua has satisfied the consumer’s expectations. If Umpqua falls short of the consumers’ expectations the consumer is disappointed. Both are postpurchase behavior interests of Umpqua Bank. Their goal is to satisfy the consumer while maintaining a steady business (Marketing, An Introduction, 2011). Umpqua, Set Apart Service Intangibility Umpqua Bank prides itself on providing Ritz-level customer service.
They have a unique set of values, universal customer service, and space designed to inspire, engage, and encourage Umpqua customers to take control of their financial futures. The true Umpqua banking experience can only come from becoming a member. Once you have become a member and have lived Umpqua, it’s “Surf, sip, read, shop and bank” experience, you will realize that it is an experience you cannot get anywhere else. The quality isn’t just in one of their banks, one location, and one area. It is universal throughout. Service Profit Chain, Umpqua Bank
According to Lani Hayward, Director of Creative Strategies at Umpqua Bank, employees are taken offsite for six weeks of intense training about culture, operating differently, and rotating to all positions no matter who you are so that all employees understand each other’s jobs (Hayward). This choice selection of employees, intense training, superb work environment, and attention to detail when serving customers gives Umpqua the advantage over the competition. Employees who are fulfilled financially, emotionally, and personally at their place of employment are more loyal to their employer and put forth their best effort.
This shows in an employee’s morale, attitude, and relationship with customers. The more satisfied, loyal, and hard working the employees are, the more efficient the company runs, increasing traffic flow and generating revenue. Employees who interact with the customers create relationships which tend to bind the customer to the employee and company. Satisfied customers who remain loyal refer other customers and spend more money. All which generates revenue is some fashion. Umpqua employees greet the customer by name, encourage them to sit down, relax, smell the coffee and surf the web.
After they have spent a little time, they can get down to business. References Casison-Tansiri, J. 2007. Solid Returns. Manage Smarter. Retrieved February 26, 2011 from http://www. managesmarter. com. Haywood, Lani. Umpqua Bank Transcript. Kohler 13th Edition Chapter # 18. Retrieved from Kaplan Course Home, Document Sharing, February 25, 2011. Marketing, An Introduction, Global Edition, Custom Edition. 2011. Pearson Learning Solutions. Umpqua Bank – Welcome to Umpqua Bank. 2011. Retrieved February 25, 2011 from http://www. umpquabank. com/
