Student Offer at Nova KBM d.d.

When comparing offers amongst banks in Slovenia, it is entirely clear that all of them are making considerable efforts to acquire new clients. The fifth chapter presents an analysis of a survey on the opinions of student account users, along with conclusions and findings regarding what matters most to them when choosing a bank. The sixth chapter encompasses proposals and recommendations for improvements to the existing offer, addressed to the management of Nova KBM d.d.

Solution and Method

When comparing offers amongst banks in Slovenia, it is entirely clear that all of them are making considerable efforts to acquire new clients. In comparison with other countries, the Slovenian banking market is extremely small, whilst the number of banks is increasing, which consequently intensifies the competition amongst them for clients. Banks have begun to recognise the importance of the student population, as these are clients who will, in just a few years, represent their main source of income.

Nova KBM d.d. was the first amongst banks to begin working intensively in this direction. The idea originated in the marketing department when, years ago, they collaborated with Bank of Ireland within the framework of the Phare programme. Through this, they gained a certain advantage in the Slovenian market, but other banks are also successfully adapting to the wishes and needs of clients, which is why it is necessary to continuously monitor the competition and respond to market conditions.

The diploma thesis presents Nova KBM d.d. and the entire financial Group of Nova KBM d.d. in the second chapter, whilst the third chapter describes the student offer from its very beginning right up to the present day, demonstrating how Nova KBM d.d. acquires students who represent significant potential for the bank in the future, and what it offers them. The fourth chapter presents the student offer at competing banks and compares these with the student offer at Nova KBM d.d.

Results

The fifth chapter presents an analysis of a survey on the opinions of student account users, along with conclusions and findings regarding what matters most to them when choosing a bank. The sixth chapter encompasses proposals and recommendations for improvements to the existing offer, addressed to the management of Nova KBM d.d. This is followed by a conclusion with a brief summary of findings in the seventh chapter.

The fact is that banks today, in the battle for the largest possible market share, face stronger competition than ever before. Both domestic and foreign banks are well aware of this, and if they wish to ensure long-term survival, they must exploit every opportunity to achieve competitive advantages. Nova KBM d.d. was amongst the first to recognise the importance of the student population and thereby secured a certain competitive advantage, but other banks are also successfully responding to the wishes and needs of students.

In order to maintain this advantage, Nova KBM d.d. continuously monitors the competition and reacts intensively to every change in the banking services market. In accordance with this, it continuously improves its offer by enhancing existing services and introducing new ones. The diploma thesis describes the student offer at Nova KBM d.d. and compares it with competing banks that currently offer the highest quality banking services for students in the Slovenian market.

On the basis of the comparisons carried out, they established where the strengths of the student offer at Nova KBM d.d. lie in comparison with the selected banks, and where its weaknesses are. A survey was also conducted amongst students to determine what is of decisive importance when choosing their account, why they are more or less satisfied, and to assess their loyalty to the bank. The purpose of this diploma thesis was fully achieved, as they arrived at useful conclusions on the basis of which they also provided proposals and recommendations to the company's management.

All proposals are entirely feasible and we hope that they will also be usefully applied in practice. It is equally true that the basic assertion holds: whilst student satisfaction with the Nova KBM d.d. offer is satisfactory, one cannot rely solely on their loyalty. Globalisation and the advancement of modern technology raise their demands and expectations, which is why they are quite quickly prepared to change banks as well.