Boubyan Bank KSCP
Boubyan Bank KSCP offers banking, and investment services, just like any other bank, according to the Sharia principles in Islamic, and it has a network of branches all over Kuwait. The services that the bank offers are structured into five primary segments. The Consumer Banking segment offers many products and services like deposits, consumer finance, and credit cards. Individuals and institutional clients benefit from these products and services. The Corporate banking segment offers ijarah, trade services, and Murabaha to corporate and business customers. The Investment Banking segment offers direct investment, international and local real estate investment, and asset management. The Treasury segment offers international and local Murabaha, while the Group center segment concerns group activities concerning inter-segment allocation and transfer pricing.
The five products and services that apply to demographic segmentation include deposits, trade services, direct investment, international and local real estate investment, and group activities. For deposits, the number of people who will make their deposits will depend on the financial enlightenment of the people in a particular age group. For instance, people with responsibilities, like parents, tend to save more than the ones who do not have responsibilities. For the trade services, it depends on whether the location of the bank has many people trading within the locality or not. A busy place will have most clients who will seek these services. Investors often want to engage in direct investment if they are sure that they will get good returns from their investment. Places with many young people have a lot of investment opportunities than places with a high number of older adults. International and local real estate investment is a demographic segmentation because many people who tend to invest are the old since they have saved enough to afford an investment. Group activities will also thrive in a place where many people are enlightened concerning the bank’s service to its customers.
Direct investment applies to geographic segmentation. Investors will want to make their investment in areas where they will plow back the capital they used to invest as soon as possible and get the returns from their investment.
The item which applies to psychographic segmentation is credit cards. People will spend their money depending on their expenditure. Therefore, the expenditure should not exceed income. In this way, people tend to be cautious about using their credit cards not to face financial constraints.
The items that apply to behavioral segmentation are deposits, credit cards, and group activities. For deposits, people tend to deposit money depending on their saving trend. People have different targets that they hope to attain, and they want to meet the targets before the stipulated time. Besides, not everyone has a saving habit. Therefore, the deposits depend on the behavior of people. For credit cards, people will use their credit cards depending on their lifestyle. Whichever way people use their credit cards, they should make sure that they live within their means. The way people consume goods and use particular services will determine how they use their credit cards. Others will join the group activities in the bank, depending on how enlightened they are concerning these activities. People use these products and services depending on their needs.
Reference
Reuters. (n.d). Boubyan Bank KSCPBOUK.KW. Retrieved from https://www.reuters.com/companies/BOUK.KW