Verizon is one of the leaders of telecommunications in the United States. In an industry full of constant changes, the company must always remain at the forefront of quality service delivery to its clients. Dynamism requires understanding the clientele and innovating solutions that solve their problems. One such area of concern is mobile money. Verizon can offer mobile money services to complement its other products, thereby consolidating and growing its market share.
Product/Service
Verizon's mobile money services would redefine personal financial management. Many Americans are already using electronic money management services from their banks. However, the process is still slow and cumbersome. A mobile money platform would allow users to pay, receive, and plan for their finances without involving a banker. People would complete transactions faster. Moreover, the ease of access means that they can check their balances and plan for future expenses more dynamically (Sampaio et al., 2017). Mobile money also allows users to request and pay loans from the lender with fewer bureaucratic checks.
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The service would utilize a cellular network. Verizon would develop an application that works over the network to connect users to each other and the system's servers. Cellular network reduces the risk of malicious access, thereby providing better security than it if was internet-based. Users would register and create an alphanumeric key that would act as their Personal Identification Number (PIN).
Users will access the platform's services if their mobile devices have Verizon network coverage. After registration, they would peruse the features such as sending money to another user, paying money to a conventional bank account or credit card, or requesting a loan. The service would be available at all times of the day, allowing for 24/7 business transactions. The product would be available nationally. It would also integrate with international financial institutions to promote large-scale integration.
An appropriate name for Verizon’s mobile money services would be ‘VerizMoney.’ It incorporates the company’s name and the mobile money services. It also remotely sounds like, ‘there is money.’ Due to Verizon’s large reach, the mobile money service would perform better than the existing platforms due to its large client base that the competitors do not have.
Place
Verizon subscribers can access VerizMoney from their mobile phones. They can download the application from a reputable application market and register accordingly. There will be regional agents that will assist clients with financial transactions. However, one can use the platform without the company’s intervention. The application will be better than traditional banking systems due to transaction speed, twenty-four-hour convenience, and national availability.
Price
The mobile money platform will offer additional economic value to its users. First, they will avoid the hassles of banking queues for service delivery. The speed and convenience that the application offers will not consume people’s productive hours (Laukkanen, 2017). Businesses will also spend less time reconcile their accounts daily. Sometimes, delays in payments, such a cheque maturation, complicate the reconciliation process. Businesses have to wait at least forty-eight hours in the conventional banking system before they can confirm cheque payment (Goetz, 2020). VerizMoney eases business procedures, reducing overtime labor costs.
The application will be available freely across all recognized stores. There will also be no registration or account maintenance charges. Users will pay fees to complete transactions. First, sending money to another user, bank account, or organization will attract a fee that varies with the value. Higher transactions will attract higher fees, but generally small compared to the entire fee. For instance, if user A wants to send fifty dollars to user B, user A will fill 'fifty' as the money they want to send. User B will receive fifty dollars, but user A will notice an extra 0.4-dollar charge as the transaction cost. Hence, user A must have at least 50.4 dollars in their account to complete the transaction. If user B wants to withdraw the sum as cash or load it to a credit/debit card, they will incur another transaction fee. Loans will also attract an interest that follows the national lending rates. The pricing policy will be advantageous over conventional banking, where users incur more and higher transactional costs and account management fees.
Promotion
While the idea sounds good, many Americans may not naturally embrace it due to the established banker-client relationship. Hence, exhaustive marketing is necessary. The company will promote the new service on audio-visual media such as television, websites, and in-play application advertisements. The approach will allow the company to expound on the limitations of conventional banking that the service complements. The target audience will relate to the adverts' scenarios and will eventually try the platform, if only out of curiosity.
The promotion will occur throughout, but it will be intense when there is a large uproar against conventional banking or a particular provider. The marketing team will emphasize how VerizMoney allows users to avoid the issues they complain about their current banking service providers. Established banks mainly promote new services rather than the establishment. Verizon could counter the traditional approach by promoting its essence and diversity alongside the mobile money platform.
References
Goetz, L. (2020). How Long Does It Take a Check to Clear? https://www.investopedia.com/ask/answers/081716/how-long-does-it-take-check-clear.asp#:~:text=It%20usually%20takes%20about%20two,bank%20to%20receive%20the%20funds.
Laukkanen, T. (2017), Mobile banking. International Journal of Bank Marketing , 35(7), 1042-1043. https://doi.org/10.1108/IJBM-10-2017-0218
Sampaio, C. H., Ladeira, W. J. & Santini, F. D. O. (2017). Apps for mobile banking and customer satisfaction: a cross-cultural study. International Journal of Bank Marketing , 35(7), 1133-1153. https://doi.org/10.1108/IJBM-09-2015-0146
