For the next two weeks of labs, you will be assessing the feasibility of various generic project proposals. To begin, your team will pick two of the following scenarios and write, as a team, 1-2 page assessments of the feasibility of the proposal.
Understanding the feasibility of a proposal is a large topic and the ability to thoroughly analyze it takes years of practice and training. But your team can address some of the points most important to Fifth Third by considering the following:
ï‚· Consumer Desirability
ï‚· Tech Feasibility
ï‚· Business Viability
o Upfront costs and maintenance
o Revenue streams
o Intangible costs and benefits
o Ethical considerations
Your team should pick two of the following scenarios and research each of the above considerations. You need enough research to make a justifiable argument about each consideration.
For cost and revenue estimates, use “ball park” numbers—rough estimates that are correct within a factor of 2 (meaning the real value could be as low as half of your estimate or as high as double your estimate). Do not get bogged down calculating the individual costs of pens, chairs, etc. Take great care to consider all important factors and try to give a sense of their relative importance.
Each team member should turn in a copy of the assessments, though every team member may turn in the same file. For each assessment, please clearly indicate which scenario you are evaluating and address all feasibility points listed above. Both assessments will be due Thursday, April 26th by 11:59 pm.
Proposals
Scenario 1—ATM Drones
We propose an alternative to traditional ATMs utilizing drones. The current bank app will be augmented with the ability to do basic ATM functions like cash withdraws and deposits. Once the customer confirms their transaction(s), a drone will be dispatched from a central hub to the customer’s location, the transaction will be executed, and the drone will either return to the hub or move to a different customer.
Scenario 2—Bank by Bus
Word of mouth and physical presence are two of the most important modes of advertising for retail banks. In order to attract more customers in underrepresented demographics—such as college students or lower income families—we propose creating bank-branded buses to drive to neighborhood and campus events. These buses will contain multiple ATMs and be staffed with customer service representatives able to open retail accounts. Customers will also have the opportunity to have a teleconference with a qualified financial planner to discuss their holistic banking needs.
Scenario 3—Customer Engagement and Retention Gifts
We want to boost customer adoption and retention with small, targeted gift boxes. New checking or savings account customers will be given a gift box upon opening their account. These boxes will contain a bank-branded T-shirt and bumper sticker. It will also contain a bank-branded stationary set along with a welcome letter personally signed by the branch manager. Existing customers will be sent a small gift box quarterly throughout the year. These boxes will contain small gifts such as playing cards and water bottles as well as a newsletter giving customers updates on the bank as well as markets on the whole.
Scenario 4—Bank Cafes
The needs for traditional, standalone bank branches are changing much faster than the branches themselves. We propose restructuring existing bank branches to include small cafes/coffee bars with seating for customers. Customers would be encouraged to work and relax at these cafes the same way they would at a traditional coffee shop like Starbucks. In the evenings and/or weekends, these coffee bars could even serve alcohol, incorporating business from local breweries and wineries. By socializing and fraternizing at their bank, customers will be more inclined to regard their bank brand highly. This will boost word-of-mouth advertising and customer retention.
