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HISTORY
Incorporated in 1967 through the merger of 4Danish banks. The mid-Jutland area: Silkeborg Bank, Kjellerup Bank, Kjellerup Handels- og Landbobank and the Handels- og Landbrugsbank in Silkeborg. Recognized at most differentiated and unremarkable bank. But in mid 90s, the change process lost its differentiating characteristic. Till 2003, Jyske bank has maintained the highest number of satisfied customer.
Questions????
Q: As of the mid-1990s,what was Jyske Banks competitive positioning, that is, what did it do for customers relative to its competitors? Q: As of 2003, what was Jyske Banks competitive positioning? Q: What did Jyske bank change to enable it to deliver its new competitive positioning? Q: How did Jyske Bank implement those changes?
Strategies (Tangibles)
MID 1990S 2003 One employee for a group of customers A customer allotted to a group of bankers Round tables, computer visible, no longer a dais, play place, caf outlet, specially designed meeting rooms, change in interiors.
Servicescape
Strategies(Intangibles)
MID 1990S 2003 Training provided to employees A long procedure before process could be computer Training provided to employees The procedure is highly reduced for better services.
Services 7 Ps
PROCESS
Employees Customers
Other tangibles
Value Added
Cutting Edge
Cutting edge
Technology Similar
Value added
People: Being nice to customers Making time for customers Caring about customers.
Incentives
Service Differentiates
Process: Traditional product selling to customer solution approach. Delivery of financial products changed. Employee centric
Incentives
Empathy
Tangibles Product Quality Customer Satisfaction Customer Loyalty
Price
Personal Factors
Service Quality
Responsiveness
According to the Companies core values published for the three major stake holders, Reliability comes under value (1) Common Sense >> With both feet placed firmly on the ground, we think before we act<< Consider common sense our best guide Apply common sense when solving problems and meeting daily challenges Allow common sense to override awkward customs and routines Take action whenever we encounter examples of bureaucratic and routines Observe existing rules and regulations Accept that control measures are necessary to a certain degree Generate satisfactory short and long term financial results by pursuing sound business practices Apply common sense whenever we incur group expenses
Service Quality
Assurance
According to the Companies core values published for the three major stake holders, Reliability comes under value (2) Open and Honest >> We are open and honest in both word and action<< Keep each other up-to-date on relevant matters, and do not misuse information obtained in the course of our work Restrict the degree of openness only by business considerations or by considerations for other stakeholders Respect agreements entered into and do not betray the banks confidence Strive towards making important decisions concerning individual employees on the basis of constructive dialogue Communicate openly about the mistakes we make and the problems we encounter Accept that mistakes are made, that they are corrected, and that focus is then on learning from the process Listen openly to new ideas and constructive criticism
Service Quality
Empathy
According to the Companies core values published for the three major stake holders, Reliability comes under value (3) Genuine Interest and Equal Respect >> We demonstrate insight and respect for other people<< Recognize that no two people are alike Seek lasting relations with shareholders, customers, and employees Offer qualified advice matching the financial needs and requirements of each customer Have job security based on mutual obligations and that we pay attention to individual and personal needs Allow the highest possible degree of personal influence on assignments, working hours, and place of work
Service Quality
Reliability
According to the Companies core values published for the three major stake holders, Reliability comes under value (4) Be efficient and persevering >> We work consistently and with determination to reach our goals<< Use JB 2005 (the banks core values) as a guide in our daily work Are not blown off course because of external circumstances Adopt an organization which promotes efficiency Consider security important Are convinced that efficiency increases with the level of personal responsibility Allow employees to assume personal responsibility for day-to-day decisions even when the basis for decision making may not be 100% perfect Acquire the level of skills required through personal and professional development Act on the basis of competence rather than organizational charge Support our decisions by well-founded arguments, working hours, and place of work
Product Quality
New IT systems helped employees take customers through processes to determine their needs and find appropriate solutions E..g : Determining the style of investment products based on risk aversion, time frame and return goals customized for a particular client 98% of the loans processed at regional office itself Smaller loans provided almost instantly Larger loans approval time reduced from 3 weeks to 10 days
Price
As delivering this type of service was expensive, the bank charged a slight premium Targeted to customers who were less likely to represent a credit risk Expectations regarding price and terms were more often included in the application
Service Quality
Tangibles & Intangibles Accounts Teams Branch Design Details Empowering the branches
Tangibles
Account Teams 1. Caring about customers as individuals Branch Design
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Intangibles
Empowering the branches 1. 2. Improved customer experience Quality of information and hence quality of loans improved
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4.
Intangibles
Empowerment throughout the Bank 1. 2. When in doubt, ask Working hours and vacation
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