Critically examine how Friendly Banker Financial Services can develop and maintain friendly business relationships with their two key stakeholders for efficient and effective organisational performance.

 

Critically examine how Friendly Banker Financial Services can develop and maintain friendly business relationships with their two key stakeholders for efficient and effective organisational performance.

The foundation of a bank’s survival is the customer, and the cost of developing a new customer is five times the cost of maintaining an old customer. High-quality customer relationship maintenance, banks and customers can make a good relationship between to attract new customers, retain customers, improve customer purchasing power. Therefore, to maintain customer relationship is the inevitable choice for banks to gain the foundation for survival and development and maintain their advantages in market competition.

Create customer information file

We need to periodically check and evaluate the progress of implementation and implementation of the customer maintenance plan and adjust the plan in a timely manner according to the situation.

Service (product) always follow up

After signing an agreement with the customer, we must fulfill the agreement as soon as possible, do not allow customers to urge. At the same time, we should act as a bridge between customers and banks.

Provide excellent service

Value for money will always be the biggest selling point of the business, and “good value for money” in the bank’s customer relationship maintenance means that we start from the perspective of participating in market competition and winning customers.

Emotional maintenance, keep in touch

The end of the transaction does not mean the end of the customer relationship, we still need to keep in touch with customers after sale, to ensure that their satisfaction can be maintained.

For the employees, the organization can provide

Staff material and spiritual needs have to take into account.

Employee relationship management problems, after all, are still human problems. If managers want to retain employees’ heart, they must first grasp the “stomach” of their employees. Only by understanding what they need, can they think what employees think and what they want. At work, most of employees first pay attention to pay, managers should pay attention to take measures to effectively protect employees labor income, well-designed pay and benefit system. Not only that, managers should also pay attention to the working conditions of staff and working environment, continuous improvement. Scientific control of labor intensity, neither to allow employees to overwork and resentment, nor allow employees to do nothing, cannot reflect the value of personal work.

According to Maslow’s demand theory, when the basic material pursuit is guaranteed, people will derive a higher level of spiritual needs. In the enterprise, the performance of employees is more and more emphasis on the organizational atmosphere, eager to be respected and recognized.

The Business Dilemma

Friendly Banker Financial Services was one of the largest financial institutions in the state. It maintained an extensive branch and store network to service its diverse customer base. Even with Friendly Banker’s size, the business success of the institution was extremely dependent upon the trends in the local economy. Two years of worldwide recession meant two years of poor loans, and Friendly Banker fell into deep trouble. To limit and reduce overhead expenses, there were some extensive layoffs. A new executive management expected rapid, better results with fewer resources. Everyone at Friendly Banker feared being fired even though the Bank was inching back to improved profitability. There was still the pressure to “perform–or else.”

Chris Harris managed the six-person Branch for Friendly Banker. Fully equipped with an ATM and a freshly redesigned lobby, stood in the parking lot of a new suburban mall. The mall, anchored by a store from the largest grocery chain in the area, included about twenty different small retail stores. In addition, a major hospital was located just down the street, and a large manufacturing plant (with about 3,000 employees) was situated in a convenient, nearby industrial park. Many of the branch’s customers worked at those locations.

Chris was promoted to his current job about 18 months ago. He had been serving as an Assistant Manager at another branch in the region until that time. During the past year and a half, Chris had learned his job as a manager well. He enjoyed his work and did an effective job.

“I use to enjoy it, in any case,” he thought to himself. He was sitting at his desk, 6 p.m., looking at the night closing in. “I just wish I could leave here once before 5:30. These layoffs really hurt, the pressure is too great and no one really cares whether I’m here or not.” Chris knew he was in a bad–no, depressed–mood.

The layoffs he was thinking about had taken place six months ago, but their full impact was only now being felt. Chris’s Branch was a busy one; previously, there were nine positions authorised for it. Now, there were only six: two New Accounts positions (including Chris’s) and four tellers. One teller could alternate between the teller line and back–office duties.

The problem was that there were too many customers. Chris smiled at the contradiction. “Here the bank wants more customers, and we can’t service the ones we already have.” On almost any day at almost any time, there were three or four customers in line. It did not seem to matter that most of them simply wanted to cash a check or make a deposit: By the time they got to the teller, they were curt or rude, demanding, and sometimes hostile and aggressive.

Chris clearly remembered an incident that had occurred just two days ago. A customer had been waiting for about 20 minutes to pay a utility bill. When he finally reached the window, he started berating the tellers for being so slow, and condemning the bank for being so inept. By the time he finished, the teller was in tears. Chris remembered talking to her after he left. The teller said: “We work so hard, and no one seems to appreciate what we do. I just can’t work like this.”

Chris started to hear a lot more complaints-from everybody, it seemed. Customers complained about poor service, the tellers were complain about the pressure, and “downtown” was starting to complain about the large number of mistakes, errors, and shortages being made at the branch.

Tomorrow, Chris had to hold one of his monthly “sales meetings” with the staff. These meetings were required by “downtown.” Chris dreaded them because they always seemed to drag on and on and nothing ever got accomplished. Chris was supposed to talk about a product for 15 to 20 minutes or so, and he could envision everyone else sitting there, fidgeting in their seats or looking at the floor. There would be no questions, but there would be occasional complaints about how “we need more help” or “the customers yelling at us.”

Chris was not looking forward to tomorrow’s meeting and wondered if there were ways he could work on the real problems in the branch and produce real results from her meeting.

 

  1. Identify and critically analyse at least three motivational theories that can be applied by Friendly Banker Financial Services for enhanced organisational efficiency and effectiveness.

(2.5 Marks each, a total of 7.5 Marks)

 

  1. Identify and critically analyse three leadership styles that can be applied by Chris for enhancing organisational efficiency and effectiveness at Friendly Banker Financial Services. (2.5 Marks each, a total of 7.5 Marks)

 

 

 

 

General                                                                                                                                                    (7 Marks)

 

Format, headings and subheadings, headers and footers                                                           (1.5 Marks)

Spelling, grammar, sentence structure and appropriateness of style of writing                                   (3 Marks)

Reference list and in line citation is in 6th edition of APA style                                                   (2.5 Marks)

 

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