Professional Documents
Culture Documents
Jyske Bank v1.3
Jyske Bank v1.3
TANGIBLES
Mid 1990s 2003
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. Friendly images of employees.
INTANGIBLES
Mid 1990s 2003
Training provided to employees The procedure is highly reduced for better services.
SERVICES 7 PS
Word of Mouth Premium target Half of what others do Not much Differentiation
PROCESS
Employees Customers
Other tangibles
COMPETITIVE POSITIONING
OUT OF THE BOX SERVICE
Cutting Edge
Value Added
CUTTING EDGE
Technology Similar
Delivery Significant Difference a) Tools developed Customer Needs Identify b) Tools + People Cutting Edge
VALUE ADDED
People: Being nice to customers Making time for customers Caring about customers. Focused at niche market Training in team building and customer service. Empowerment to employees. Incentives
SERVICE DIFFERENTIATES
Process: Traditional product selling to customer solution approach. Delivery of financial products changed. Employee centric Empowering employee for decision making Training Commitment Incentives
Providers
Customers
Company (Management)
Reliability Responsiveness Assurance Empathy Tangibles Product Quality Customer Satisfaction Customer Loyalty Service Quality Situational Factors
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 (4) 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 (5) 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
SERVICE QUALITY
Tangibles
Reliability Responsiveness Assurance Empathy Tangibles Product Quality Customer Satisfaction Customer Loyalty Service Quality Situational Factors
Price
Personal Factors
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
TANGIBLES
Account Teams 1. Caring about customers as individuals Branch Design 1. Customer interaction with bankers 2. Caf: Customer feels welcome 3. Round tables: Equality 4. Screen visible: Openness 5. Home like meeting rooms 6. Better photographs: Old family like
BEHAVIOR
Individual Behaviors
Physiological
INTANGIBLES
Empowering the branches 1. 3m to 15m to 30m 2. Below 90m to Above 90m 3. Improved customer experience 4. Quality of information and hence quality of loans improved 5. Acceptable to customer as well as bank 6. Improved branch credit skills, no incentive to make poor loans and robust internal auditing function
INTANGIBLES
Empowerment throughout the Bank 1. When in doubt, ask 2. Working hours and vacation 3. Spend what you need to spend 4. Telling what is expected and checking behavior
Frontline Employee
Frontline Employee
Frontline Employee
Frontline Employee
Supervisor
Frontline Employee
Frontline Employee
Frontline Employee
Frontline Employee
Supervisor
Manager
INTANGIBLES
Selection 1. Social Abilities 2. Service Mindedness 3. Compatibility with Jyske Values 4. Openness 5. Genuine interest in other people Incentives 1. Stock Incentive 2. One time incentive 3. Raise incentive
INTANGIBLES
Support Systems 1. RAROC 2. Employee Satisfaction 3. Customer Satisfaction Communication 1. Strategic Meetings: Communicating Change 2. Video tape illustrating Jyske Differences
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