People's Banks
Critically analyze the strategies adopted by Dinesh to retain the leading position.
The hard work and determination of Dinesh, who joined the branch as branch head in June 1998 helped to create a successful business. He went in with one focus, which was to grow the banks probability margin and make it successful as he could. Taking note of new technological advances and innovations at an early start helped to establish ideas of services that would help to establish their place at the top of the sector. The Multi-programmed strategy set into place by Dinesh helped to save the bank from an otherwise different outcome, into a profitable success.
A very important strategy that every business must have on point is their customer service. Without the presences and happiness of customers your business will slowly fail and soon a business will not exist. Dinesh saw this important aspect and made it a strategy to improve, if he wanted the bank to succeed. He decided to established high service standards and took the complaints from the customers seriously. The idea was to send the customer away happy, because the word of mouth is a very powerful tool that can make or break a business's reputation. Customer service can provide a business with a foundation for growth. Bonuses, promotions and price...
The strategy of customer service was also important in saving current a future accounts with the banks. They wanted to do this by reducing the cost of resources for the customers. If customers feel that they are not getting more bang for their buck in the form of lower interest rates and higher returns, many will feel they are wasting their time with one bank and move to the next. Hence the important of customer service and making the customer feel that they are top priority and their interests comes first.
Another strategy that contributed to the success was the change in focus from the corporate to the retail segment. With this change Dinesh was able to give customers more options for their banking needs, as well as build the banks profitability margin. "In return it resulted in the increase of the retail share segment from 15% to 50% and corresponding reduction in the corporate segment from 85% to 15%." Dinesh took note of the technological advances being made around him and decided to take advantage at an early start. As the world evolves and new innovations are put into place, businesses need to stay on top of everything in order to beat their competition. Consumers will go where they feel a bank…
