Adapting to its evolving needs means being prepared to embrace the latest customer service channels.
The managers knew that if they were to stay true to these values that they would have to change their conservative position of the past and become a service driven and customer innovative bank within the competitive banking sector. The bank managed to achieve its new customer orientated position based on three fundamental areas: The bank with the help of a consultant conducted market research into their primary target market.
In addition, Jyske bank concentrated on service innovation and developing tools to support solution based service delivery.
IT systems helped employees take customers through processes to determine needs and find solutions. To avoid higher costs of maintaining certain customers, Jyske bank utilized demographic segmentation to it benefit.
They also charged a higher premium and targeted only customers less likely to be a credit risk. What changes did the bank make to get its new position?
What effect did these changes have? For getting the new position, the Jyske Bank changed its both tangible aspects and intangible aspects, which lead a positive change in the mind of customers. This required significant changes to both tangible and intangible aspects of the bank.
The bank began offering a more personalized service to its customers by assigning each customer a branch employee. Overtime, managers saw that this created problems due to nature of the branch employee job to serve many customers and therefore could not dedicate individual attention to one employee.
The solution was more efficient customer orientated account teams, where each customer was dealt with by a small team of branch bankers on an individual one to one basis. In terms of branch design, the bank spend million to physically re-design its branches, so it looked more like a advertising agency or a small hotel and changed the way customers interacted with bankers Zeithmal, Bitner and Gremler The smaller details is what differentiated Jyske bank the most.
For example, hiring a professional photographer to take photos of bankers business cards and then editing the photos slightly with a yellow tint, to give a more family feel gave the notion that bankers were part of the community just like a customer and not someone in authority wearing a uniform.
Before any branch was redesigned, all staff took part in special training sessions such as teambuilding and customer service sessions, drawing on best customer practices from the retail sector.
Jyske management strongly believed that value is created through decisions and encouraged empowerment of not only employees but also of the whole branch, with the managers to set the example through their leadership and management style.
This service was at the cost of the bank branch if they needed it, but was not compulsory. In your Opinion Can Jyske Bank sustain its growth and success?
Would you invest in jyske bank? Choose Type of service.Case. Study HISTORY Incorporated in 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 , Jyske bank has maintained the highest. regardbouddhiste.com is the #1 destination for professionals seeking streaming and online video industry news, information, articles, directories and services.
Jesse Bank’s competitive differentiation strategy was born out of its Values and differences’ discussed in the case Exhibit 4, which emphasized equality, transparency, honesty, respect and efficiency.
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