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Casestudy of banks R us - Case Study Example

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Case study of ‘Banks R Us’ Strategic performance management encompasses the process of systematically steering an organization in line with its mission, aims, and strategies. Key performance signs and vital success factors are used to measure strategic performance…
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Casestudy of banks R us
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Download file to see previous pages Strategic performance directly influences strategic goals; hence, it is even more critical to an organization’s success. On the other hand, operational performance management is defined as the alignment of all business units / functions of an organization to accomplish core business aims of an organization. Organizational performance is measured against standard rates of effectiveness, productivity, efficiency, regulatory compliance and other such indicators. Banks R Us had primarily focused on deposits, withdrawals, and loan facilities by creating brand loyalty. It thrived by providing a low fee as well as a highly personalized realm of banking services. Nonetheless, the low profit margins prevented large-scale growth for the bank. However, with escalated financial competition and emergence of Internet banking, the strategic performance of Banks R Us deteriorated. This is evidenced by a downfall in market share and operating profits. Thus, new strategic goals and plans are being established in order to enhance strategic performance once again. The new strategic goals are two-fold: to widen the current customer base by provision of a variety of financial products and to reduce transaction costs for all customer segments. Strategic goals can be accomplished through successful strategic performance. The success of strategic performance lies entirely upon improvement in operational performance. ...
As more and more customers are provided customized services, the inflow of cash to the bank is expected to increase. In addition, the introduction of Internet banking as currently servicing 80% customers is unprofitable; hence, strategic performance is poor and needs improvement in this area too. Moreover, strategic performance needs to be focused on changing the previous image of Banks R Us as a transactions processor of cheques and deposits to a novel image of an excellent financial advisor. The basic contention is to make the bank as attractive as possible to existing customers as well as potential customers. The bank lacks ‘good advertising, good location, and word of mouth’ as quoted by general manager of operations, Pamela Andrews. Therefore, strategic performance should take the marketing aspect of banking into account. Banks R Us needs to transform the perspective of customers of not being a ‘logical source for products like managed funds, superannuation funds, insurance and financial advice’. Operational performance should involve advertising through various channels, employment of financial product specialists and provision of advisory services to build customer confidence and alter the previously held image. Industry data has revealed the existence of two market segments. The first are interested in the lowest priced personalized services of standard financial products such as savings, loans and withdrawals. Market statistics suggest that Banks R Us’ strategic performance is appreciable in this segment; however, slowly they need to encourage these customers towards Internet banking for reaping even greater profits. The other market segment comprises of customers interested in purchasing all kinds of ...Download file to see next pagesRead More
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