Internationalization of Royal Bank of Scotland - Research Paper Example

Internationalization of Royal Bank of Scotland Executive Summary Royal Bank of Scotland is looking for new market to internationalize its business since the existing market has reached its saturation point and lacks any growth in the banking industry. The company is looking forwards to expand its business to the Chinese market that will help it to ensure sustainability and growth. The suitability of the Chinese market as a prospective location for the business expansion has been analysed in this research work. This research paper is based on both primary and secondary data and is focused on finding out whether or not the market condition of the country is suitable for the business operation of RBS. A through research has been conducted on the market environmental factors as well as the responses of the customers. After considering all the relevant factors it has been found from the data analysis that China is indeed a prospective market for RBS to internationalize its business activities to ensure further growth. Table of Contents 1.0 Introduction 4 1.1 Background and rationale of doing this research 4 1.2 Aim and Objectives 5 2.0 Methodology 5 2.1 Ethical Considerations 5 2.2 Secondary research 6 2.3 Primary Research 6 2.3.1 Qualitative method 7 2.3.2 Quantitative method 7 2.4 Respondents (sampling) 8 2.4.1 Sample and Sampling techniques 8 2.4.2 Data collection methods 8 3.0 Analysis and Findings 9 3.1 Secondary research analysis 9 3.2 Primary research analysis 12 4.0 Discussion of findings 13 5.0 Recommendations 14 6.0 Conclusions 14 Reference List 16 Bibliography 19 1.0 Introduction The internationalization of Royal Bank of Scotland (RBS) has been focused in this research work. RBS has reached its maturity stage in the in the British banking industry (Marketline, 2014d). Therefore, it is looking forward to shift its business to another country so that it can ensure its sustainability. This paper tries to find out whether or not RBS can internationalize its business in China. The research has been performed with both primary and secondary data, to gather relevant information regarding the market environmental condition and consumer behaviour in China. Depending on the analysis of the collected data, a recommendation has been made that will potentially help RBS to make its strategic decisions in terms of internationalization. 1.1 Background and rationale of doing this research Royal Bank of Scotland is one of the biggest banking services companies headquartered in Scotland, UK (Marketline, 2014d). British banking industry in which the company mostly operates is characterized by high level of saturation owing to the presence of several well established banking and financial firms (Marketline, 2014b). The performance of the UK banking sector is not so promising, which is reflected in the slow but steady downfall in the industry valuation. Between the years 2009 and 2013, the compound annual rate of change (CARC) of the British banking industry is -1.7% (Marketline, 2014b). This suggests that the probability of any growth in the industry is not very prospective. In the light of the industry life cycle, it can be stated that the entire banking sector of UK has reached a maturity stage and is probably moving towards the decline phase. Due to the unpromising condition of the UK banking industry, it is prospective for banks like RBS to look for other growth options, one of them is to relocate or internationalize to a different market (Andrade, 2014; Walder, 2002). This rationale of this research work is to highlight how a major and well established firm like RBS can seek out for the prospective opportunities in a different market location (Mallee and Pieke, 2014; Rask, 2014). This paper will also help the reader to understand the environmental condition of banking industry of China and how RBS can leverage that to ensure its sustainable development in the Chinese banking Industry (Marketline, 2014c; Aharoni, 2014). Moreover, it also covers the determinants of internationalization and what a firm needs to address before moving its business to a different market. 1.2 Aim and Objectives The aims and objectives of this research work has been underpinned in this section, that will act as an overview of what the research work is trying to achieve. To assess the environmental condition of the banking industry of China based on PEST analysis. To determine the strength, weakness, opportunities and threats from the environmental analysis of the Chinese banking Industry. To find out how Royal Bank of Scotland can leverage its internal position and the environmental condition to enter in the Chinese market. To arrive at a recommendation for the company based on the analysis of the gathered data. 2.0 Methodology The methodology of a research work highlights the process of the research work and how the researcher will attempt to fulfil the research aims and objectives. The methodology includes how the data required for the research work has been collected, what are the data sources used and also the relevance of the collected data. It gives an overview to the reader on how the research has been pursued (Sekaran and Bougie, 2010). 2.1 Ethical Considerations Every research work is faced with certain ethical issues and the researcher is expected to follow the ethical means to conduct his research (Somekh and Lewin, 2011). While pursuing this research work the researcher has ensured that all the research has been conducted in an ethical manner. The researcher has not followed any unethical means such as plagiarising another work, coercive methods of data collection, or any data manipulation. There were certain issues faced by the researcher during the data collection procedure, mostly in the primary data collection. Some of the respondents were cautious in giving up information regarding personal banking choices. Despite of this hindrance the researcher has not exerted any force on the respondents to extract data. Moreover, the purpose of the research work has also been clearly addressed to the respondents to give them a clear idea that their personal information will be kept classified and will only be used for academic purposes. Moreover, this research work follows all the rules and regulations of the University, so as to ensure high academic quality. 2.2 Secondary research A secondary research is the one which has been conducted with data collected from secondary data sources, such as journal articles, books, credible internet websites, etc. The secondary data sources also include any previously collected historical data that has been used in a research work (Saunders, Lewis and Thornhill, 2009). The secondary research comes with both advantages and disadvantages. The secondary research allows the researcher to gather ample amount of data in a very less time (Lancaster, 2012). Data searching is also easy owing to the advent of internet. Books and Journals are also easily available at libraries, which reduces search cost and effort. Due to the much less data collection time the research work can be completed in a shorter time span. However, there are also certain disadvantages of secondary research. While conducting a secondary research, the researcher gets completely dependent on someone else’s findings (Bryman, 2006). Thus, the research work gets limited to the availability of the data. The researcher always cannot rely on the authenticity of the collected data, because the owner of the paper may have conducted a faulty research. Moreover, the secondary data always reflects the scenario of the past and thus the researcher cannot utilize data that constantly changes over time such as market data or company data. The secondary data used for this research work has been collected from journal articles and credible internet sources reflecting the scenario of the banking industry in China and its market environment. Secondary data collected from the internet highlights the political and economic scenario of the home as well as the host country. This has helped the researcher to portray a contrasting insight between the British and Chinese banking sector, which has been used to justify the strategic decision of RBS to internationalize its business operations. 2.3 Primary Research The Primary research is the one that has been conducted by using primary data collected directly from the respondents. The Primary research conducted for this research work has been done by using an online questionnaire which is focused on collecting the required data for the research work. The questionnaire collected consumer response on the grounds of their income status, their level of interaction with the bank, their level of satisfaction with the banking services, the determinant of that helps them to choose a bank, etc. 2.3.1 Qualitative method The qualitative method of analysing the primary data is based on the subjective judgement that does not involve any calculations to perform. The qualitative method gives an apparent view of what the data depicts. The qualitative approach mostly deals with non-quantifiable data that does not involve any type of calculations (Toloie-Eshlaghy et al, 2011). The main advantage of the Qualitative analysis is that the data itself are quite self explanatory and does not require any statistical tool or complicated calculations. This as a result makes it easily interpretable by the reader. It also helps to answers complex questions that cannot be examined by quantitative data. On the other hand, the over dependability on the subjective approach leads to several problems on the procedural ground. Subjective studies are always prone to the researcher’s biasness. Moreover, qualitative researches are not preferred by “classical” researchers (Saunders, Lewis and Thornhill, 2009). 2.3.2 Quantitative method The quantitative method of research deals with quantifiable data or numbers, which needs to undergo rigorous calculations for deriving meaningful information from them. It helps to explain a particular phenomenon by collecting numeric data which are analysed by using statistical tools or complex calculation. Thus the quantitative method is solely focused on collecting numeric data collected from the respondents as opposed to qualitative methods. Moreover, as opposed to the subjective approach of the qualitative methods, the quantitative approach takes a “realist” approach Lancaster, 2012). The advantages of the quantitative approach allow the researcher to conduct an in-depth analysis of a situation. It gives a clear definition and relationship between the dependent and independent variables in the collected data. It allows testing certain hypothesis in a statistical approach which is more credible and convincing to the readers. On the other hand the main disadvantages that this approach has is that it sometimes overlooks the main context of the study and it also tries to analyse a situation in a hypothetical and controlled environment which as a result does not give a practical approach to the research work (Sekaran and Bougie, 2010). Moreover, in order to analyse the quantitative data, the researcher needs to go through rigorous calculations which can be time consuming and much more effort taking. Only a certain number of readers may be comfortable with quantitative and statistical analysis, which as a result limits the usability of the research work. 2.4 Respondents (sampling) The respondents are the individuals from whom the primary data has been collected for the primary research. 2.4.1 Sample and Sampling techniques A sample is a group of respondents selected from a huge pool of individuals called Population. This allows the researcher to have a small and easily manageable group of respondents to gather the primary data (Saunders, Lewis and Thornhill, 2009). In order to conduct this research the researcher has taken a sample size of 400. Out of the 400 sample size 380 respondents reverted back with a proper reply. Rest of the respondents either did not reply or submitted an unusable incomplete data set. The sampling has been done in such a manner that the sample group is as homogenous as possible. The method of random sampling has been adopted so that there is no biasness in the gathered data and the research will come up to be more accurate. The high level of homogeneity in the sample size has given the researcher a close representation of the entire population to work with. Thus it can be assured that the sampling process has led to an unbiased test result without any levels of fallacy. 2.4.2 Data collection methods The primary data for this research work has been gathered by using a questionnaire as a survey tool. The questionnaire was focused on collecting personal data based on individual preferences and behaviour and their perception and expectations from the banking services. The respondents were given an online questionnaire to fill up (Lancaster, 2012). The researcher was able to reach out to a large number of respondents by using online questionnaire. Moreover, the online format also allowed the respondents to easily submit their responses just by a single click. Advantages of Questionnaire survey The questionnaire survey offers the researcher a more practical approach of data collection. Data collection can be conducted in a cost efficient way through online distribution. The responses can be easily analysed by statistical tools. The questionnaire allows the researcher to ask the exact questions that is needed to complete the research work (Saunders, Lewis and Thornhill, 2009). Disadvantages of Questionnaire survey Filling up a questionnaire can be tiresome at times, which as a result can cause fallacy form the respondent’s end. The respondents can deny filling a long questionnaire or he can think of it as his waste of time. Some of the respondents may be hesitant in giving out personal data and can provide falsified data (Bryman, 2006). 3.0 Analysis and Findings This section highlights the analysis and finding of the gathered data. 3.1 Secondary research analysis Data about China Banking Industry The banking industry of China consists of organizations offering financial services like loans, mortgages, savings accounts and several financial products to both commercial and business customers. In the past five years the Chinese banking industry has recorded a steady growth. The Compound Annual Growth Rate (CAGR) from the financial year 2009-2013 is 17.1 % (Xiaochuan and Li, 2014). As of 2013, the Chinese banking industry has been valued at $ 24,613.4 billion which is a 14.1% growth from the previous year. Moreover, it has also been forecasted that the industry will continue to grow although at a slightly reduced rate of CAGR 10.8% from financial year 2013 to 2018. These figures suggest that the Chinese banking industry is in its growth phase and is likely to remain as such in the next five years (Marketline, 2014c). In the Chinese banking sector is mostly dependent on the business of Bank Credits, which alone accounts for almost 31.7% and is valued at $ 7,801.2 billion. This is followed by Trading Assets at 25.4%, Inter-banking Loans at 21.8% and Cash Assets at 16.6 % and other assets at 4.5%. Figure 1: Category segmentation of the Chinese banking industry Source: (Marketline, 2014a) In terms of sector valuation among the entire Asia Pacific region the Chinese banking sector also holds the number one position. The Chinese banking industry constitutes of 21.3% of the Asia pacific sector, which is followed by Japan at 21.3% and South Korea at 5.2%. This suggests that the Chinese banking industry is quite lucrative owing to its steady growth and major dominance over the Asia Pacific market. It has been forecasted that by the year 2018 the Chinese banking industry is likely to reach a valuation of $ 41,100.3 billion which records a 67% increase from year 2013 (Marketline, 2014c). The banking and financial activities in china is controlled and overlooked by the China Banking Regulatory Commission (CBRC). This commission acts as a regulatory body that ensures that the financial and banking firms are commencing their business following all the legal and ethical measure which is in favour of the citizens of China (Jun, 2001). The primary objectives of the CBRC are to ensure that there is a fair competition in the industry and that no firm is running a monopoly business and exerting pressure to the peer firms. The supervisory mission of the CBRC is to protect and look after the interest of the customers and investors to maintain a level of public confidence (CBRC, 2013). The market environmental condition of China has been assessed by using the PEST analysis. It assesses the environment of the country in terms of the political, economic, social and technological factors. Political: For more than 60 years the Communist Party of China (CPC) has been leading the country. It acts as the country’s sole political party and is capable of exerting sufficient force to directly influence the legal framework and business regulations of the country. It also governs the cross border relationship with foreign countries (Wenfeng, Chongfeng, and Xiaowei, 2008). China has build business relationships with most of the developed as well as developing countries including UK and US. However, its relationship with Japan, Vietnam and Philippines is quite concerning (Marketline, 2014a). This suggests that in order to enter in to the Chinese banking industry, RBS needs to make a healthy relationship with the dominant political party, CPC. Moreover, the good relationship with the British government will help RBS to enter in to the Chinese market without much hindrance (Carlos and Davila, 2012; Shi, Markóczy, and Stan, 2014). Economic: Over the past three decades China has recorded a very strong growth in the national economy. The economic strength has been derived from building a strong a national competitiveness which is driven by the economies of scale and low cost labour market. The financial sector in China is one of the most tightly regulated sectors in the world (Zhong, Yan, Xiaokang and Minggao, 2009; Yao and Chang, 2014). The Chinese government controls the interest rates and other regulatory activities. Thus the business prospects of RBS may be limited in terms of offering unique value propositions on the grounds of deposit rates. However, the government is attempting to liberate the banking and financial sector in the near future which will allow RBS to enjoy freedom of business (Chow and Perkins, 2014). Social: The Social structure of China indicates that the poverty level has gone down and at the same time the growing population of the country has been creating a significant problem for the nation (Ebrey, 2014; Xie and Zhou, 2014). However, the “one-child” policy has reduced the reduced the population growth rate, but it has also increased the number of the aging population. This as a result may prove to a limitation to the customer base of RBS (Marketline, 2014a). The declining poverty level has also increased the customers’ propensity to invest and deposit in financial products. Technological: China largely invests in several R&D projects and the country also houses several R&D institutions. It has also fostered good influence in the science and technology field owing to the R&D collaborations with more than 150 nations (Tian et al, 2014). This suggests that RBS can leverage the high technological availability to run its banking operations securely and efficiently (Marketline, 2014a; Wong, 2001). 3.2 Primary research analysis The primary data collected from 380 respondents reveal a lot about the consumer behaviour and the potential customer base. The data collected from the primary research reveals the following information. There is a significant gender imbalance in the Chinese population with the male population exceeding the female population. According to the conducted survey, the male constitutes of 56% while the female constitutes the remaining 44%. The age segmentation of the population reveals that aging population is quite high which accounts to over 21%. However, the younger population ranging from age 30 to 40 years constitutes of 20% of the population. This indicates towards an increasing ratio of aging population in the country. The income structure of the Chinese population suggests that around 29% of the citizen earns in between 4000 RMB to 8000 RMB, 26% of the population earns in between 8000 RMB to 12000 RMB and 19% of the population earns more than 12000 RMB. This suggests that the overall income status of the Chinese population is fairly good. The occupation segmentation of the Chinese population suggests that the majority of the population that is 26% of it is engaged in financial industry, which is followed by the IT sector which constitutes 20% of the population. This suggests that the company can leverage the high number of people working in the financial sector to build up its employee base. According to the survey results it has been revealed that a large number of population make regular visit to the banks. 31% of the population visits their bank once or twice a month and 42% of the population visits three or four times a month. This indicates that a large number of the population are quite interested in banking activities and asset management. The banking activities conducted by the customers mostly include savings and withdrawal which accounts for 36% of the population, which is followed by the financial planning adopted by 21% of the population. It has also been revealed that a large number of the population operated through ATM machines and Bank window as compared to online and mobile banking. Moreover, more than 40% of the population has a fairly good knowledge base regarding the financial market and banking activities and 47% of the total population is fairly fascinated in investing in financial products. The preference of financial products is mostly over funds and bonds, which constitutes of more than 50% of the population and 25% of the population invests in stocks. Moreover, the low investment in the insurance products suggests that the country is quite under insured. The satisfaction level of the customers with the banking services of the existing banks is quite high. 67% of the population does not have much knowledge about foreign banks. However, 47% of them have admitted that they will consider purchasing financial products from a foreign bank. Although a majority of the population (63%) have mentioned that they perceive a certain degree of financial risk in investing in financial products. Finally large number of the population chooses a bank based on reputation, safety and ease of access. 4.0 Discussion of findings From the findings mentioned in the previous sections it can be stated that China is a prospective market for RBS to open its business activities (Ziyi, 2005). The strong financial structure of the country suggests that there is very little chance of bankruptcy or defaulting of loans. Although the government has a tight grip over the banking regulations, but the recent attempts to liberalize the banking sector will largely help RBS to conduct its business freely. The age group indicates towards an increasingly aging population, which may narrow down the customer base of the company, but it will be compensated by the high population level of the country. Moreover, a large number of the population has a fairly good knowledge about the financial products, so it will be easier for RBS to communicate with the customers regarding its product offerings. However, a majority of the population lacks the in-depth knowledge about the international banks; therefore the company needs to invest extensively in advertisements to create brand awareness. The people also show great interest in banking and financial activities. This can be leveraged by the company to sell its banking services. Moreover, RBS also has an experience in the financial sector form more than three centuries, which will help to attract the customers who seek for brand reputation and safety. It has also been found from the survey that the customers are quite satisfied with the existing banking services. This as a result may pose to be a barrier to entry for a new entrant like RBS. Moreover, the low investment level on the insurance product suggests that there is growth prospect in this sector and the RBS can delve in to it. Most of them are interested in secured investments like funds and bonds; however the interest in stock investment is also increasing gradually. RBS must keep this in mind while offering its financial services. 5.0 Recommendations From the above analysis and findings it can be recommended for RBS that the company should enter in to the Chinese banking industry owing to its growth and fairly high customer preference in financial products. However, the company must follow certain strategies to run its overseas business operations. RBS must create a health relationship with the ruling political party to avoid any political dispute. Since the banking sector of the nation is highly regulated, so the company must ensure that it follows all the regulations strictly. Since the use of ATM and window services is quite high in China, so RBS needs to install a large number of ATM machines and open several branches to meet the demands of the customers. The company should also make aggressive advertising about its entry in the Chinese market so that the customers can have a good awareness of the company’s arrivals and their USPs. 6.0 Conclusions The internationalization of a firm is essential for its sustainability by extending its life cycle. The high saturation of the British Banking industry has limited the growth opportunities of RBS. Moreover, the steady decline of the industry also suggests that the industry has reached its maturity stage and is slowing moving towards its decline. Thus in order to sustain the business, RBS must move its business operations to a foreign market where the industry is growing. Owing the rapid and steady growth of the Chinese banking sector it has proved to be a good option for RBS to internationalize its business. Moreover, the research has found out that the market environmental structure and the consumer behaviour and their expectations will bring prospective opportunities for RBS. The company must ensure that the service offerings are designed based on the consumer preferences and needs. The need based marketing will help the company to gain the trust of the customers thereby gaining a competitive advantage over the existing firms. 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