The paper 'A Bank-Active in the Banking Industry' is a great example of a financial and accounting term paper. An organization is a group of individuals who have come up with different interpersonal skills and knowledge to achieve prescribed objectives and goals. The organization is discussed in this paper is a bank- active in the banking industry. Organizations MissionThe mission of the bank is to enhance well-developed integrity and financial strength through the provision of quality and superior financial services, products, and providing support to the communities in the business environment, providing a professional working environment with job opportunities for the growth of the staff, and providing better rewards for the shareholders of the bank. Organization GoalsThe organization (the bank) had the following goals: the bank needed to expand in the region through branch expansion, the bank also plans to double its profit margins after every for years, to improve the control environment, the bank focuses on reducing the cost management ratio from 67% to 40 % by 2013, implementation of risk management and core banking system, making an effort of improving the capacity and quality of the people in the business environment by building high performance and cohesion teams, be an admirable bank in the region, develop a robust and tested business continuity plans( BCPs), strengthen and rationalize the brands so as to win consumer preferences, and consider diversification to other services and products like stockbroking, housing finance, unit trust, and investment banking. The combination of the mission and the vision of the bank is the string to its success in the region, making its competitors have a difficult time winning the clients/ customers thus a good mission and outstanding goals are the drives to the bank's success. Banks StrategiesAs a banking business, the bank gets its money on the profits from the loans given and the bank deposits that the bank maintains (Abernethy, 19).
Today, customers have a large pool of banks and credit unions to choose from. In the market arena, there is a competition that is to be overcome thus different banks use different strategies to survive. The following were the strategies used by my bank of choice: Community Marketing The bank uses tailored local marketing strategies to serve the community in which it is located.
Though small the bank is a consumer bank in the region-banks were customers feel comfortable and safe. The bank has employed its employees from the local community who can speak English and the local language. With reference to its goals, the manager has been further instructed to meet the local community’ s needs and demands. Through this, the bank has attracted a larger percentage market. Product BundlingProduct bunding is a successful strategy employed by the bank it consists, free checking of accounts for those using savings account.
The bank has also re-engineered a creative bundling solution whereby credit facilities such as mortgages are given to the clients when the interest rates are low or when the community is seeking to consolidate debt. Pre-Approved ProductsIt’ s believed that consumers readily accept something that they are assured of getting or that they are already approved of it. Buying from this idea, the bank has been identifying customers with positive credit and banking trends. The potential clients are sent pre-approval letters to notify them of their eligibility for getting bank credits.
Abernethy, M. A. (1995). The impact of manufacturing flexibility on management control system
design. Accounting, Organizations and Society, 20, 241–258.
Barab, V.P. (2009). “Through a Glass Less Darkly,” Journal of the Kenyan Statistical
Association, Vol. 5, No. 41, pp. 13-18.
Burns, T.(2006). The management of innovation. London: Tavistock Institute.
Molyneux, P, (2003). Foreign Direct Investment in the Real and Financial Sector of
Industrialized Countries. Berlin: Springer Verlag