Essays on Operational Problem of City National Bank Case Study

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The paper "Operational Problem of City National Bank " is a good example of a business case study.   My Consideration is an industry with the highest rate of competition, banking. Banking involves offering financial services to customers in a well-defined manner. With the increasing level of competition, investors are looking for more than financial partners and banking services (Williams 111). It is from this background that led to the establishment of the City National Bank (CNB) to offer financial services to esteemed customers at very affordable rates. The bank offers services like opening savings and retirement accounts, mortgage services, numerous consumer loans, credit cards, and financial management.

Furthermore, the bank creates a well-established business environment for the customers to ensure efficiency and enhanced customers’ confidence (Petri 97). Many duties performed by the bank are in line with organizational objectives, mission, and core values. Organizational objectives of CNB include promotion and development of banking principles, which attract the customers, initiation of advance planning for the introduction new services in the banking industry, protection of the good image of the bank for good public relations, and encouragement and training the staff to ensure the provision of quality services to the customers. In order to counter the escalating rate of competition, the bank has established several unique services like mobile banking and e-statement for the customers (Keen 121).

These services ensure efficiency and reduction in time consumption while visiting the banks. Moreover, the mobile payments offer the account holders a chance to pay the utility bills through this service, hence, increasing efficiency in all its operations. Technology is a factor which continues to shift most of the services offered by the bank.

To this regard, the bank also supports clients with innovative technical programs. Investing in the latest technology ensures a reduction in the cybercrime which is the biggest problem faced by the bank. It involves hacking into the bank’ s system and stealing from different accounts posting problems related to ledger balancing (Lee 110). The bank’ s organizational context and elements are also major contributors to success. These elements include the size, geographical and service scope, and good public relations. The firm is smaller in comparison to other banks; however, it has consistently shown signs of improvement due to few customers involved with the business.

The culture of the bank encourages inbuilt flexibility and value (Velupillai 367). Cybercrime within the bank Cybercrime is one of the major problems faced by banks globally. Many countries are implementing strategies to help protect financial institutions from this malicious act from hackers, which is growing to become the greatest risk within the financial sector. Before 1990, the banking industry ran its activities in a simple and reliable manner; though, since the inception of technology, this industrial sector experiences a paradigm alteration in the phenomenon.

It represents operational challenges of its own as it perpetrated by the criminals, terrorist organizations and state-sponsored actors. Contrary to other types of robbery, cybercrimes involve stealing directly from the banks directly through the system instead of stealing from the bank’ s clients (Hensden 119). According to CNB, the hackers use ‘ spear phishing’ technology that involves careful designing of emails addresses with the aim of tricking the employees to open malicious software programs. Consequently, this offers them an opportunity to access the internal network of the administrator’ s computers.

Additionally, such accessibility offers hackers a chance to view video surveillance of the whole administration. Upon familiarity with the bank’ s operation, the hackers employ this knowledge acquired from the surveillance to steal without raising any suspicion from the banks. Stealing approaches varies depending on the convenient method for hackers. Some hackers, through their software programs, flush out money from the automatic teller machines (ATMs) at specific times when the course is clear (Debachi 21). Differently, other hackers create fake accounts in which they transfer money to after stealing.

Globally, many banks are losing lots of money-making cybercrime a major issue that requires a faster solution. For examples, CNB lost $ 7.5 through ATM deceptions and $ 11m through online banking platform to the hackers in 2004.

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