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Commercial Customer Service at Bank One

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16 diapositives · 214 Views · Jan 07, 2020

Explore the background, issues, SWOT analysis, HR challenges, recommendations, and implementation strategies to improve commercial customer service at Bank One. Discover key strategies, such as restructuring compensation and implementing TQM to elevate service excellence.

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Commercial Customer Service at Bank One
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  1. Commercial Customer Service at Bank One www.assignmentpoint.com

  2. Background • Theme • Issue • SWOT Analysis • HR Issues • Recommendation • Implementation Snap Shot Of Our Topic www.assignmentpoint.com

  3. Background • Commercial Customer Service at Bank • One is • the Middle Market segment of the Commercial Banking line of business of Bank One’s Southwest region • the sixth largest bank holding company in the United States, with assets worth over $260 billion • and 74000 states • leading provider of lending, treasury management, and capital markets products to Middle Market businesses and corporations www.assignmentpoint.com

  4. When it bought First USA in 1997, Bank One became the third largest credit card issuer behind Citicorp and MBNA. When acquiring banks to add to Banc One’s portfolio, McCoy usually let the local managers stayon and continue running the bank the way they had in the past. He avoided centralizing the management of his new acquisitions. By regional practices prevailed wanting to grow revenues quickly, the bank took on too many risky loans to large corporations. Bank One’s board asked Jamie Dimon to take over as CEO in 2000 and he did was buy two million shares of Bank One stock, investing $56 million, half of his personal fortune. He wanted to lead the bank with his own money on the line. Dimon eliminated about 8,000 jobs in his first year on the job, cutting the workforce to 75,800. Under Dimon’s leadership, Bank One’s culture underwent important changes 2 Theme www.assignmentpoint.com

  5. Issues What are those way for improving the commercial customer care services and take the position within the largest U.S. market? www.assignmentpoint.com

  6. SWOT Analysis www.assignmentpoint.com

  7. Strength Sixth largest holding company in US. The third largest credit card issuer. Choosing Mr. Jamie Domin as the CEO of the bank. Development of service essentials. Quality improvement measure. www.assignmentpoint.com

  8. Weakness Poor customer service in early 2000. Twisted mix of computer system www.assignmentpoint.com

  9. Opportunity More chance to make profit because of merging and diversified business line. Future direction in the commercial customer service. www.assignmentpoint.com

  10. Threat Different competitors against bank one. Poor technical knowledge and team work. www.assignmentpoint.com

  11. Human Resources Issues Replacing the workforce. Asking questions and solving problem. More authority and responsibility to the field people. Opportunity to share profits. Recognition for outstanding customer service-- Commercial Client Service Recognition Program, Service Excellence E-Cards, Commercial Banking Senior Management Recognition etc. www.assignmentpoint.com

  12. Recommendation RESTRUCTURING THE COMPENSATION PACKAGES MERIT BASED PAYMENT PERFORMANCE BASED PAY BENEFITS THAT CAN BE OFFERED  Pensions  Provident Fund  Gratuity  Medical care  Life Insurance  House-rent  Leaves www.assignmentpoint.com

  13. Recommendation(cont….) THE BASIC SALARY SHOULD BE ONLY A NOMINAL PART OF REWARD PLAN INCREMENT SHOULD BE BASED ON MERIT PAY INTRODUCE GOAL ACHIEVEMENT INCENTIVE/BONUS INTRODUCE TEAMWORK REWARD AS GROUP INCENTIVES LONG TERM EMPLOYEE LOYALTY REWARD FLEXI TIME COMPENSATORY TIME OFF AND BONUS LEAVES JOB SHARING AND TIME SHARING ENHANCE THE EMPOWERMENT OF THE SERVICE CONSULTANTS SERVICE CONSULTANTS SHOULD PRESENT THEMSELVES MORE PROFESSIONALLY TECHNOLOGY SHOULD IMPROVE TO SUPPORT THE CUSTOMERS MOST www.assignmentpoint.com

  14. IMPLEMENTATION • RECRUITMENT PROCESS • TRAINING AND ORIENTATION PROGRAM • INSTRUCTIONAL DESIGN • VALIDATION • CUSTOMER SERVICE TRAINING • DIVERSITY TRAINING • PERFORMANCE APPRAISAL: IMPLEMENT TQM CULTURE IN ALL ASPECTS OF COMMERCIAL CUSTOMER SERVICE AT BANK ONE www.assignmentpoint.com

  15. IMPLEMENTATION (cont….) • What is Total Quality Management? To be successful implementing TQM, management as well as employees at Bank One will have to concentrate on eight key elements of TQM: • Ethics • Integrity • Trust • Training • Teamwork • Leadership • Recognition • Communication • COMPENSATION PACKAGE www.assignmentpoint.com

  16. THANK YOU www.assignmentpoint.com