Scotiabank Case Study Solution
Employee Roles
The greatest strength of Scotiabank is its workforce serving as the true authors behind the success of the bank. The key focus of the employees is based on the leadership development strategy. Leadership is a strategic priority of the bank,focusing on the development of the talent pool around the globe for long-term individuals and success of the business.
- Administering the electronic banking products such as ATM, debit and credit cards and online services of bill payment.
- Providing response to all the inquiries of the customers in regards to the electronic banking products.
- Performing data entry and other related tasks required for administering and processing of the online transaction from the bank and setting up new bank accounts.
- Reporting to the supervisor or the manager.
- Possessing a moderate consideration of the general job aspects.
- Working under the senior personnel close direction particularly in the functional area.
Customer Roles
The expectations, needs and demands of the customers are indirect roles of the customers in the banking service. As they are primarily associated with the growth and success of the organization. The explanation of the customer roles is dependent on improving the organizational services. This is due to the fact that feedbacks assist the organization in having an effective management of its operations and services.
Retention Strategy
The Bank of Nova Scotia always put major emphasis on customer retention strategies through growing its customer relationship beyond providing transactional ease and convenience to customers. It has reengineered its sales, marketing and service on the basis of the customer feedback. Also, it has tailored the communication in ways that offers better understanding to customer of how the services and products offered by bank could meet their expectation and goals. The bank retains its customers through providing them easy, effective, effortless and meaningful experience. Providing offers and programs to customers gives them the feeling of exclusivity & uniqueness. The bank gains valuables insights that are truly essential to improve the bank’s service and product, which in turn helps the bank to retain its valuable customers.
Organizational Culture
Being an internationally-recognized and award winning banking service in Canada, Scotiabank focuses on fresh thinking and unique skills of the employees. Employees are rewarded for their effective performances and contribution in the growth of the organization. The culture of the organization is based on the performance,which is mainly to drive towards success. Employees are provided with training about the services provided by the bank to make sure that they perform efficiently. (Scotiabank, Why Scotiabank?, 2019)
Measurement of Service Quality
The quality of the services provided by Scotiabank tends to be its competitive strength. As Scotiabank demonstrates consistency in its performance, solid execution of its decisions, and make significant efforts to meet its target. Additionally, the services of Scotiabank is customer-focused parallel to the service rating of the banking service industry. More investment in research and development is to focus on the product innovation and high employee morale to offer efficient services to their customers.
Based on the core purpose of the firm i.e. to be the best at providing help to customers for becoming financially well-off through practical advice and relevant solutions, which is so evidently visible by the successful growth of the bank.
Marketing Strategies
The marketing strategies consists of four Ps, which includes price, promotion, place and people. The Scotia bank’s marketing strategies are discussed below:
Pricing:
Pricing strategy refers to the method that the small, medium and large business used to price its products and services. While selling its products and services the business use different pricing strategies in order to retain or to grab the customers. With the millions of customer base around the globe, Scotia Bank provide valuable products and services to its clients and the pricing strategy of the bank is value based pricing. If the bank charge higher prices so the bank offer premium quality services to its clients. The bank offers diversified pricing range (high and low) and the prices are depending upon the types of products and services the bank offered. While serving the customers quality is the important factor and the prices is based on the benefits that the customers would get from products and services. Additionally, the bank charges reasonable prices for its products and services. The reason behind charging a reasonable prices is to create more loyal customers and improve its customer base and profitability.
Promotion:
The Scotia bank use different promotion and advertising strategies in order to guide its customer about its products and services. The Scotiabank as its roots is in Canada, which always enforces them to choose Canadian communities in order to contribute to its passion. The bank always associated in sponsoring different events as a promotional activities. The sponsoring of different events are composed in the field of hockey, arts, football, cricket and other activities and games in order to promote itself. The bank also involve in sponsoring its own events and games which includes Scotiabank Skaters program, Scotiabank Hockey Club and partnership with Canadian photography etc. The bank has launched its first global advertising campaign in 55 countries. The theme of campaign was “one” and the aim of advertising is to promote its banking services and products. The bank also gives its earning in form of charity with the aim of gain trust of its customer and maintain long term relationship.
Place:
The Scotiabank as its roots is in Canada which always enforced them to choose Canadian communities in order to contribute to its passion. However, the bank provides global and international financial services to its customers. The bank is already expand its services in more than 55 countries around the globe. The bank have branches in different regions of the world which includes Canada, Latin America, Mexico and Central America. The bank continues expanding its position in different places of the World in order to increase its customer base and offer its financial products and services to all around the globe.
People:
The people of the Scotia bank refers to its customers, stakeholders, employees and board of directors. The bank offer wide range of its financial products and services with the aim of earning higher revenues in order to maintain relationship with all of its peoples. The bank uses its capabilities and the technical requirement in to please its people.The bank has a team of more than 89,000 highly trained and experienced professionals which work across the different sectors. These professionals provide guidance to the different customers of the bank as well as introduce new innovative financial products and services to make the transactions easier………..
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