People, Service, and Profit at Jyske Bank
This case study is about a bank which was
in the same position as the Aktia Bank now and I think we can learn from them a
lot how to create own and innovative services. The Jyske Bank is a Danish bank which
had the same objective like Aktia bank already a few years ago, "to be the bank in
their country with the best service to offer", like an executive said they want
to be “the most customer-oriented bank in Denmark”. To reach this ambitious
goal they used different tools and strategic changes in their company which will
presented here. And the main thought behind it was and is to make the company
remarkable and differentiated.
Tangible Differences:
Account Teams: In the beginning the Jyske
Bank tried to connect every customer with an responsible employee, but quite
often this led to unrest because he was not available, so the system was
changed to teams which are responsible
Branch Design: The branch design was not
too much, just small changes like coffee for every customer, warm colors, the
same comfortable chairs for everybody to give a feeling of equality and toys
for children to give a feeling of home.
Details: Even the pictures on the employees
card where changed to the style of an old family picture because the thought
was that “details change everything”
Intangible Differences:
Empowering the branches: They gave for
example the responsibility for the approval to the employees as long it was no
big loan. This system shortened the time to approval a much, so the customer satisfaction
was increased a lot.
Empowerment throughout the bank: The main
sentence the management gave to the employees was “does it make sense to ask
for help or permission?”. With giving every single employee more power the
management tried to get more commitment and interest of them into the bank and therefor interest in the profitability of the company.
Human Resources:
Jyske bank kind of “outsourced” their human
research to professionals which were located in the field but for whose advice the branch
managers had to pay if they used it. They also changed their selection and are
not strictly focusing anymore on banking skills but also on social abilities in their choice.
Furthermore every employee got an annual bonus when the bank performed better
than the other top 10 Danish banks. They also had the chance to buy 13200 DKK
of company stock with a 20% discount. With these programs the management tried
to get even greater commitment to the company.
The Jyske Bank Value Chain:
Johannes
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