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Jyske Bank Essay

865 words - 4 pages

1. What is Jyske Bank’s new positioning or competitive differentiation strategy?

Initially, Jyske Bank was a typical old-fashioned bank. Its competitive differentiation strategy was born out of its ‘values and differences’ discussed in the case Exhibit 4, which emphasized equality, transparency, honesty, respect and efficiency. The aim was to have these values embedded in each of the external customer-facing and internal aspects of its business and operations and distinguish itself from competition. In the mid-1990s, it went through a major transformation and positioned itself as a highly customer-focused bank, eager to foster relationships with customers, understand their ...view middle of the document...

The smallest of details that touched the customer were redesigned to show customer-centricity. For example, the pictures on business cards were changed to portray the genuine caring attitude of the employee. These changes were immediately visible to the customers and indirectly communicated its competitive differentiation and values.
There were many intangible and internal changes, not visible to the customer, that were also made to bring about this transformation. The organization was restructured to form three regions, instead of the previous five regions, with around thirty-five to forty-five branches reporting to the business unit director. Some of the marketing, human resources, control and credit teams were moved from headquarters to these regions so that they could provide support at the local and regional level. This ensured that the strategy devised at the headquarter was implemented in tune with the local market needs as well as increased control and consistency in customer service provided at individual branches. Additionally, the credit process was streamlined to provide faster and efficient loan services. Employees receiving the loan request were empowered and trained to handle and own the loan application process, including pricing. Loans up to DKK 90 million were approved at the branch and regional level, while loans higher than this amount were approved by the credit department at headquarters. These initiatives improved the quality of the loan application and the bank’s loan portfolio as well as helped understand customer’s expectations. The time taken to gain approval changed from three weeks to ten days, a 50% reduction in time, directly improving customer satisfaction. Jyske Bank strongly believed that employee satisfaction and empowerment drive customer satisfaction and profitability (See case...

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