Write 2 pages with APA style on (Bank). Recommendations In considering potential recommendations it’s necessary to take a broad overview of the three main areas of concern. As d above the first area of concern has been identified as customer service. Within the shifting of emphasis from banking from personally based to phone and web options, there has been a corresponding challenge for organizations to keep up with quality customer service. Rather than attempting to hold onto older modes of customer service, it is recommended that the bank embrace these new cultural shifts. In these regards, customer service and customer loyalty can be improved through increased Internet options for banking. For instance, the bank can have tellers available 24/7 to answer banking questions, or to aid in banking process. By operating at the front of the curve in these situations, the industry can be perceived to have the most successful customer service, as other banking operations struggle to catch up to their innovations. Similarly, increased options for online banking can be introduced, such as tracking investments or other aspects that were previously the entity of in-house banking alone. Another prominent concern is interest rates. As noted earlier, it is recommended that that Westpac decrease their interest rates a substantial amount. This way Westpac can still benefit and prepare for future problems whilst still providing Australians with the possibility to successfully loan money. While in-large part it’s clear that this is a question of prudent investment, another major concern must be the bank’s interest rate relative to its competition. The major area of concern, in these regards, is that while customers have experienced increased hardship as a direct result of the economic recession, all banks remain under the same financial constraints. While banks face these constraints, this particular bank in question has differentiated itself on charging higher interest rates. As a means of increasing customer loyalty, the bank was base their interest rate not on internal profit concerns, but as a relative function of market competition. The final area of concern is in terms of advanced uses of technology. As considered in terms of customer service concerns, it’s clear that advanced uses of technology are essential for the continued success of the banking industry. In terms of technological change, the bank must implement this on a need based structure. The bank would determine strategic initiatives not based on simply incorporating new modes of technology, but determined areas of high need. For instance, improving online banking features is a central area of concern. Another important area of implementing new modes of technology would be as a means of measuring competitor interest rates, and statistically developing a means of choosing a comparable rate. ConclusionIn conclusion, recommendations have been made for the high concern areas of customer service, interest rates, and advanced uses of technology. While specific recommendations have been made for all three areas of concern, one of the major realizations is that these areas are intimately linked. Ultimately, a comprehensive approach is necessary that considers all areas as a function of the next.
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