Thursday, April 18, 2019
Hong Kong and Shanghai Banking Corporation Case Study
Hong Kong and Shanghai Banking Corporation - graphic symbol Study ExampleThrough its ardent thrust in being The Worlds Local Bank, HSBC highlights its devotion in building mutually beneficial partnerships with nodes worldwide regardless of their nationality, race, belief, and culture (HSBC 2007).Supporting the international borders new lieu strategy is its quest in take ining and delivering customer needs. In order to know this, HSBC asserts To truly understand a country and a culture, you have to be a part of it (HSBC Website 2007). Having numerous branches scattered globally, HSBC opts to modify the services being offered by opening up topical anaesthetic imprecates all over the world, which are man by local people. In doing this, the company establishes a lasting relationship with the customer as the international bank provides its clients with bank military unit who shares the same culture, value, and situation with them making it relatively easy for them to understand and get in touch to to each one other. It should be noted that conflicts in values and clashes in culture can hamper the ontogenesis of a good relationship with a bank and its clients. HSBC puts a strong emphasis in local knowledge and uses it as a competitive advantage in attracting and throwing customers.Being a local bank doesnt mean that a branch is isolated from the HSBC system. Each of the companys local bank shares the innovation and ideas in the network. wholly of these advancements are geared in providing customer satisfaction all over the world (HSBC Website 2007).2) HSBC manages to attract and retain their customers very well on a global level. How do they manage to do this Link your solution to the way they advertise (to attract) and to Relationship Marketing, specifically the topic customer retention.Attracting and retaining customers has been in the core of HSBCs operation which is highlighted in the companys high retention of customers in the global market. HSBC s effort in attracting and retaining their customers is in part because of their effort in localizing the products and services that they offer. The international bank manages retain customer because of its customized services which are tailored specifically to each of its clients needs. Retaining customers has also been possible because of the companys investment in a customer relationship management database which can be accessed by bank personnel when dealing with a client. The use of customer relationship management allows the bank to record the profile of a customer together with his or her potential banking needs. With this, the international bank retains customer through the identification and provision of his financial needs. HSBC has been able to employ a more targeted marketing go about because of its knowledge of its customer. The company also allows customers to access their account through different means by maintaining an abundant ATM facility, website, and telephone (HSBC Website 2007). Customer retention is also made possible by the employment of personnel which are very much attuned to customers satisfaction. HSBCs recognizes that its products have an intangible component which is the quality of service that its staff offers.