Customer Management at Magellan Savings Bank of Philippine The Case Solution
Magellan Savings Bank was established in the year 1968 and was the first Philippine bank to provide online banking services. Today, it is the largest savings bank in the country, with over 388 branches and 96 off-site ATMs. The bank also provides corporate cash management services and business-to-business banking. It is one of the Philippines' leading banks for the consumer finance industry.
As a development bank, it has expanded to become a full-service consumer bank. It operates over 1,375 ATMs nationwide and has representatives in Hong Kong, Guam, and Japan. It also has over 1,200 ATMs. It has more than 100 countries abroad and is the largest Philippine-owned banking corporation. Its reputation is built on trust and loyalty, and it continues to be a premier financial institution.
In a recent study, Magellan's consumer services were rated as exemplary. Its’ reliance on customer loyalty has helped it in becoming a top-ranked bank in the Philippines, averaging 4.5 stars on the Bank's website. Several of its branches also have automated teller machines. The Philippine National Bank also employs around nine thousand people. There are seventy-five ATMs in the country, with more than 5,000 ATMs nationwide.
Opportunities
The financial services industry is changing, and the opportunities of Magellan Savings Bank are changing with it. As a full-service financial institution, we offer a variety of career options. We encourage you to view our current job listings to learn more about these exciting opportunities. We are an Equal Opportunity Employer, and we make our hiring decisions based on merit, not protected status. If you are interested in a career at Magellan, apply today.
The challenges and opportunities that face financial services businesses today have the potential to affect savings banks everywhere. The current economic climate makes it even more important than ever to consider the potential impact of neo banks. While these institutions are less than a decade old, their business model and product offerings are still evolving, (Mojambo, 2020) Regardless of their size, Magellan is committed to helping their clients achieve their financial goals. Whether you choose to join their ranks or not, the opportunities of Magellan Savings Bank are exciting.
While the benefits of neo banks to traditional banks are numerous, they pose a significant threat to these institutions. These online financial institutions have limited reach and offer no-fee prepayment cards, everyday accounts, and competitive interest rates. These companies are not intended to be a threat to your business, but they do present unique challenges. The potential for success lies in creating a business model that gives you flexibility without the limitations of a traditional bank.
The financial services industry is constantly changing.(Zhao, 2019) New technologies have created new opportunities for financial institutions. There are nonbanks that exist only in cyberspace, aiming to compete with traditional banks. These companies offer online banking and crowd funding, as well as point-of-sale loans. These products aim to target a smaller market segment, while saving banks are focused on a broader client base. As a result, it will be beneficial for the future of savings banks to offer similar services to their competitors. While there are many benefits of becoming an independent financial advisor but it can be intimidating and highly time consuming.
a.What are potential outcomes / solutions?
Potential Outcomes/Solutions
After a year of financial struggles, Magellan is looking for a way to turn things around. It has cut costs through layoffs and technological upgrades. But it's not clear whether it will be able to resolve its customer management issues before the end of the year. It's also facing a potential audit, which would be a huge setback. Meanwhile, Magellan's credit rating was cut from a B+ to B-minus last week by Standard & Poor's, citing its recent quarterly earnings and problematic liquidity and financing problems. While the credit rating is down, the company is far from insolvent.
Despite this, Magellan Solutions' call for action is particularly pertinent to banks struggling with customer management problems. Taking measures to implement new technology and streamline processes is the most efficient way to reduce risk and improve customer satisfaction. The bank's new system helps it improve customer experiences and prevents costly mistakes. Customers can expect quick and efficient solutions when they need them, and it can even improve employee morale.
In addition to addressing the risks of COVID-19; the bank also strives to eliminate customer frustration. Many customers have been left frustrated by poor service, which can lead to a negative banking experience. When people are put on hold for longer period of time, transferred several timesand given little attention; they get frustrated and upset. This is a common problem for several large international banks, but it's a common problem in the local community banks.
Often, banks aren't very helpful. The staff is not trained to handle issues, and your patience will be tested. While the bank's employees may be oblivious to your needs, it's best to ask for a manager. Having a good customer relationship is important. If you don't, it will be difficult for the bank to keep your customers.
Customer management is a critical element of any bank. Sometimes, employees don't understand how to handle a situation. When it's not possible, they switch from person to person. The only way to keep your cool is to avoid making yourself angry and frustrated. It's unlikely that the bank will do much good if you're yelling or screaming at them. A better approach is to be polite.
Often, the bank's customer service team isn't equipped to handle a customer's needs. They're often too busy to handle a simple problem. When this happens, it's best to talk to the bank's manager. Moreover, they can help you resolve your problem more quickly. When this happens, you'll never have to wait for an extended period of time to get a reply.
In addition to customer service, poor customer service can cause customers to switch banks. A lack of attentive service can drive them away. A bad customer experience can make them leave a company. If it's not handled well, customers will not feel welcome. Fortunately, Magellan can take steps to improve its customer service. You can start by contacting the bank's branch manager or the institution's website. Use a sample complaint letter to write your correspondence. Be sure to include the transaction you're having trouble with.
2.Global Context
a.What are the effects of political, economic, technological structures, laws, and regulations in the global context?
Effects of Global Political Forces
The early sixteenth century was a time of predatory commerce and imperial rivalries.(Lane, K., 2019). The European powers were also grappling with religious obscurantism, superstition, and political oppression. The newcomer to the scene was Charles V, the Holy Roman Emperor. The king of Spain and the Holy Roman Empire lent their support to Magellan's work in establishing a savings bank in New Zealand.
Ferdinand Magellan sailed to the Moluccas on September 20, 1519, with 200 men aboard five ships and failed to circumnavigate the globe. While serving as an explorer for the Spanish king, he met a violent death during an insurrection in the Philippines. However, the expedition's leader, Juan Sebastian Elcano, eventually steered the carrack Victoria back to Europe, completing the journey.
The Philippines fell under Japanese occupation in January and May 1942. (Baluyut, P. R. S. 2021. The Dutch East Indies and Singapore were captured, giving the Japanese a decisive advantage. In the Philippines, the Portuguese occupied Manila and Corregidor. The Portuguese also lost a fleet of ships, and the British fleet was forced to retreat. Only one ship and seventeen sailors managed to complete the westward journey to Spain. In spite of the harrowing experience of Magellan, the sixteenth century was a time of great exploration and discovery.
Success is a testament to the power of this institution. Its’ name is the symbol of freedom, and social solidarityand the importance of preserving it in the face of an international competition. The Magellan Expedition's history can be seen as a cosmopolitan and multicultural entity.
The competition between nations has both benefits and disadvantages. While it can increase social efficiency, it can also lead to intensified political rent-seeking. As a result, saving banks are at the heart of democracy and globalization, and should be protected against such pressures. When the world economy is weak, the value of these institutions decreases, and the market becomes less attractive, and they can be seized by foreign governments. (Acheampong, 2019).
The government has many ties to the savings bank. Nevertheless, political influence can negatively impact the institution's activities. In the case of the government, the board of directors can make policy decisions. The role of politicians in the governance of a savings bank is largely speculative. The politics of the government can affect the performance of a savings institution. (Saputra, Y. Y., & Sudjono. 2021).For example, the president can make a decision on the bank's policies.
The government's financial institutions are highly regulated to avoid the spread of bad actors. During the war, these institutions have become more competitive, and some countries have even banned savings banks. Aside from their high-quality management, the bank's profits are low. A bank's stock price is directly proportional to its size. If it isn't in the middle of a conflict, it could collapse...................
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