The Standard Chartered Group is an unusual banking business. Although its roots are British, its area of operations, its network and indeed its profits stream are overwhelmingly international. The name Standard Chartered comes from the two original banks from which it was Founded – The Chartered Bank of India, Australia, and China, and the Standard Bank of British South Africa.
James Wilson following the grant of a Royal Charter by Queen Victoria in 1853, while John Paterson founded The Standard Bank in the Cape Province of South Africa in 1862 founded the Chartered Bank. Both companies were keen to capitalize on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from Europe to the East and to Africa. Standard Chartered Bank: Getting to know
Standard Chartered Bank derives its name after two banks Standard Bank of British South Africa and the Chartered Bank of India, Australia and China. The merger took place in 1969.Standard Chartered Bank is regulated by the Bank of England and is a clearing bank of UnitedKingdom.The new millennium brought with it two of the largest acquisition in the history of the bank-the acquisition of the Grind lays Bank from the ANZ group for a consideration of $1.34 billion and acquisition of the Chase Consumer Banking Corporation in Hong Kong for $ 1.32 billion. These acquisitions demonstrate Standard Chartered Bank’s firm commitment to the emerging markets
A Bank with Vision is the motto of Standard Chartered Bank. The vision is to be the most efficient financial intermediary in the country. The relentless journey to achieve that vision started in 1995, since the very inception of the Bank. The journey still continues and will never stop. Standard Chartered Bank sets a high standard for itself and every achievement of the bank is a striving agent to reach a new height.
To consistently help the customers make Intelligent Financial Choices. By being the preferred provider of the Highest Quality services in the Chosen business areas, Relevant to all the Constituencies. By being a Workplace of Choice that fosters Excellence, builds Intellectual Network and results in Absolute Professionalism.
The main objective of Standard Chartered Bank is to maximize the profit through customer; To ensure high return on investment and with different products and services; To remain as the market leader, diversification of business and the automaton of banking operation. To play a significant role in the economic growth of this country.
The Bank believes that to provide standard financial services is to deliver a quality that makes every transaction a pleasurable experience. The bank also believes that Customer is always right and in the core of everything. So providing them friendly and personalized service, tailor-made solutions for business needs, global reach in trade and commerce at the doorsteps and high yield on investments are the core objectives of the bank and also ensuring the development of a consistent, aligned collection of practices, programs and policies to facilitate the achievement of the organization
CUSTOMERS:The bank believes that Customer is always right and in the core of everything. So providing them friendly and personalized service, tailor-made solutions for business needs, global reach in trade and commerce at the doorsteps and high yield on investments are the core objectives of the bank. How can we satisfy our customer?
This is the most important question that bank can ask from it self and its people. Customers needs and wants to run the full gamut, from tangible products, quality service delivered and attitude of management to the aesthetics. Standard Chartered Bank aims to satisfy these needs and wants by developing and full filling mission and strategies which can be as the customers they serve. PRODUCT & SERVICES:
For fulfilling their mission and vision SCB is offering numbers of products such as: Conventional accountsIslamic accountsPriority accountsCurrent accountsSavings accountsPayroll accountPensioners’ accountsPersonal loanDebit cardsCredit cardsRunning financeTerm depositsSaving certificatesInsurance ect.TECHNOLOGY:SCB uses latest technological products and services to facilitate their customers. Online bankingBreez bankingInternet bankingEmail alertPhone bankingElectronic Clearing systemFax bankingCDMCCM
Organization philosophy:The philosophy at SCB is to lead the way everything they do, ranging from the commitment to the people, customers and the community to working in harmony with investors and regulators. Five values followed by SCB are described below:
Responsive:Standard Chartered is good on their word. They are accessible whenever and wherever the customers need them. Not only do they strive to deliver solutions, they also aim to exceed customer’s expectations.
Trustworthy:They respect the customers, and the life customers live. By understanding customers’ needs and tailoring the right financial solutions for customers, they earn Standard Chartered trust.Creative:Creative thinkers are not limited by convention. They allow their minds to soar beyond predictable solutions. That’s how standard chartered approaches each challenge posed to the bank, which is why they base their products and services on ideas that are innovative, perceptive, and instinctive. Organization philosophy Mission of the Organization Development policy Formulation Organizational strategy Goals and objectives.
International:SCB understand the balance between global and local. Customers trust them to be established and internationally-networked, while at the same time sensitive to the customer individual needs. Their strong network across cultures helps customers build stronger relationship based on ideas.
Courageous:A commitment to being there for customers, in good times and bad. They help customers achieve their aspirations by guiding them towards the right choice, not just the easy one
SELF CONCEPT & CONCERN FOR PUBLIC IMAGE:
The development policy grew up with the aim to serve quality service to customer. So standard chartered bank hires talented and intelligent work force and create better work place to work. Development policy depends on: Participation: focusing on attractive, growing markets where organizations can leverage their relationships and expertise.
Competitive positioning: Combining knowledge and creativity to outperform competitors.Management discipline: Continuously improving the way they work, balancing the control of costs and risk with efficient management
Concern for employee:
SCB always concern for their employee and that is why they provides different rewards and benefits to their employees and gives proper trainings and development and provides different commission and flips to motivate them.
CONCERN FOR SURVIVAL, GROWTH & PROFITABILITY:
Leading by example to be the right partner for its stakeholders, the Organization is committed to building a sustainable business over the long term that is trusted worldwide for uploading high standards of corporate governance, social responsibility, environmental protection and employee diversity.
Strategic intent:The world’s best international bank.Strategy making:Top management and executive management (Country Head, CEO, and Corporate Head) make the organizational strategy. But strategy depends on criteria of business and market. Management made their own policy and strategy to run the business. Bank asks it self when make the strategy:1.
What are we now?What do we want to be?What is the best way to get there?
Strategy content:Types of business.Target market.Market growth and situation.Service quality.Profit turn over.Analyze Competitors policy.Competitive advantages.Analyze risk.KSAO Requirement that fixed with policy and task.Discipline and actions.Analyzing past and present business environment.Analyzed SWOT.
Operation strategy for banking:How can we satisfy our customer? This is the most important question that bank can ask from it self and its people. Customers needs and wants to run the full gamut, from tangible products, quality service delivered and attitude of management to the aesthetics. Standard Chartered Bank aims to satisfy these needs and wants by developing and full filling mission and strategies which can be as the customers they serve.
With years of banking experience, Standard Chartered is undoubtedly in a strong position to help growing business sail through the complexities they may face. Standard Chartered Bank offers one of the widest range of banking products and services in the market today. Managing a growing business demands most of your time and energy.
That is why working with the right bank can help one’s business sail more smoothly and Standard Chartered Bank helps in doing that’s it understands today’s business requirements. The bank provides the right kind of services and accounts at the right time and according to the need of market. The expertise of Standard Chartered with over 150 years experience, global network of 500 offices in 56 countries making it one of the leading providers of treasury financial services.
1.STRONG NEEDS OF BRAND BUILDINGThe bank needs to make a lot of marketing efforts. The level of recognition that may be desired by any brand has not been achieved by Standard Chartered Bank. A lot of noise is made whenever a child is born and as long as that noise is not made the doctors is not sure about life of that child.
2. Promotional strategiesThe bank needs to make a lot of marketing efforts on promotional activities to inform about their products among their consumers.