Assuming the increased attention to customer satisfaction saves at a minimum just 10 accounts, this will be worth approximately over $200,000 over the life of the accounts assuming a modest level of financial activity per account. The fixed costs of this recommendation are none as Google Analytics is free and the incremental IT-based costs of maintaining the linked code and the internal training could be covered by Overhead Cost Allocations already made to spread operating costs across the bank. The significant revenue upside is the potential for customer acquisition, customer retention and customer satisfaction from creating services that better align with the needs of customers over time. Differentiating banks' services on the ability to offer services that are more closely aligned to their needs than competitors can be a significant source of revenue over the long-term. Using Google Analytics as the basis of the strategy to complete this first recommendation and then using the knowledge and data to differentiate marketing strategies to increase sales and increase customer satisfaction is possible using the data collected. The second recommendation of automatic transfer of funds between savings and checking accounts would require an initial investment of $40,000 to $50,000 and would also have the incremental costs of training, development and code maintenance underwritten by the Overhead Cost Allocations. As this would save customers collectively hundreds of thousands of dollars a year and also promote the bank's brand, the potential impact on new customer acquisition is very significant. As every other bank uses these fees to incrementally gain greater fees, a bank that did not do this would be seen as considerate of customers and would therefore have an exceptional level of interest and support in the customer base. As these fees continually are escalating causing customers to leave banks over them for others, the potential for customer...
The value of the public relations alone would be well worth over $200,000 in advertising spending as no one is doing this today. The cost of the adapter and the benefits it would deliver would be worth the investment. This would be so groundbreaking in the banking industry it might even be reporting on CNN and other news networks as the U.S. Congress is now investing these fees to see if they are valid and reasonable or not.
Furuholt, (2006) argues that lack of management engagement to the acceptance of information systems has been a barrier to the implementation of information systems. The issues are even common with organizations in the developing countries where management does not give enough priority to the information systems implementation. Importantly, implementation of information systems requires management support since management will need to approve fund that would be used for IS implementation.
Automation Process automation has revolutionized the way that organizations do business and has led to the downsizing of many companies. There are a variety of technology products that are available through process automation which make business operations simpler and less expensive. The purpose of this paper is to discuss process automation and the impact that it has on downsizing. We will discuss the technologies that are available and why these technologies
Korean Financial Crisis in the Late 1990s: Lesson for Current Euro Area The objective of this study is to examine what is unique or different about the Korean financial crisis as compared to other Asian financial crises and to determine the primary causes of the financial crisis in Korea. This work will further examine the government response to the crisis and what it is that can be learned from the Korean
Information SystemsTable of ContentsAbstract 1What is an Information System (IS)? 2Why Learn about IS? 26 Major Types of IS: Who Uses Them and How 3Transaction Processing Systems (TPS) 3Management Information Systems (MIS) 5Decision Support Systems (DSS) 6Executive Information Systems (EIS) 7Expert Systems (ES) 8Office Automation Systems (OAS) 8Information System Applications 9Operational-Level Systems 9Management-Level Systems 10Strategic-Level Systems 11Negative Effects on the Environment 11Conclusion 12References 13AbstractThis paper examines Information Systems (IS) within
4. Transparency, authenticity, and focus are good. Bland is bad. Many people are looking for someone who is in authority to share their ideas, experiences, or suggestions (Bielski, 2007, p. 9). Moreover, just as content analysis of other written and symbolic forms has provided new insights that might have otherwise gone unnoticed, the analysis of blog content may reveal some unexpected findings concerning hot topics and significant social trends that are
Strategic Planning in IT IT Impact on Service Industry Performance Cooperative Competitive Competitive Advantage Implementation of IT Innovations 1992 U.S. VALUE-ADDED AND EMPLOYMENT BY INDUSTRY AVERAGE ANNUAL GROWTH IN GDP PER HOUR, MAJOR SECTORS OF THE U.S. ECONOMY Management TASKS IN BUREAUCRACY VS ADHOCRACY ORGANIZATIONS This paper addresses the following problem statement: "Without information technology (IT), a business will not be able to compete globally in any industry, nor in any market it wants to enter. It will
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