Aside from the direct impacts upon the satisfaction of the customers, the benefits of introducing the newer technological advancements have also resulted in more efficient communications. This was available between company representatives and shareholders, customers, employees, as well as communities.
Future benefits of the investment are also likely to materialize in the following years. As such, the $95 million funds allocated to the modernization of BBVA Banco Provincial would increase the number of customers. It would also imply that the current customer base becomes more loyal, ensuring as such constant and reliable corporate incomes. More specifically, the investments in technology are expected to increase the sector of private loans by 27% (South American Business Information, 2000).
Corporate social responsibility programs
Throughout the past recent years, BBVA's interest in implementing programs of social responsibility has significantly increased. "BBVA understands corporate responsibility to be a wholehearted commitment to providing the utmost value possible in a balanced manner to all its direct stakeholders -shareholders, customers, employees and suppliers- and to the sum of societies in which it operates. The prevailing commitments that the Group seeks to fulfil through its corporate responsibility (CR) policy are as follows:
Uphold excellence at all times in our core business operations
Minimize the negative impacts caused by our business activity
Develop "social business opportunities" that generate both social value and value for BBVA
Invest in those societies in which the Group is present through support for social projects, especially those involving education" (Website of the BBVA Group, 2008) most relevant example of how BBVA Banco Provincial creates value for the community is given by the measures it took this year to offer scholarships to the financially disadvantaged youth to continue their education. They invested 2.37 million euros in this program (Website of the BBVA Group, 2008).
The introduction of corporate social responsibility programs into the strategic approaches of BBVA Banco Provincial has proven beneficial from various standpoints, such as an increased customer satisfaction, better consumer reviews or increased employee pride for working within an organization committed to social development. Ultimately however, the most important benefit is that of creating a strong brand that is favourably perceived by the market.
Product specification
The strategy of product specification is most common among the products and services offered to the business customers. Based on the premises of supporting the Venezuelan entrepreneurs in conducting international trade, the bank developed a wide offering for economic entities. They revolve around:
Import and Export letters of Credit
Operations under ALADI agreement (Latin-American Association of Integration)
Remittance and Receipt of Payment Orders
Issuance of Foreign Currency Checks
Import and Export Documentary Colletion
Insurance of surety Bonds and Guarantees in foreign currency
Export Bonds transsaction and processing
Checks and effects collection in foreign currency
Foreign currency acquisition procedure before CADIVI (Venezuelan Government Currency
Administration Commission. CADIVI, for its initials in Spanish: Comision de Administracion de Divisas)" (DDEX)
The strategy had benefits on multiple levels. First of all, the business customers achieved increased satisfaction, became more loyal and through word of mouth, brought in new clients. Then, the measures promoted increased the trust and support in the development of the Venezuelan economy, which once more helped create a favourable image within the market. Ultimately however, all these benefits materialized in increased corporate profits.
4. Conclusions
BBVA Banco Provincial was initially established as a Venezuelan banking institution but, through an opening to capitalization, it was then purchased by the Spanish Group BBVA. The new owners commenced a process of modernization and in this instance, they developed and implemented a wide series of strategic approaches. All of these measures aimed the registration of increased corporate profits through the achievement of multiple subgoals, such as the attraction of additional customers or the increased satisfaction of the customers. Throughout the past recent years, the management at BBVA Banco Provincial has been focused on integrating the latest technological developments into their operations, placing an increased emphasis on corporate...
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