Create a new account

It's simple, and free.

Details

  • 5 Pages
  • 1193 Words

National Westminster Bank Case

National Westminster Bank USA (NatWest) is a classic example of a company which has turned lackluster performance into strong performance. Through an aggressive and visionary COE (Bill Knowles) who was able to communicate his vision to the rest of the organization, the bank was able to change its entrenched corporate culture to be more responsive to customer needs and create an environment that fosters creativity and a high level of customer service.

Knowles was able to accomplish this by building a management team that agreed with him in critical areas of how a company should be run and what the bank could be. This meant restructuring the bank's operations so that it did not try to compete in every major banking sector, but instead focused on four major areas. It also meant revamping the human resource function so that employees were seen as the most important asset of the bank and customers were viewed as critical to the bank's success. Instead of an environment that viewed customers as a necessary evil, the atmosphere changed to one where customers were viewed as the entire reason for the bank's existence.

When Knowles went to NatWest, it had recently been acquired by National Westminster Bank Group, an English financial institution with international operations. The bank's strategy was unfocused, and the bank participated against giants in the financial services industry. Employees were not motivated to provide a high level of service to customers, and the bank did not have strong relationships with its customers as a result. Through a long-term (five-year) approach to improving the work environment, and through a change in marketing focus which has the bank participating in a select few segments rather than in all possible segments, NatWest has turned around its performance to build an environment which is conducive to creative problem solving and where the bank is perceived as a business partner by customers.

Stro...

Page 1 of 5 Next >

More on National Westminster Bank Case...

Loading...
APA     MLA     Chicago
National Westminster Bank Case. (1969, December 31). In LotsofEssays.com. Retrieved 09:25, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1694442.html