Essay on "Mountain Bank"

Essay 4 pages (1277 words) Sources: 3

[EXCERPT] . . . .

Mountain Bank

At present, Mountain Bank, a small bank located in the northwest, offers four major business templates: retail banking, consumer lending, real estate and mortgage banking, and corporate banking. Due to their focus, the bank enjoys a strong retail presence at a fifty percent penetration rate for their market. These clients may be very loyal, but the return for this segment is underperforming. Therefore, it is in the best interests of the bank to begin to accentuate into the lending and business banking segments. Mountain Bank could accomplish this if they make a paradigm shift with their consumer efforts and move into other banking templates. They could, for instance, remember that consumers are often business owners who also need housing, real estate and mortgage advice. To do this, the following set of strategies are recommended:

Because of the low penetration in the lending and corporate markets, it is likely that many consumers are unaware that Mountain Bank offers these services. A strong and multi-leveled communications plan is necessary.

2. However, in order to offer the additional services, Mountain Bank must ensure that it has the appropriate personnel and resources with which to compete within these market segments. This requires:

a. Liaison with HR to hire appropriate personnel.

b. Secure additional funding to offer high-profit, but high amount loans.

c. Leverage strengths by combining what is best with consumer banking and offering that to businesses.

3. Strategic business package must be able to match minimum standards of expectations within market, and then go beyond. Businesses must have a reason to transfer business to Mountain Bank, and likely the predominant reason for that would be a reduction in paperwork, a personalized banker, personalized investment services, and expertise within the market.

4. Consider offering regular business luncheons in which the bank hosts guest speakers on topics germane to small and medium sized businesses.

5. Offer consulting services designed to help businesses grow; assist in preparation of strategic business planning so that with funding (from Mountain Bank) (Djellal, 2008).

The perplexing issue with Bank Tellers is that while they are the single most visible part of the banking face, their salaries are relatively low for the responsibilities engendered. By its nature, it is an entry level position, which means turnover is high, and once expertise is achieved, promotion or transfer is typical. However, because tellers are so critical to the success of the bank, it is important to ensure that they are personable, competent, and act as marketing and sales consultants for clients -- helping them find the right person and solution for their needs.

Strategies to align HR hiring of tellers with overall strategy would include:

1. Using the Meyers-Briggs or other psychological predictor to ensure appropriate personality types are hired.

2. Consider increasing the wage of tellers once trained. Justify this with additional responsibilities outside of the normal teller job description during part of their day. For instance, Teller A works 9am-12pm as a teller, then 1pm-5pm as a small business consultant; Teller B. is a consultant with a portfolio 9am-12pm, then teller 1pm-5pm.

3. Reposition the teller position so it is not considered low-level, but mid-level.

4. Assign personal banking responsibilities to tellers so that if not acting as business consultants, they have portfolios to manage (e.g. overdrafts, loan payments, consolidations, other needs, etc.).

From a purely Human resource focus, Mountain Bank is faced with some decisions on who they want representing their organization, and what perception they wish from the community. For instance, what type of personality would be most effective at Mountain Bank?

Internal Cost Strategy -- The Loyal Soldier -- Hiring of the appropriate personality type that is stable, committed to the organization, and allows employees to have broader roles with numerous levels of authority based on their experience. This type of HR strategy tends… READ MORE

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