JP Morgan Chase Bank Cracks in Customers Service

Published: 2021-07-06 06:25:44
essay essay

Category: Business and Finance

Type of paper: Essay

This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

Hey! We can write a custom essay for you.

All possible types of assignments. Written by academics

GET MY ESSAY
Proposal: The role of Cracks in Customer service in the fall of JP Morgan Chase Bank Chase bank is a financial institution that traces its roots many years back. The JP Morgan Chase bank that began after Manhattan Chase bank merged with the JP Morgan Co in the year 2004. From this time, the merger specialized with the financial business and thus engaging in the banking business. By the end of the year 2016, the bank employed almost 200,000 people. However, the number has been falling with time, owing to the high rate of employee retrenchment. From the merger in the year 2004, the bank’s headquarters are located in Columbus, Ohio, in the US. The competitors of chase bank include the rest of the banks such as the Standard Bank, Barclays Bank and others. Along the way, the company has faced various challenges leading to the closure of some of its branches across the world. Many of the problems are associated with the fall in the level and quality of services offered to the customers. Many customers have been complaining about the weak customers’ service they receive from the bank. JP chase bank has therefore lost many customers to the rest of the market. Therefore, this project aims at determining the various causes of cracks in the customer service offered by the bank. The project directs all the attention to the SWOT analysis to identify the weak areas. In the end, recommendations are offered on the possible and suitable mechanisms that ought to be applied to better JP Morgan Chase bank customer service levels.Statement of the problemThe role of JP Morgan Chase bank is the provision of the best customer service to its clients. However, the internal weaknesses have led to the increase in the level of customers complaints. This is an indication that the customer service level has been lower than the expectation, leading to the loss of the customers and reduction in profitability.The goal of the problem statementThe primary purpose of the problem statement is to determine the weaknesses that lead to the poor customers’ service and thus offer the most suitable recommendation for improvements.Research questionDue to the high level of competition in the banking industry, is it possible for the Chase bank to overcome the internal weaknesses to improve the customer service level?HypothesisThe weak internal aspects of the JP Morgan Chase bank have led to the deterioration of the customers’ service level.Research significanceThe research is quite significant in that it paves the way for the bank to determine the cause of the poor customer service and thus determine the most suitable corrective methods.Research purposeThe research aims at determining the role of the internal management fails on the deterioration of the customer service and the possible techniques for the correction of the problems.Research methodsThe research will use the onsite interview techniques. The study will also use the descriptive research design to capture the qualitative nature of the information. This would be useful because the research question is also qualitative and not quantitative.Literature reviewCustomer service is the process of offering assistance to the customers. The success of the customer service process depends on how well prepared the organization is for the guests (Chen et al, 2017). The organization that provides a high level of customer service are probable of prospering while those that offer low levels of customer services are likely to fail (Stowell et al, 2017). Customers represent the business, and without them, organizations cannot stand. Various aspects determine the level of customer service in the organization. The speed of attending to the customers is quite significant. The faster the services are offered, the better the services. In banks, customers prefer speedier processing of their transactions as opposed to having delayed deals (Krish et al, 2016). Also, customers in the banking sector prefer having information availed to them in good time to guide their decision regarding their investments. Also, overcharging the customers amounts to poor customer services in the banking sector (Shields 2015). It is the role of the respective bank to ensure that customers are served well and efficiently to attain their loyalty in future.Organizational strategies and operationsBeing a bank, JP Morgan Chase bank engages in the customers’ service industry. However, various transactions take place on a daily basis. The performance of the multiple processes depicts the strengths as well as the weaknesses of the company.Current operationsHuman resource aspects: Chase bank maintains a reward system for the employees. The employees are motivated based on their performance as well as the time they have served the organization. Evaluations are thus carried from time to time. However, such has not assisted in the improvement of the customer service, and better consideration needs to be made. Ethical issues: the company prohibits the employees from leaking crucial information to the world. It does not allow the employees to leak customers’ information to unauthorized parties. Marketing issues: by being in a stiff competition, the company engages in marketing practices. The central aspect of marketing used is the advertisements done on the leading media platforms. Operational decisions: the central decisions regarding the organization are made at the top levels of management. The lower level employees are not involved in significant decisions. Industry environmental factors: the main threat to the future prosperity of the company is the ever-rising competition levels.Corporate and business strategiesCorporate strategy: Chase bank utilizes the acquisition strategy to counter the effect of competition. For instance, it merged with JP Morgan Co to enhance better and faster growth. Hierarchy: The Company observes a rigid form of leadership system. Thus, there is a high level of bureaucracy in management issues. Functional strategies: continuous training is one of the functional strategies. It works well in enhancing the better performance of the employees and thus better customers’ services. Change of strategy: strategies change over time. The change in the approach adopted is determined by the nature of competition. Investment strategies: Chase bank engages in the sale of shares. This is aimed at increasing the value of the shareholders in the long run.SWOT Analysis Internal weaknesses and strengthsLeading: the main strength in this aspect is that the leaders are highly trained and have high levels of experience in the banking sector. On the other hand, the main weakness comes in from the aspect of lacking a suitable reward system for the rest of the employees, leading to reduced customer services. Controlling: the organization does well in this area. It has put in place the TQM techniques to ensure that work is done efficiently and correctly. However, a weakness arises due to a failed system of follow up, which leads the employees at the discretion of determining what to do. Planning: Chase bank has a planning system in place. However, weakness arises in the failure to include the lower level employees in the major planning. This demoralizes them.Evaluation of the SWOT and Recommendations From the SWOT analysis, it is evident that Chase bank does well in some areas and poorly in others. The central area of weakness that comes up is the lack of a suitable motivational tool for the employees. The poor motivation leads to the poor customer service. It is essential that the bank management comes up with an appropriate motivational strategy to check on the motivation of the employees in the long run.ConclusionIt is true that the weak internal controls of the company have led to the deterioration of the customer service levels. In this case, the lack of motivational tools has deteriorated the level of customers’ service. For this reason, more ought to be done to the satisfaction of the customers. As always, a happy employee results in a happy customer. References Chen, K., Li, T., Ma, B., Wang, P., Wang, X., & Zong, P. (2017, September). Filtering for Malice Through the Data Ocean: Large-Scale PHA Install Detection at the Communication Service Provider Level. In International Symposium on Research in Attacks, Intrusions, and Defenses (pp. 167-191). Springer, Cham. Krish, S., Delaney, R., Stocker, B., Marquand, M., Ayanampudi, S., & Hagan, C. A. (2016). U.S. Patent Application No. 13/159,688. Shields, K. (2015). Cybersecurity: Recognizing the risk and protecting against attacks. NC Banking Inst., 19, 345. Stowell, D. P., Meagher, E., & Frazzano, R. (2017). Investment Banking in 2008 (B): A Brave New World. Kellogg School of Management Cases, 1-17.

Warning! This essay is not original. Get 100% unique essay within 45 seconds!

GET UNIQUE ESSAY

We can write your paper just for 11.99$

i want to copy...

This essay has been submitted by a student and contain not unique content

People also read