IntroductionCompetition in the market has increased in the present times, and as a result, companies have intensified competition while others are considering expansion as well as merger and acquisition to provide more services and goods to outdo the competitors in the ever-competing environment. Firms in the present market environment are looking for new innovative products and ideas which can assist the company to be productive, cost-efficient and more profitable to ensure stakeholders satisfaction. OneWest bank division will enable it to achieve its goals. The paper aims to illustrate the new OneWest bank division which centers on the implementation of new and innovative techniques for the provision of different services and products to its consumers. The division aims to address the needs of customers to achieve the competitive advantage over the organization’s competitors in the market. The essay also describes a business model as well as a vision that shows a clear demonstration of the organization’s position in future. Also, the paper presents a summary of how values, mission, and vision are used to design strategic divisions in the new division. Finally, the paper defines the guiding principles and the values under the ethics, social responsibility and culture framework.Propose a new product or service for the new company division. The division should be customer-focused with an innovative mission statement. Ensure that you are differentiating your product or service. The cost of engaging in business has increased in the recent past as a result of competitions in the market environment, increase in minimum wages and the medical insurance that the government requires. It has made OneWest Bank explore other additional business operation innovations that will enable value addition to the business and help the firm to meet its vision and mission statements. OneWest Bank merged with CIT bank under the name CIT bank. During the merger, CIT bank will have a deposit of 28 billion USD and 67 billion USD assets.The additional finance will enable OneWest Bank to meet its financial requirements. The financial regulators’ requirement for commercial banks to meet certain capital adequacy motivated the organization to merge with another bank. After the merger, the combined assets between the two banks will be larger; hence the firm will be able to offer its consumer loan that was not possible before the merger because of lending regulatory restrictions based on capital base. Therefore, the merged institution will be in a position to offer new products especially loans to its existing customers due to the bigger capital base achieved. Also, new additional customers will be attracted to the bank because of the new products it offers. The branch banking franchise and wholesale lending of OneWest banking will combine with the national loaning platform of CIT in the new merger to form a unique institutional and retail financial services provider. Therefore, the transaction is expected to lower and diversify CIT deposit cost, be accretive to returns and earning on equity and broaden the products the bank can offer to its middle market clients, while at the same time a strong capital is maintained. The new division will benefit the consumers as well as the firm (Penas, M. F., & Unal, H, 2004).Describe how the division addresses customer needs and achieves competitive advantage.The merger will enable OneWest Bank to provide new financial services and products to existing and new customers. The increased capital base will enable the organization to provide higher loans; hence the customers will be able to solve their financial problems with the loans. The merger will enable the commercial and retail customers of OneWest Bank to access a wide range of beneficial financial services and products The one west bank will benefit from CIT’s global reach and expansive client base. The bank will be able to diversify its services as a result of economy of scale exploitation, benefits gained from advanced technology, and risk diversification due to additional capital mobilization (Penas, M. F., & Unal, H, 2004). The synergy will enable the merged institutions to introduce new products, consolidate the existing ones and rebrand others for the benefits of the customers hence will compete favorably in the market environment. Therefore, above mentioned reasons show that the bank will be able to stay above its competitors in the market as well as provide satisfactory services and products to the customers.Create a vision and a business model for this new division that demonstrates your decision on what you want your business to become in the future.The new business vision aims to offer IRAs, saving products of high-yields, competitive deposits products, as well as innovative technologies. The merge between OneWest Bank and CIT banking subsidiary led to the emergence of the business model known as CIT bank. Small business and consumers enjoy wide arrays of deposit and lending. For instance, trust services, investment advisory, and private banking is examples of wealth management services and products available at the new business division (Mckeown, 2014). Moreover, middle-class individuals enjoy services such as reduced CIT’s deposits cost and highly diversify transaction. The flourish of the new business model is attributed to the availability of the competent employees from OneWest Bank.The new business model will carry out banking activities on the internet. The new technology on banking will reduce the time needed to transact. For instance, balance inquiries, withdrawals, loan repayment, loan request and deposits are carryout out at anyplace as long as an individual can access the internet. Advances in technology in the new business model have enabled individuals to access to banking service even if they have phones that do not access the internet to enjoy banking services. Establishment of various branch of the new business division has reduced travelling stress among customers hence the use of banking services has increases (Hargadon, 2005).Explain how the vision, mission, and value of the new division align with the company’s mission and vision. The mission and vision of the OneWest Bank formed the basis for the creation and implementing the vision and mission of the new division. The OneWest Bank vision and mission is to assist single business or person in achieving specific financial goals. Therefore, the mission and vision of the new business are to provide the solution to customer needs through the application of emerging technologies. The new business division provides high-quality financial services and products to both commercial and retailer products. Many customers are attracted to the created business model due to consumer-oriented services.Summarize how the vision, mission, and values guide the division’s strategic direction.OneWest Bank value, mission, and vision statement forms the footsteps and treads for the new division strategic plans. The strategic plans should be aligned with the OneWest Bank. The main focus of the OneWest Bank is delivery of high-quality services and products to the customers. The modern environment requires new innovative that will facilitate delivery of quality services. Moreover, OneWest Bank recognizes customers and employee as the best asset for the company (Mckeown, 2014). Therefore, the company success is attributed to the employees and customers. The company also takes care of the external stakeholders such as the society. The mission and vision statement of OneWest Bank has been achieved through the use of modern technologies in the operations. Consumers can enjoy swift and affordable banking services.Define your guiding principles and values for your division in the context of culture, social responsibility, and ethics. The new division employees should carry out their duties under the values and ethics set by the two companies that merged. The new division and the OneWest bank social responsibility are similar because the created division operates financial services although at a different level. The daily activities initially carried out at OneWest Bank are not similar. Therefore, there will need to formulate and implement a specific culture for the new division. Each business organization has experience changes in ethical behavior, social responsibility, and culture as a result of dynamics in the new technologies. Customer services and the team are the cultural foundation for the new division. Moreover, workers can share their issues and concerns since there is an open door policy in the new division. The new division will ensure every single operational policy adheres and there will be equal treatment of the employees. Principles and values should only impact the organization positively (Gebler, 2013).ConclusionThe necessity to maintain the minimum capital adequacy is the main reasons that cause banks to merge. Merging is a way that banks create a horizontal division that aids them to compete favorably in the market since competition is a common problem facing all the business corporates. The new division increases customer satisfaction and increases competitive advantages of the organization. Introduction of the internet and offline based transaction in the created division is a new technology that has foster success in services delivery and consumer satisfaction. The new services retailed at the new division are different compared to that of the company hence the need for a specific culture. The standards and ethics set accord to the banking rules and regulations. Therefore, incorporation of the technologies and the new division has enhanced the competitive advantage of CIT Bank.ReferencesGebler, D. (2013). Business Ethics and Social Responsibility. Retrieved from http://managementhelp.org/businessethics/Hargadon, A. (2005). Leading with vision: the design of new ventures. Design Management Review, 16(1), 33-38.Mckeown, M. (2014). The innovation book: how to manage ideas and execution for outstanding results. Harlow, England New York: Pearson.Penas, M. F., & Unal, H. (2004). Gains in bank mergers: Evidence from the bond markets. Journal of Financial Economics, 74(1), 150-175.