A Research On The Service Industry

The organization selected for analysis and evaluation is American Lake Credit Union. This organization is composed of two main branches, both located in Tacoma, Washington. In contrast to banks, Credit Unions are smaller organizations and are directed by members who are selected via a vote to serve in an all-volunteer board of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this credit union was founded in 1948 and has grown since then. (C. Fitzer, personal communication April 7, 2014). For instance, although the organization is small in size through a partnership with a credit union network, it is able to provide general financial services at diverse locations

They have been able to generate different sources of revenues through commercial banking, credit card and retail financial services, which separates them from competing with some investment banking companies. The accounts, products and features the company offers sometimes have fees which it is willing to waive. Since the company wants the “share of wallet” of high balanced customers, it will take such actions. This action of course has the potential to deepen relationships. In the article by author Charles Keenen he states, “According to Bancography, a consulting firm in Birmingham, Ala., a customer who has just one product with a bank will stick with that bank for about 18 months, but add even one product - a savings account, perhaps - and the average jumps to four years. Customers with three products will stay with the bank for about 6.8 years.”

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The Credit Union maintains a system for cashing checks that provides Members with fast, friendly, and efficient service, while minimizing Credit Union losses. Tellers are expected to use good judgment in cashing any check presented. Tellers have the responsibility of giving good service to Members while weighing the risk to the Credit Union.

Navy Federal Credit Union is the world’s largest credit union that serves the military and their families. Navy Federal Credit Union is non-profit organization that offer competitive packages to their employees and customers. Navy Federal has a peer 2 peer recognition programs that encourages employees to tell their co-workers how great they are by giving them a virtual “first bump (Fortune, 2016). Navy federal dedicate their services to members, and families that serve in the military. They offer a variety of variety of packages and incentives to satisfy their employees. They promote innovation by providing onsite health benefits, family care programs, compensation programs, and community involvement.

b. List three differences you found between the accounts and features this bank or credit union offers and the bank from question 1 above. (1-3 sentences. 1.0 points)

The company does not have a sure mission and is engaged in the wrong type of marketing philosophy. The company need develop a mission.

In conclusion, the credit union of the future will best serve its members by offering low interest rates, friendly service, and a chance to have a say in decisions. Credit unions are superior to banks in most aspects, and they are nonprofit, which is beneficial to the

Being a member owned financial cooperative, GCU does not pay dividends and operates for the purpose of the financial well being of its members by providing financial services at a competitive rate to its members. Hence GCU has a “Societal Orientation” to help the people and the community.

The second organizational weakness is the lack of personalized service. It’s impossible to give personal attention to as many members as USAA has like it is for a smaller community bank and insurance provider. Since the organization is so large, it is easy to feel lost in the mix and just another number. Smaller community banks and insurance providers have the benefit of getting to know their clients personally, may be better able to serve their specific concerns and clients tend to be more comfortable doing business with someone from their own community with whom they deal with consistently. Also, it can be frustrating that you are unable to speak to the same representative twice when calling a large business such as USAA. USAA can minimize this weakness by creating “teams” of representatives for their members. Each member can be assigned to a team of 5-7 USAA representatives, one of which will be answering that members concern. Teams would be comprised of representatives from each specialty (IRA planning, mortgage help, banking etc.) and be available only to their customers. This strategy would provide comfort to the members who like to deal with the same individuals when doing business.

Unlike conventional banking systems, credit unions are non-profit and focus on community and member needs. They offer higher interest rates on savings accounts and lower interest rates on loans and mortgages. Although their organizational structure is tax-exempt, they still

In contrast to banks, which are usually owned by shareholders, credit unions are owned by the members of that credit union. Because shareholders do not own them, credit unions do not have to implement large fees to make a profit, much like banks often do. Whereas banks mainly focus on profit, credit unions are non-profit; therefore, it is the members of the credit union who make money off of investments. This allows credit unions to place higher value on customer service and satisfaction than on making a profit. Consequently, credit union loans can offer lower interest rates on loans, credit cards with lower annual percentage rates, and lower fees than banks can.

It lacks thorough understanding of its target market (the needs of the present and future customers).

Once they analysed what were the main issues that led the company into that situation, two were the main problems. First of all, the product portfolio was unprofitable, more than the 94% (Breen 2013).

Lean is a process where creating more value to customers by minimizing wastage, time with less resources. Lean organization understand the customer value and try to increase proceed which adding more value to the business. In order to accomplish the lean thinking