3.1 Functions of MCB
Basically there are two basic categories of functions of MCB Bank, which are as follows:
1. Principal Function
3.1.1 Principal Function:
The principal functions are basically the core functions of the bank that is the lifeblood of bank, which are:
1. Acceptance of Deposits
There are basically two types of deposits and their nature varies due to time factor, which are:
1. Demand Deposits
2. Time Deposits
3.1.3 Demand Deposits:
The demand deposits have no legal restriction on drawing of the deposited amount and the cash is readily available on demand without any conditions.
Demand deposits are further classified into categories:
1. Current Deposits
2. Saving Deposits
3.1.4 Current Deposits:
The current …show more content…
3.2.3 Collection of Dividends:
The bank provides a very useful service in the collection of dividends or interest earned on stocks and shares held by his customers. The customer is simply to inform the issuer of the securities that the interest on the securities is to be credited to his account in the bank.
3.2.4 Purchase and Sale of Securities:
MCB is authorized by the customer, purchase or sale securities on his behalf and thus adds other benefits to his portfolio.
3.2.5 Transfer of Funds:
MCB also transfer funds of the customers from one bank to another bank. If the transfer is at one station, they don’t charge any commission and even if they charge, they charge on reduce rates.
3.3 Principles of Performance
3.3.1 Customer Focus
Over the years MCB has developed strong relationships with its customers by understanding their needs and treating them with respect, dignity and importance. The driving force behind its commitment and services is its focus on customers, ensuring that it not only meets, but exceeds their
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Through sustaining the customer relationships, leaders of the company have realized that “becoming nearer to the consumer” is vital for the progression.
Refer to those kind of deposits that can be easily withdrawn by individuals without any prior notice to the bank. In other words, the owners of these deposits are allowed to withdraw money anytime by simply writing a cheque. These deposits are the part
All this remark less performance of MCB has earned it many awards like “The Best Bank of Pakistan” award consecutively for two years; 2008 and 2009. The award was given by “Euro Money” a leading international publication.
Customer service plays a vital role in the running of this organisation. As they have many competitors they try extremely hard to stand out above the rest with their customer service approach. They use the slogan ‘Every little helps’ to
In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.
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CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).
McDonald’s emphasizes cleanliness and food safety, in addition to quality and value service (QSC&V), through which it has succeeded in obtaining customer trust. The company also stresses ethical practices, dependability, and truthfulness in dealing with customers (McDonald’s, 2012, p. 1). Moreover, McDonald’s employs a coordinated marketing strategy that involves analyzing customer wants, creating products to satisfy his or her needs, setting the right prices and enhancing awareness of
Support: Since the bank is having many branches across the world, these branches need some some systems to operate. So, improving these local systems is done in each branch by the local authority itself.
MCB now focuses on three core businesses namely Corporate, Commercial and Consumer Banking. Corporate clientele includes public sector companies as well as large local and multi national concerns. MCB is also catering to the growing middle class by providing new asset and liability products. MCB looks with confidence at year 2005 and beyond, making strides towards fulfillment of its mission, "to become the preferred provider of quality financial services in