COMPARATIVE STUDY OF PERFORMANCE OF PUBLIC AND PRIVATE SECTOR BANK. Khushboo Bhatia Naveena Chouhan Neha joshi MBA 2nd sem (HR) ABSTRACT Banks are backbone of any economy . With the debut of multinational private sector banks , banking sector is facing stiff competition and a thirst to enhance there service quality inorder to gain a competitive edge over there customers. Public sector banks are facing stiff challenges from the private sector banks and are under tremendous pressure to cope up with the facilities provided by the multinational banks. While public sector banks have an advantage of perception and strong rural network private sector banks have better services and amenities .
According to Barclays CEO, Antony Jenkins, in this year’s report summary said that they will operate in areas where they have scope, competitive advantage and capability (Wilson, 2014). With many institutions offering the same product, competition for Barclays in the current year is high. Another determinant of competition is customer power. The financial market is expanding and with Barclays’ Go-To bank approach, the number of clients may increase if they work on their service delivery and packaging of their products. In the light of similar products, the threat of substitution is high as more firms develop unique products to serve the same purpose at lower costs.
Satish K. Mittal and Ishant Kumar Gupta (2013), in their research paper have stated that mergers and acquisitions are the most used consolidation tool for corporate restructuring and also that the number of mergers and acquisitions are increasing not only in number but also in the value of the deals. They stated that this is a growing trend in the services and manufacturing industries and will continue to grow and expand into other industries as well. 6) D’angelo Buendia and Nadia Meljoum (2006) state that corporate identity is the most essential part of an organisation as that is what the client/ consumer sees first and that is the way that consumers at first relate to the company. It is also like a mini 2-5 second advertisement as it portrays what the company’s core values and beliefs are. They stated that companies should know why they need to maintain corporate identity and what benefits can be gained.
This stance could be seen to be part of the search for a successful management formula for business success, which has led to management theory being part of a major academic industry. Re-engineering, total quality, downsizing, management by walking around; centralisation and decentralisation have all been fashionable as change trailblazers in academic and corporate circles before slipping into mid-life obscurity (Micklethwaite and Wooldridge, 1996). Organisational coaching, as a relatively recent arrival, is still arguably in its ascendancy. How long the progressive curve lasts, will depend on the quality of the evidence-based research available to sustain the increasing corporate spend on coaching strategies and related management development. The kernel of the research quest was to better understand the nature of coaching within an organisation so as to identify and explore any characteristics necessary for coaching to achieve a favourable impact on organisational culture and performance.
It is essential to build in-built flexibility structures and strengthen the efficiency of public ownership. Another possible solution is the establishment of a genuine board management and worker motivation in order to cope up with the paradigm shifts occurring in the banking industry. The critical element of success for unity banks is the government paying significant attention to the major tasks undertaken by unity banks. Setting up advisory boards in key areas of the banking process is also beneficial in solving the problems faced by unity banks. Improving the public policy contributes to an efficient transitional path of the banking system implemented by Unity banks and helps to move from a regulated focus to a more liberalized regime.
Indian banking today is in the mid of an IT revolution. However, new private sector banks and foreign banks have an edge over public sector banks with regard to the implementation of technological solutions. To be successful in this competitive environment, these banks have to take certain steps like cost reduction by economies of scale, better relations with the customers by providing better services and facilities to them. Pressure of performance and profitability will keep them on their toes all the times as the shareholders expect good performance along with good returns on their equity. The changing scenario and the new technologies like internet banking, mobile banking, improvement in payment technology, etc.
In today’s era, when there is tough competition, globalization and deregulation have forced banks to deliver all-time services to its customers. The IT revolution in the banking industry has made the banks more responsive to the customers’ needs. IT revolution in the banking sector has had a significant impact on the performance of the banks and also in customer service delivery. Globalization has helped to connect all the nations all the nations together without leaving them isolated. IT has benefitted all the sectors, including the financial sector, especially banking industry.
Introduction In today’s ever-changing world, the only thing that doesn’t change is ‘change’ itself. In a world increasingly driven by the three Cs: Customer, Competition and Change. Many companies are on the lookout for new solutions for their business problems. Recently, some of the more successful business corporation in the world seem to have hit upon an incredible solution: Business Process Re-engineering (BPR). BPR is known by many names, such as ‘core process redesign’, ‘new industrial engineering’ or ‘working smarter’.
Customer Satisfaction in the Indian Banking Sector In today’s competitive environment relationship marketing is critical to banking corporate success. Banking is a customer oriented services industry and Indian banks have started realizing that business depends on client service and the satisfaction of the customer. This is compelling them to improve customer service and build relationships with customers. Banking in the Western world is one of the many service industries where customer satisfaction has been the focus of research (Holliday, 1996). This is mainly because of the fact that the banking sector is increasingly experiencing a high level of competition.
Global Outsourcing Outsourcing is one of the best practices which add best value for the business and it is going through a stage of increase growth in the business world nowadays. The increasing of the technology and the competition in the world lead to use best strategies such like the outsourcing to control, manage the information technology and meet the IT need. One important reason for applying outsourcing is the lack of available resources locally. This gap can be covered more outsourcing. The pie chart below declare that the need of outsourcing has been increased last years.