Permanent Tsb Group Holding Plc Case Analysis
Introduction
Permanent TSB Group Holding plc was formerly Irish Life and Permanent plc. The financial institution is in collaboration with Irish Life and Allianz to provide numerous services to their clients. Permanent TSB provides services such as mortgages, loans, investment products and everyday banking.
Market Structures
Permanent TSB is an oligopoly due to the limited other large banks that are available in Ireland. Better interest rates and lower charges in opposition banks attracts customers to switching banks. During the summer, Permanent TSB put up their charges and decreased their interest rates slightly to be on par with the other banks. In response, customers were outraged and threatened to switch bank. Permanent TSB weren’t performing this for competitive purposes, they just had to do this for financial reasoning.
Economic Indicators: Employment
In terms of employment, Permanent TSB (PTSB) have less staff than they would have ten years ago. “Permanent TSB has also cut a large number of staff over the past 10 years as ‘core’ bank employee numbers dropped from 4,856 in 2008 to 2,399 across last year” (The Journal, 2017). In the future, all banks hope to be cashless. Cashless would result in having no cash desks open which would entail, less staff. All transactions would be performed on SSBM’s. As a result, banks would save
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PTSB sticks to product based pricing. Product based pricing entails determining the charges and fees based on the specific product etc. For example, a current account with PTSB would have less fees than a business current account. The bank also abides by relationship based pricing for its customers. PTSB will offer special rates for loans and mortgages for customers who have been loyal to their bank. Relationship based pricing is the future for banks since a large amount of banks are providing competitive interest rates etc. (Oracle,
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