Discuss about the Media Strategies For Marketing Places In The Crisis.
The Al Arab bank in Oman is owned jointly and offers financial services. The Al Arabi bank has more than sixty branches and has four main operations that include retail banking, support activities, company banking as well as banking for the Islamic religion. (Oman Arab Bank, Bloomberg, 2017) The bank appointed a new head of retailing function qualified in areas of project management and other operations that include marketing, digital marketing, and even sales. He would help in key operation management decisions of the bank hence smoothening its operations. The operations decisions mainly involve quality of services; sits inventory management practices, the layout and process designs that contribute to the total performance of the bank. (online banking to NCR software, 2015)
Quality is defined by how well the bank offers banking services to its customers. The bank has digitalized its operations by introducing a robotic system for to offer customers best quality through ways like reduced response time to customers and resolution times. Furthermore, there is efficiency in operations, high accuracy as well as speed. Having the automated machines gives the staff time to focus on offering solutions and better services that help achieve customer needs. The staff also has more time to become innovative and come up with quality products that meet or exceed customer expectations. Automation has also helped increase productivity as well as reduces errors in banking processes. The bank employees dedicate time to communicate with the customers and understand their needs directly. Transparency has helped the bank reduce overall costs of operations. Generally, quality involves a reduced time of operations, quick customer feedback, transparency, accountability, quality products and improved profits which the bank seems to meet. (Oman Arab Bank News, 2016).
This involves processes that include ordering, use of a company`s stock or assets as well as its storage. It further involves control of the movement of services and products from the point of origin to the end user. In this case, the bank is offering services to customers. So it has automated its activities from the manual way of running bank tasks. It uses a desk software that has improved mechanisms of being accountable and has visibility for its Information Technology and bank services as well as the functions that support its running operations (Worall, 2012). The bank also tracks all its communications and service requests from a single central point and manages them. The machines also help in loan approval and cards which affect its level of assets. Other investors in Oman have acquired Al Arabi Bank`s Investment Management Group. The acquisition included even systems, licenses, the assets, and liabilities of the Al Arabi Bank. The entire acquisition led to more investments, better asset management as well as brokage. This is good for the bank because it would make it to a first-class world bank. This way the bank managed its assets.
The Al Arabi Bank has many branches across the country. This helps it to reconnect and maintain its customers. The bank has also connected its networks right from the CEO to all stakeholders through fostering local orientation and having creative processes for its workshops. The bank has its branches in malls to serve its retail customers, and it would also attract customers as well as serve the prestigious customers. The bank`s cityscape and the cubical layout with transparent blue against the skyline also against the mountain backdrop attract even tourists who come to Oman. The common barriers of branch entrance fronts have a digital media type of gable end that allows favorable and warm welcoming scenery are creating a good scenery for its customers. The bank generally has both welcoming interior and exterior.
There is also some privacy as one gradually passes through different interactions. New technologies have also been embraced to eliminate barriers between customers and the staff hence stronger connections that respect the Oman culture.
Embracing digitalization by the bank through sharing screens among the employees and customers is also a design to enhance customer service. (Cherkaoui, 2017)
The bank has A SMART Service Desk service. It helps the bank offer increased desk performance service to its customers. It ensures less time is used for logging into its systems. Less phone call charges are incurred when registering tickets. Feedback to and from customers is received faster. The system also measures performance against the bank`s defined objectives. The overall performance of the service above ensures increased profits to the bank, best customer service, and time management.
The general branch appearances, automated desk service, landscapes, and culture have enabled a strong customer bond between the customers and the bank due to the personal experience and improved customer engagement.
The bank can improve their internal processes efficiency. This can be done through creating a Business Process Reengineering team (BPR). This will help oversee the activities of process re-engineering at any level of the bank. This will help improve overall efficiency and performance of the bank.
Activities that don’t add value to the overall effectiveness and efficiency of the bank should be eliminated so that quality services are offered, and staff dedicates all their time to improving customer experience.
In order to improve bank effectiveness of already existing processes, the staff also need to be trained so as to improve their knowledge for every level of the bank. There should be a checklist to ensure no errors in the bank`s processes and also be able to investigate the precise cause of any problem in the bank and how it can be solved or how to prevent the occurrence of such errors.
Operations of the bank should be centralized. This will free the staff from direct sales. An all-round employee concept should be initiated for all operations so that results are the same. Departments will also be free from operational duties (Rath et al. 2014).
It is one of the largest banks in Oman.Large banks have more customer loyalty. So for the bank to use this to its advantage, it should use the flowing capital to innovate ways of serving their customers in an improved way. The bigger the bank, the better it enjoys economies of scales when purchasing products or even when making decisions of the country as it largely impacts a country`s economy. The bank should, therefore, ensure that the economy of the country is uptight to have better performance. (Avraham, E. and Ketter, 2012, Oman Arab Bank senior management , 2015)
If the bank has so many branches all over Oman, then it has a lot of flowing capital. The bank should take advantage of the capital to improve its performance by digitalizing its branches for better customer services and retain them as well. (Oman`s Ominvest scraps, 2014)
The bank should use this to its advantage by employing people from all over Oman who bring into the bank different innovative ideas and skills so that the general performance of the bank and flow of operations it’s improved.
Due to its huge customer base, the bank should invest in better operational machines, training its employees for better customer approach and better office layouts to attract more customers.
It has created adequate public awareness. When a large population of people knows about the bank, it’s appropriate that it works on improving quality of its services so that more people attracted to it and became its customers.
It ensures that the Oman culture is presented in its layout hence attracting those who love the Oman culture and retaining them as customers as a result of good customer service.
The bank does not have a good image maybe it is because it is more of the Islam Religion even in its name. With this, it has acquired the loyalty of the Islamic people so it should take advantage of this by meeting the needs of its customers. This will ensure that its target customers are loyal and stick to the bank hence more profits.
Yes, the bank has had its controversies but overcame them, and it did not collapse. So it should use this as an advantage by using it as an opportunity to convince more people to use the bank for their banking services. (Katzman, 2015.)
Conclusion
The Al Arabi Bank has ensured the good operations management decisions relating to the areas in question. Having quality as one of its major key interests and investing resources to ensure it is achieved has made it one of the largest bank in the world. (Jamaldeen,2012) The way it has ensured good layout in its branches to attract customers has given it an upper hand in financial institutions competition industry. The proper inventory management has ensured efficiency and improved performance of the bank. Its corporate strategic plan has helped the bank achieve both improved customer service and competitive advantage.
Reference
Avraham, E. and Ketter, E., 2012. Media strategies for marketing places in crisis. Routledge.
Cherkaoui, T., 2017. Back to the Future: Sparta, Athena, and the battle for the Arab public sphere. Pacific Journalism Review, 23(2), p.112.
Jamaldeen, F., 2012. Islamic finance for dummies. John Wiley & Sons.
Katzman, K., 2015. Iran, Gulf Security, and US Policy. Congressional Research Service Report, p.27.
Oman Arab Bank. March 22, 2016. News. Retrieved from www.barraljissah.com
Oman Arab Bank., 2014. Annual Report.
Oman Arab Bank., 2017. Bloomberg. Retrieved from www.bloomberg.com
Oman`s Ominvest scraps, O. 2014. Arabian Business. Arabian Business.
Rath, D.P., Mishra, R.N., and Al Yahyaei, A.I., 2014. Concentration and Competition in Oman’s Banking Sector Implications for Financial Stability’ (Vol. 2014, p. 136). CBO Working Paper.
Worrall, J., 2012. Oman: The “Forgotten” corner of the Arab spring. Middle East Policy, 19(3), pp.98-115.
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