Jyske Bank - the Bank’s View of Their Stakeholder Groups

Case Study #1

1. Explain the bank’s view of their stakeholder groups. Do you think one group of stakeholders is more important than another in this scenario? If so, which one and why? If not, explain your justification for this position. (1 Point)

The bank’s view of their stakeholder groups was that of equality. They valued all 3 (employees, customers, and shareholders) as equally important as the other. In this scenario, I did not believe that one group was more important than the other. I did feel that the customers’ needs and interests were placed on the highest pedestal.

After all, any for-profit organization cannot survive without its customers. Without customers, there is no profit, and without profit, there is no payroll to pay employees and without those two, shareholders receive nothing at the end of the fiscal year. Each component is equally important for the sustainability of any organization.

1. Question 2: Describe the tangible modifications made by the bank. Do you agree or disagree with these modifications? (2 Points)

The tangible modifications made by the bank included new IT systems that were developed to help employees take customers through processed to determine their needs and find appropriate solutions. I agreed with this modification because it allowed employees to find the best fit for the customer as oppose to the one-size fit all approach. Instead of trying to sell new products or a specific product, these IT systems allowed customers to leave out of the branch with the right product to fit their financial needs. This proved to me that the company did value its customers and prioritized their needs.

Another tangible modification was the implementation of account teams. This consisted of assigning each customer a branch employee to serve as a point of contact. I understood the vision of this modification, but did not agree that it could be sustainable. What happens when multiple customers who have the same branch employee as a point of contact visit the branch at the same time? Someone would have to wait, customers do not like to wait. Another modification included physically redesigning the branches. I agree with this one because you must stay current/modern. Change is inevitable in order to survive.

1. Question 3: Describe the intangible modifications made by the bank. Do you agree or disagree with these modifications? (2 Points)

The intangible modifications made by the bank included training, empowering the branches, empowerment throughout the bank, management style, communication, and human resources. Training included team building and customer service which I agree with. Proper training is key to demonstrate how you would like your employees to interact with customers, but also serves as a tool to coach and recognize performance. Empowerment through the branches and throughout the bank gave employees within these walls the freedom to “make it right for the customer” and fast. I agree with this modification because sometimes a solution is common sense and may not be in the “rule book”. After all, what is the branch employees true purpose of existing if all answers had to come from someone outside of the building. There would be no need for a brick-and-mortar location.