Jyske Bank Case Study

Jyske Bank is one of the most successful banks in Denmark. I extremely agree with Jyske Bank Management Philosophy and Jyske Differences from Jyske Bank's core values. Because of these critical concepts, Jyske Bank could always maintain at a top level of competitive position. Jyske Bank was the best out of the best, however, they still have lots of rooms to make them better. At the next step, Jyske should focus more on efficient usage of technology to improve service quality. First, Jyske can use up-to-date technology to strategically introduce new products to increase existing customers' satisfaction and attract new potential customers. Second, technology can improve quality of bank security system to increase customer loyalty and bank reputation.

Undoubtedly, technology is one of the main driving forces of increasing service efficiency, flexibility and accuracy. It doesn't mean that using more technology will seriously impact staff employment because Jyske Bank should has to maintain one of their remarkable services - face-to-face communication. Jyske Bank can use technology to implement some general banking services such as check deposit, monthly payment, balance checking, etc. Here are some ideas. Remote deposit is another way to deposit a paper check anytime, anywhere. Customers can either home scanner or mobile phone to take a picture and send the image electronically to the bank for deposit. Besides using mobile phones for paper check deposit, it can be used for checking mobile payments and receiving instant answers regarding any general questions about personal banking information and the bank itself. It essentially increases quality of communication, improves time flexibility and efficiency, and reduces cost from saving paper.

How to improve bank security is another main concern from customers, shareholders, and employees. Once the bank starts launching new services or program on the Internet, they should come up the best ways to set long-term security for the project. First, policies and procedures should be established and updated on a regular basis. And then, they can combine with designing efficient security system to better avoid security risk. Effective bank security system is important and essential to the success of a bank because that is the best way to increase loyalty of customer and shareholders, and provide staff a safe working environment.

From the case, it mentioned that Jyske's "core financial products remained essentially similar to those of other Danish banks". Even though they did a remarkable job on presenting to customers, they still should strategically launch some new products to increase satisfaction of existing customers and attract future potential customers. To make sure the new products fit well to its market, Jyske should efficiently utilize marketing research for marketing segmentation. According to characteristics