los alamos national_bank
TRANSCRIPT
Los Alamos National Bank
Multimedia Case
Done by: Mohammed Al-Hinaai 88722 Ibrahim Al-Badi 89245 Khalid Al-Shabibi 88733Introduced to: Dr. Abdelrahman
Los Alamos National Bank
o LANB established in 1963 .
o Today largest independent bank in New Mexico.
o LANB provides a full range of financial services to consumer, commercial, and government markets.
Los Alamos National Bank
o The bank has become an integral component of its community.
o Nearly 80 % of Los Alamos’ 18,000 residents use LANB financial services.
o Two-thirds of residents consider LANB to be their primary bank, and 30 % of all customers use five or more services, as compared with the national average of 6 % for all banks.
Los Alamos National Bank
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Los Alamos National Bank
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Los Alamos National Bank
o LANB capitalizes on advantages earned by successful “home-grown” businesses.
o its As a locally owned and operated financial institution, it strives to be more “customer driven” than its competitors.
o It is organized to identify customer needs more readily and more accurately and, then, to respond more quickly and more satisfactorily. Success translates into more loyal customers who are more willing to use LANB products and services and to refer new business.
Los Alamos National Bank
o LANB has positioned itself to be a low-cost, full-service provider. For example,
service charges generate less than an eighth of annual income, as compared to about a third for regional and national banks.
o LANB offers rates of deposit that match or exceed those offered by competitors, and the rates of interest it charges for loans typically are among the lowest the market.
Los Alamos National Banko Senior leaders set the bank’s long-term strategic
direction and annual corporate objectives, following detailed analyses of leading and lagging indicators of trends in the economy, markets, customer behavior, technology, employee skills, supplier capabilities, and other key factors. At the departmental level, planning becomes an organization-wide activity, involving all personnel.
o Corporate objectives are accomplished through action plans that often transcend several departments. Totaling about 90 in the year 2000, action plans are converted into individual work goals for all employees, about a third of whom participate on long- or short-term teams.
Los Alamos National Bank
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Los Alamos National Banko The form used for this system lists corporate goals,
departmental objectives, and the annual and long-term goals of the employee
o Employees complete a personal self-assessment of their strengths and of opportunities to improve their customer-service skills and technical competence.
o employees have a complete snapshot of what they must do to perform at a high level
Los Alamos National Banko Employees are expected to create value for customers, and
they are given the authority and resources to act proactively and decisively.
o For example, all workers have the authority to resolve complaints on the spot.
Los Alamos National Banko LANB ranks technology as vital to executing its
strategy of providing low-cost service,
o achieving high levels of customer satisfaction and loyalty
o It credits its client-server information network and relational database system with enabling the speed, dexterity, and analytical insight needed to manage risks and to respond rapidly to changing customer requirements and emerging market opportunities.
Los Alamos National Bank
o LANB was quick to embrace the Internet and to provide on-line banking services, which have been received enthusiastically by customers.
Los Alamos National Bank
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Questions1. Why does Los Alamos National Bank feel a deep sense
of commitment to its community? How does this impact its focus on quality and performance excellence?
• Because the main aim of LANB is to serve the community and to be a part of the community, not like others’ banks that its purpose only completions and profit. The services of the bank being focused on the customers’ needs and aims forward customers satisfactions. It is organized to identify customer needs more readily and more accurately and, then, to respond more quickly and more satisfactorily. Success translates into more loyal customers who are more willing to use LANB products and services and to refer new business.
Questions2. How does LANB focus on its employees and reflect this key principle of total quality? Why is this especially important for a service organization like LANB?
By focus on the personal self-assessment of their strengths and of opportunities to improve their customer-service, also the action plans are converted into individual work goals for all employees. And they are given the authority and resources to act proactively and decisively. For example, all workers have the authority to resolve complaints on the spot
To perform at a high level and to earn the attendant incentives and rewards includes profit sharing and employee stock ownership.
Questions
3. How does technology support the bank's mission? Can it be viewed as a core competency or a facilitating strategy?
LANB ranks technology as vital to executing its strategy of providing low-cost service, achieving high levels of customer satisfaction and loyalty, and, in the process, sustaining above-average profitability.
LANB was quick to embrace the Internet and to provide on-line banking services, which have been received enthusiastically by customers.