Gulf Coast Bank: SWOT Analysis and Recommendations

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Strengths	Among the key strengths of the current company , the following advantages can be considered: Strong guarantees for the customers. Since there is a $5.00 payout, which is given to the customer as soon as the guarantee becomes valid, it can be considered that the clients will be attracted by the new company feature; The existence of the awareness phase and the action phase, which meant that the customers’ requests are taken into account and the services are improved according to the clients’ demands; Trustworthy money transfer system: according to the existing system, the payouts are credited to the client’s account immediately; Attempting at entering the world market. According to the research, the Gold Service Guarantee Program was created in order to establish the bank as a valid and competitive organization in the existing market.
Weaknesses	Unfortunately, there are yet several weaknesses which need to be taken into account when offering a strategy for the further course of actions: The uncertainty concerning the bank’s capacity to provide the offered services executed on the required level; The fact that in case of an accident, the bank will not be able to rely on the reports to find out who is to blame for an operation which has gone wrong.
Opportunities	The above-mentioned strength in the current situation create a number of opportunities for the company to use in the nearest future: A new program has been developed to represent the company’s interests and attract more customers. Called a Gold Service Guarantee Program, it was offered to put the bank in the leading position in the market; Establishment of the Gold Service Telephone Line to take notes of the customers’ feedback and improve the existing services; With the help of the extra services for the clients, the company can possibly become more competitive and even outrun its key competitors.
Threats	However, it is necessary to admit that the current situation also presupposes that the company should fight numerous obstacles and face several threats to be avoided: According to the case study, there are no changes at present, either positive or negative, in the monthly payout amounts, despite the changes; therefore, the applied system does not seem to work; Among the key threats which the company faces at present, the fact that the employees might not be motivated enough to provide extra services to the clientele takes the number two spot.

Taking into account the above-mentioned issues, one must assume that the Gulf Coast Bank has all what is needed to succeed in the new venture. It is important that the offered services are not only unique, but also are based on what customers demand. Hence, it can be assumed that the Gulf Coast Bank will triumph soon.

What are your final recommendations over the short and long term?

Short-term recommendations

Taking the above-mentioned issues into account, one can suggest that the Gulf Coast Bank should draw a plan for the short-term activity. To start with, the company will obviously need to take notes on every single instance of communicating with the clientele. Considering the exiting options, one must admit that there are several issues to focus on.

First of all, the bank should introduce an example of their efficient work. For instance, the fact that the company has introduced an efficient customer service and considers the complaints and commentaries of the latter, making the service better is an obvious improvement. However, it seems that Gulf Coast Bank needs a more efficient campaign that can prove the system’s efficiency. For instance, offering an account of the major requests and the resulting changes will be a good idea.

Secondly, it is evident that the Gulf Coast Bank should do something about the employees who do not handle the task and do not provide the required services to the customers.

In addition, it is also crucial that the bank should attract as many customers as possible with the new program, which means that the company should spend a considerable amount of money on advertizing campaign. Once efficient commercials attract the public’s attention, the bank will have enough clientele.

Long-term recommendations

As for the recommendations for a longer time period, it can be suggested that the payback to the customers should be increased. Taking into the consideration a number of financial and economical factors, one has to figure out the amount of payback to the customers for the next few years. Once people realize that they are offered not token money, but a guarantee for the provided services, they will trust the Gulf Coast Bank better.

Finally, the issue of the company development must be considered as well. Though the system works at present, in the course of several years it will wear out its welcome. Hence, it is necessary to come up with new ideas now. For example, company can offer not only paybacks, but also discounts for the clients. Thus, the Gulf Coast Bank will most likely stay afloat.

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Gulf Coast Bank: SWOT Analysis and Recommendations

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