I need help to list and explain the strategies to apply as a banker to remain in the business of banking.
Despite many competitive forces (like product proliferation, price, technological innovation, religious inclination, capitalism, sectionalism, branding, quality service, etc, which are issues trying to push you out of business), you are determine to remain a boss in the banking business.
Start by looking at some relevant competitive forces that may affect banking and bankers, for example, these few:
- product proliferation: the expansion of financial instruments in the banking market from rising competition, the majority of which represent minor variations on existing instruments.
- price: in a market with few competitor, an oligopoly, in which product proliferation most often occurs, a firm's price reduction gains market share as customers are draw away from competitors.
- technological innovation: the result of research and development, new or improved technologies are brought into use.
- branding: marketing of logo, name, slogan, and design of a brand so that it is more and more recognizable to and identifiable with growing market segments.
- quality service: quality of operational processes that identify and resolve customer issues.
Now analyze what a banker might do to counter each of the competitive forces trying to push the banker out of business, then apply the solutions to the banks operational strategy.
If product proliferation is a problem, the banker will create their own variations on proven financial instruments to add to the market, e.g., a five-year CD with no early withdrawal penalty after the first three years.
If pricing is a problem, the banker will adjust prices to match the competitors' thus setting the stage to draw market share back to the bank.
If technological innovation is a problem, the banker will adopt the industry innovations to remain competitive, e.g., speech responsive ATM machines.
If branding is a problem, the banker will seek expert consultation to improve branding, which includes making the brand one that people recognize, identify with, and psychologically and emotionally accept.
If quality service is a problem, the banker will implement improved training and remedial training and will adopt more effective hiring techniques.