The Service Quality of Prestige Account provided by Hang Seng Bank
Introduction
The world of work and organization has become increasingly demanding and turbulent. There are eight major challenges currently facing organizations. These are globalization, responsiveness to customers, increasing revenue and decreasing costs, building organizational capability, change and transformation, implementing technology, attracting and developing human capital, and ensuring fundamental and long-lasting change. Thus, levels of competition among organizations have increased. In banking industry, banking businesses are offering different add on services to enhance their competitive advantage. Some banks offer internet banking, some also offers high interest earnings, some also offer low cash loan, and etc. With this head-to-head battle among banks in Hong Kong, Hang Seng Bank are now offering a new banking service known as “Prestige Banking”. In this service, Hang Seng Bank promised to offer prestige service to manage their customers’ wealth effectively. Actually, Hang Seng bank are eager to fully provide a so-called Prestige Banking Service which is tailor made to attain and meet special needs of their customers. Along with Hang Seng bank’s integrated banking services, a complete collection of supple wealth management answers are offered to assist their clients achieve wealth management goals at all times.
Background of Hang Seng Bank
Hang Seng Bank or currently known as Hang Seng Bank Limited is the second largest Bank in Hong Kong. Although the company is listed company, large part of it or more than 50% of its equity is owned by the HSBC Group. Basically, the vision of the bank is to increase the shareholder value by strengthening their attitude as a top business organisation in Greater China, focusing on the whole on Pearl watercourse Delta, the Yangtze canal Delta and the Bohai money-spinning Rim regions.
Currently, the bank strongly capitalised for profit hoard with the purpose of provides a wide array of corporate banking, commercial banking, wealth management, treasury and private banking services. However, the past experience of Hang Seng Bank banking industry crisis hit Hong Kong revealed that they were seriously affected. During that time, Hang Seng Bank as the colony's second largest, was about to flounder in a run. Chase offered help but Hang Seng preferred HSBC, because of its local roots, and sold it a majority stake in 1965. These deals illuminate the difference between corporate strategy and the realities of the marketplace (King 1991). Diversification had taken a beating although it was only in 2000 when acquisitions in Asia became topical again, in a small way. Two of them were part of the private banking drive, PCIB Savings Bank in the Manila area and Taiwan's leading asset manager China Securities Investment Trust Corp. in 2001, to be followed by an 8 per cent stake in the Bank of Shanghai (Laulajainen 2003).
From this past experience, it seems that Hang Seng Bank can now handle the financial Tsunami. The bank refurnished their main focus to pursuit of excellence for their customers. In Hong Kong, they currently have a vast network of over 210 service outlets. Established on 28 May 2007, our wholly owned subsidiary Hang Seng Bank (China) Limited operates a mainland China network of 32 outlets in Beijing, Shanghai, Guangzhou, Dongguan, Shenzhen, Fuzhou, Nanjing, Hangzhou, Ningbo and Tianjin.
There is also a branch in Shenzhen for foreign currency wholesale business, branches in Macau and Singapore, and representative offices in Xiamen and Taipei. As a pioneer of premium service, Hang Seng Bank has currently 9,600 staff.
Hang Seng Bank is a principal member of the HSBC Group, which is among the world's largest financial services organisations and holds a 62.14% equity interest in the Bank. The Bank offers investors in the United States a Sponsored Level-I American Depositary Receipts Programme.
Aims and objectives of the study
While the research questions only refer to the information that the researcher intended to question. The objectives, however, will focus on the necessary problems and objectives that should be clarified in order to gather the intended information and also be able to derive specific information that are not limited by the previous questions. With these objectives, the study will be able to attain the necessary information that can help derive further conclusions and proper recommendations. The study intends to determine the Service Quality of Prestige Account provided by Hang Seng Bank. The study intends to get the appropriate data to help in making the proper assessment. There are other aims and objectives of the study. This includes
To determine what Hang Seng bank do to meet the needs of their clients.
To determine the things done by Hang Seng bank to give satisfaction to their clients.
To determine and assess the perception of clients pertaining to the Service Quality of Prestige Account provided by Hang Seng Bank.
To identify how successful the bank is and how the add on service known as “Prestige Account” contribute to the success of the bank.
Methodology
The study shall use survey using questionnaires to gather pertinent data (Creswell, 1994). The questionnaire will be made in such a way that the Hang Seng Bank clients will spend less time in answering it. Moreover, the study shall also use previous studies and compare it to its existing data in order to provide conclusions and competent recommendations. Survey can be done either by personal survey, telephone survey, self administered questionnaire, mailed questionnaire, and email questionnaire.
The study will initially gather information that will serve as introductory part of the study. These kind of information helps the reader what the study is about, what it intends to do and what will be its result. The study will then gather related literature to prove the need for conducting the study. The literature review can help in determining what are the studies already done, what study needs to be corrected. The study will then determine the methods and means for data to be gathered and analyzed. In this part the data is being readied to be gathered and analyzed but the method to gather it will first be determined. The next part of the study is gathering, presenting and interpreting the data. In this part the validity of the hypothesis and ideas about the study will be proven. The last part of the study will be the part where conclusions and recommendations will be stated. In this part final statement about the study will be done.
References
Creswell, JW 1994, Research design: qualitative and quantitative approaches, Sage, Thousand Oaks, California.
Laulajainen, R 2003, Financial geography: a banker's view, Routledge, New York
King, FH 1991, The Hong Kong bank in the period of development and nationalism, 1941-1984, vol. 4, Cambridge University Press, Cambridge, UK.
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