• Internal Code :
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  • Subject Name : Management

Risk Management Planning

Table of Contents

Company Brief.

Customer Needs.

Customer requirements.

Customer Service Provision.

Customer Service – Continuous Improvement

Customer Actions.

Customer Requirements.

Consumer Protection Legislation.

Customer Agreements.

Customer Service Task.

Customers Monitor, Adjust and Report.

Summation.

Reference list

Company Brief of Heritage Bank

Heritage Bank is a privately held banking organization, providing banking and financial solutions to all its customer needs and requirements across Australia (Heritage.com.au, 2020). It is the largest mutual bank within Australia, headquartered in Queensland, Australia, with around 500 to 100 employees serving their customers productively (Heritage.com.au, 2020).

Customer Needs of Heritage Bank

Customer Requirements

Concerning to Heritage Bank, Australia, their internal customers include stakeholders, employers, and business partners who will help to fund the organization to operate successfully. Whereas, in the case of external customers, it includes, customers, for whom business revenue can be generated. With emerging expectations of the customer, the company must satisfy the customer's needs and wants as their external customer base is large and expanding. Both the external and internal customer plays a key role in organizational success and effectiveness; however, it is the end-users (customers) who will be using the products and services as per their need and requirements (Arner, Buckley and Zetzsche, 2018). By implementing both quantitative and qualitative research methods, all the customer needs and wants has been analyzed to understand the necessities and plan accordingly to grow business.

Customer Service Provision

By performing effective interviews and surveys with customers and stakeholders to collect data about their needs, wants, and feedback on their experience with the existing products and services of Heritage Bank, Australia. Second, by mapping the client process of making a buying decision to understand customer buying behaviour. Third, mapping the customer's buying journey to understand when and how do customers get engaged with certain products and services to innovate or improve products and services (Chung, Ko, Joung and Kim, 2018). Fourth, follow up with the customers to know and comprehend it their served products and services have met their needs and wants or if they need any improvements or changes (Chung, Ko, Joung and Kim, 2018).

On the other hand, utilizing frequent training and development programs for its employees has helped to understand and adhere to the business operations, goals, missions, and objectives proactively and effectively (Shankar and Jebarajakirthy, 2019).

Customer Service – Continuous Improvement

By transition of all banking processes and transactions to digitally or online has massively assisted the company to acquire valuable feedback (Chung, Ko, Joung and Kim, 2018). Moreover, it also provides various insights regarding customers need s and wants, and as per the data, the marketing and R&D team develops and enhance products and services accordingly (Chung, Ko, Joung and Kim, 2018). Through a systematic channel of communication to concerned teams, for example, sales, marketing, and cluster heads help to initiate planning and delivery process productively (Arner, Buckley and Zetzsche, 2018).

Customer Actions

Customer Requirements

The bank provides all range of banking products to its customers that are identified as crucial and required. For internal customers requirements such as employees, customers, and stakeholders, the main thing they ask is share profit, share price, and profit ratio of the company (Arner, Buckley and Zetzsche, 2018). Whereas, in the case of external customers, for instance, customers or end-users ask about, bank interest rates, benefits, advantages, security, assurance, and quality service.

Key Performance Indicator is an employee’s or company’s performance measuring tool to identify and determine the actual effectiveness of key areas that have been indicated as priorities (Shankar and Jebarajakirthy, 2019).

Consumer Protection Legislation

As per the Australian Consumer Law, which states that all the consumer rights to claim a refund, replacement, repair, cancellation, and compensate for damages and loss of using a faulty product or service (accc.gov.au, 2020). The Heritage Bank, Australia effectively adheres to the law to protect companies’ esteem and policies.

Customer Agreements

Customer agreements are the contract between a seller and buyer to buy an item at a set price and period (Shankar and Jebarajakirthy, 2019). Whereas, the critical success factor is the key component or necessity for the company to achieve results and mission (Shankar and Jebarajakirthy, 2019).

Customer Service Task

It is an essential factor to concern; however, several companies neglect or does not give importance. Implementing and enhancing quality customer service shall take the organization to reach its goals and mission success.

Customers Monitor, Adjust and Report

Utilizing CRM software and tools to manage customer relations, Heritage Bank, Australia has gained significant benefits to satisfy and delight its customers.

Summation of Customer Service Management Report

The bank is proudly and promisingly serving its wide range of customers since 1875 by providing effectual services and products that suit their needs precisely (Heritage.com.au, 2020). Also, banking products and services include personal banking, business banking, credit cards, debit cards, mutual funds, insurances, loans, locker facility, and so on. Heritage Bank, Australia has an exceptional track record of serving its clients with quality products and services (Heritage.com.au, 2020). 

Reference List for Heritage Bank Customer Service Management Report

accc.gov.au, 2020. Consumer Rights & Guarantees. [online] Australian Competition and Consumer Commission. Available at: <https://www.accc.gov.au/consumers/consumer-rights-guarantees>

Arner, D., Buckley, R. and Zetzsche, D., 2018. Fintech for Financial Inclusion: A Framework for Digital Financial Transformation. SSRN Electronic Journal.

Chung, M., Ko, E., Joung, H. and Kim, S., 2018. Chatbot e-service and customer satisfaction regarding luxury brands. Journal of Business Research.

Heritage.com.au, 2020. About Us. [online] Heritage.com.au. Available at: <https://www.heritage.com.au/about>

Shankar, A. and Jebarajakirthy, C., 2019. The influence of e-banking service quality on customer loyalty. International Journal of Bank Marketing, 37(5), pp.1119-1142.

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