Financial Services Essay Example | Topics and Well Written Essays - 2000 words

Financial Services - Essay Example The paper tells that economic activities, financial services, and banking have experienced quite a few changes in the last couple of decades. As the industrial activities see an upsurge on the global scale, it requires more funds to sustain the upsurge together with enough money with the consumer, for being able to use those products and services from the industry. The institutions, in turn, are supposed to make their operations and services attractive enough for the industry and the customer. The value that is addition done by both operations management and operations strategy happens to be fundamental to any organization. The articles mentioned in the paper have one thing in common; they underline the need for effective management of financial aspects of a business. Providing services or goods are the basic forms of operational activities. All organizations try to provide a combination of products and services, using available sources with them. Opening a bank account, taking a mea l in a restaurant, visiting a hospital, buying pair shoes, ensuring a vehicle, a hotel stay etc. are all operations activities and their management is central to the successful provisioning of goods and services. Such value addition helps the banks and financial institutions help in making them friendly institutions to the customer base at large. Marketing consists of the strategies and tactics used to identify, create, and maintain satisfying relationships with customers that result in value for both the customer and the marketer. Relationship management, the very basis of running financial services, asks for earning the loyalty of customer. This in turn calls for keeping the workforce motivated enough, while extending valuable services to the customers. The global economy has made it almost mandatory for retail stores, banks, financial institutions etc. that an effective strategy is adopted for managing the workforce and the diversity at the organisation so that everybody is able to enjoy a better working environment and the customer too feels valued. This helps the company in taking on the competitors with fullest potential. The bank (or any company for that matter) can acquire competitive advantage on its rivals on account of marketing efforts, brand building, value creation, innovation, supply chain management, operational efficiencies etc. But more important is to sustain the advantage. The value configuration helps in sustaining the advantage. It describes how value is created in a company for its customers, how the most important business processes function to create value for customers and the way a particular company/ organization conducts its business. In this study