Why let the availability of money determine the range of the possible? Time banks are taking off, in ways you never expected.
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United Commercial Bank is amongst the largest banks that serve the Asian-American community in the San Francisco region. The main focus is on Chinese community and thus it has 46 branches in California and offices and branch in Hong Kong, China and Taiwan.
The vision and mission of the bank since its establishment has been time deposits and is spread all over San Francisco and Los Angeles as the largest bank to Asian community. The main focus is on loans of which majority loans are for real estate, multifamily and commercial loans.
The prime strategy is to provide saving bank account services liked by the Chinese. Eventually it has high deposits and interest expense is also high. El Banco targets Hispanic population in the Latin Markets.
Launched on as the Flag Bank of Atlanta it offers a wide range of retail financial services, loans etc. El Banco does not target commercial customers and focuses on informal banking. It mimics Western Union to provide international fund transfers. There are service winners, qualifiers and service losers for both the United Commercial Bank and El Banco.
El Banco on the other hand has a high Latino customer base because of informal banking liked by tem, high amount of easy mortgage loans at low interests and providing the best service liked by Latino people of fund transfer like Western Union. Differentiation is achieved by utilizing the cost and demands of targeted customers and this target may be community based.
These differentiating features include Tangibility of assets, this reminds the customer of services or products purchased so that he may turn to the same place every time like souvenir, diaries etc.
Customization of the product according to the customers need and the population demand can differentiate banking features like El Banco uses informal environment to attract Latino People.
Increasing safety and reducing risks which is due to lack of knowledge of service, customers have to bear high risks and if the banks ensure risk management they will be able to attract customers to their services.
Then there is personnel training which is an important agenda that increases competitiveness and differentiates customer base, as trained employees are more effective in explaining policies to the customers. There is Quality control, which is delivering of consistent quality in services, like reliability and speed of transactions and easy fund transfers help banks to set up a niche for their growth in the competition.
Lastly there is the focus strategy which is aimed at targeting a particular segment of customers either on geographical basis or community basis than competing for the whole market for efficient management of the activities.
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