Strategic Recommendations

Strategic Recommendations

Strategic Recommendations - Fifth Third Bank

The strategic recommendations for the Fifth Third Bank are: to keep the customers at the top of the strategy of the Bank; to re-engage with the clients and to focus on developing firm coordination; to plan new strategies to adopt the changes and advancements in the technology; to add value to the information management chain; to design the services to increase customer experience.

Keeping the customer at the center of the Bank's strategy is a key performance driver, as relationship manager and regional managers switch gears and focus on adding value for their customers by re-engaging with their customers and focusing on building strong relationship. The competitive environment is constantly changing and the Bank must continue to develop new strategies to embrace the changes in technology by continually update IT systems and adding value to the information management chain. The Bank must continue to evolve to keep up with the competitive environment and regulatory testing controls (Dess, 2011). A contingency plan will also be presented to mitigate the risks of the Bank and exposure to unforeseen negative factors that could adversely affect the Bank's operating performance and reputation (Davis, 2008).

The main aim for this strategic recommendation is to ensure the Bank effectively and efficiently provides real time information to customers. This will help the Bank in establishing a new image to be viewed by valued customers as a “trusted advisor” and “knowledgeable partner”. This objective can be achieved by developing an integrated real-time CRM database to manage relationships, so bankers have information on their customers portfolio and products, this will allow bankers to recommend new products and help enhance the one-on-one, person-to-person interactions with their customers. It is assumed that the internal and external environments will continue to evolve and that the Bank's strategy will need to be flexible and evolve to adapt to the changing environment to reduce risks (Davis, 2008).

The Bank must tailor its core commercial and retail business to focus on providing better solutions to leverage wealth management strategies and strengthen customer relationships. According to Dess et al. (2011) continuous environmental scanning is important to spot changing trends and know your customers by keeping an eye on what is happening around you. To this end, environmental monitoring and collecting competitive intelligence are critical inputs that allow the Bank to understand the internal and external conditions, to build on its competencies and remove the weaknesses or work around them, and obtain benefit of the opportunities offered by the environment and secure the Bank from the threats (Dess et al. 2011, p. 47).

The SWOT analysis is an important tool to assist managers in recognizing and capitalizing on the Bank's strengths, managers also need to consider the competitive advantages by assessing the environmental factors that affect the Banks ability to maximize profits, by ensuring they are aware of the market trends and its competitors. The “five forces” model by Michael E. Porter is a useful tool that regional managers can use in combination with the ...