PEST analysis – Public Bank Essay
PEST analysis – Public Bank
(a) The organisation’s annual report is evaluated
(b) Market research and Internet survey has been done to gather more information about the latest news.
(c) Interviews were held with suppliers, dealers, stuffs, customers and the publics.
About Public Bank
Public Bank commenced business on 6 August 1966 and was listed on the Kuala Lumpur Stock Exchange (KLSE) on 6 April 1967. Public Bank remains a leading integrated financial conglomerate in Malaysia. With trust and strong support from the public and commitment from its management and staff, the Public Bank Group remains focused on providing all aspects of banking and financing services which include commercial banking, hire purchase, merchant banking, leasing and factoring, stock broking, sale of trust units and management of unit trusts, and related financial services such as nominees and trustee services, and investment holding.
To further strengthen the Group’s performance, Public Bank has begun to further rationalise its Group operations after its successful acquisition and integration of the former Hock Hua Bank in 2001. This rationalisation involves the privatisation of Public Finance to achieve economies of scale, improve cost efficiency and to enhance the market presence of the Group. This rationalisation also helps the Group to achieve its objective of being a preferred one-stop financial service provider in Malaysia.
The management and staff of the Public Bank Group are fully committed to achieve its corporate vision of being ranked among the top 100 banks in the world. In 2002, Public Bank’s world ranking by The Banker improved to the 173rd position, up from 216th in the preceding year. A high standard of customer service is the hallmark of the Public Bank Group that puts it ahead of its competitors.
The bank-wide ISO 9001:2000 certification for the Provision of Customer Service at the Front Office in 2001 was a reaffirmation to ensure that courtesy, efficiency, accuracy, empathy, and integrity of customer service are upheld at all times throughout the Bank. Meeting quantitative service standards such as the 2-minute Standard Waiting Time and the 1-minute Standard Processing Time for core transactions for greater customer convenience has become the norm for the Group. To further enhance its customer service standards, ISO 9001:2000 certification for Provision of Customer Service in Loan Delivery has been secured for selected branches in 2002, and this will be extended to all branches in 2003.