What is scarborough Building Society? Essay
What is scarborough Building Society?
Scarborough Building Society was formed in May 1846. It was the oldest building society in Yorkshire and the second in the UK. The current name was introduced in 1903. Scarborough Building Society provides mortgages and savings money. It considers as a mutual society that means it is owned by shareholders. All members, who invest or borrow money, have a part from this society. The first head office opened in 1939 in Scarborough. The society has 10 branches in North East of England and it always try to expand its branch networks to provide the best services to their customers.
The main difference between Scarborough building society and other companies and banks is those companies and bank have shareholders and give dividend depending on the kind of investments. Scarborough building society provides mortgages, savings and complementary product by focusing on the customer and delivering through value, transparency and efficiency in sales and customers service. Scarborough Building Society uses a downward management structure. It has three main departments, which are the sales channels, customer service delivery and Scarborough mortgage services.
The service functions of Scarborough building society are compliance, facilities legal, HR/HRD, finance, business systems and IT. Scarborough building society has a multiple channels of communication to communicate with their customers and employees. They have corporate strategy done by management team meeting and individual meeting (face to face meeting), corporate tactical to change the rate of mortgages, regulatory, procedural, news and feedback (staff suggestions and advises).
They use formal and informal communication, intranet and the email system for communication especially for internal communication. All these channels help customers and employees to report their problems, contact with others and send opinion and feedback. Scarborough building society provides different ways of feedback. They use feedback sheet, executive breakfasts and afternoon tea meetings, also the customers and workers can use internet for feedback because it is easier and faster.
Types of external communication in the society: Scarborough Building Society has multiple channels of external communication, as follows: 1. Literature: they have different types of literature in their branches to attract people and give him simple idea about the investment. 2. Web site: the society has an Email system and internet and every thing has a password and high level of secure. The web site helps the both side. It helps customers by giving them a brief history about the society and their activities.
Also, it helps worker to report problems, make suggestion, send opinion and connect with other workers. 3. Branch style: Scarborough building society always makes different style to attract people from different level. For example, the branch of Scarborough has very traditional styles. In contrast, the branch in Leeds is more colorful, much modern and much younger. 4. Staff attitude: staffs in Scarborough building society always take care of customer and try to behave with customer in a polite way to reflect the brand image of the society. 5.
Member communication: employees always take a right tone when they contact with members to reflect their value and brand. 6. Best Buy tables: when the society produces products they set and discuss the best price and deals and investment by using web sit and newspaper. Scarborough Building Society attempts to be the Best Buy tables, by making its interest rates competitive and low. 7. Advertising and Public relation: it is expensive for the society as this size to advertise in the TV. It advertises through news item and publishes some booklet. 8.
Community links: it like what we did with our visit. We took a good image about the society and may be in the future one of these students will think to be a member in this society. The target audience: Existing customers: Scarborough building society tries to keep the old customer and make them satisfy, because if they do not stay they will invest in other organizations. The older customers have low risks because they have credit history with the society. New customer: The society wants to attract younger people to keep the continuation of the society.
Nevertheless, new customers have more risks than older costumers because they have not credit history with the society or some them don’t have a stable job as same as older customers. However, the society need the new customers because more customers means more money and this will help the society to expand and doesn’t relay on old customers. Communication objectives of this society: In term of their communication objectives the society want to communicate with brand value, brand image and they want to make their works legally and they respect all roles and they tries to convey the product information.
Conclusion: In short, Scarborough building society has the value for money, efficiency, transparency and mutuality. Also, it looks for younger customers and younger audiences, wants to say yes for customers to increase range of product that they offer and you can bay whatever financial product you want, have an excellent customer experience by caring about the customers when they call or come to the branches. They have different ways of external communication and they use different communication objectives to communicate with customer in the best way.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 14 September 2017
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