TD Canada Trust
Executive Summary After the completion of a mega-merger, TD Canada Trust seeks to reposition the brand in order to retain customers and realize steady revenue growth. To examine the investment return of the new brand campaign “comfortable banking”, Executive VP Armstrong led his team developed a “linkage analysis” system and proposed a new branch incentive plan. This essay aims to evaluate the “linkage analysis” model and its effectiveness, also to comment on the incentive plan based on results of “linkage analysis”.
The Merger between the Green and the Red
In 1999, an $8 billion mega-merger between TD Bank and Canada Trust lifted the former fifth-largest commercial bank to its third largest place. The former
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The immediate purpose that Armstrong has set for the linkage analysis is to measure the impact that specific enhancements for reductions of key-customer satisfaction drivers would have on branches’ financial performance. From a technical point of view, the regression model is well developed with the data provided. Each factor’s weighed impact to the final gross contribution is indicated in the results.
Interpretation of the “linkage analysis” results
While the process of model development may seem compelling, major flaws exists in the “linkage analysis”, diminishing its credibility.
Armstrong’s team used branch-level data from the CSI system as the primary source of research. As a result the concept of “comfortable banking” is directly translated into customers satisfaction during their interaction with tellers in the bank, since almost every criteria in the CSI is measuring representative service behaviors. One thing that the team failed to see is that “comfortable banking” could include a much wider scope of services that customers value therefore consider important to their experience: the products itself and services provided outside the bank for instance. According to Armstrong, “comfortable banking” positioning stands for the branding of the overall experience TD Canada Trust delivers to its clients. The financial products, as the core business of any banks throughout the world, should be counted as part of the service, too.
My company is a Canadian company called TD Bank. Yes banks are mega-glutinous, self-serving machines and TD has these characteristics similar to what we expect and perceive of such institutions. However, I like the leaders of this bank. They play the big boys game but over the years, their community support initiatives, programs, education and financial funding have proven their backing for various communities and entrepreneurial efforts. The following describes how TD Bank has embedded an element of long-term wealth creation into their enterprise.
The history of TD Bank began in 1855, in Church Street, Toronto as a single branch bank serving grain millers and merchants. Throughout 150 years, TD Bank expanded exceptionally to a major financial company serving more than 11 million customers in 1,150 branches just in Canada. In 21st century, TD Bank succeeded to exceed more than national level to “America’s Most Convenient Bank”, and ranked as one of the top 10 banks in North America.
The following report will further examine the RBC Royal Bank brand, critically examining two promotional examples and how it uses IMC tools and channels to achieve their positioning. RBC Banking has successfully positioned itself as a friendly, approachable bank successfully reaching out to people who are in a more established stage in their life. This older demographic consists of people or couples who are ready to buy a house or attain a mortgage, going to make a large investment or looking to invest. Despite a more older generation as their primary target audience, they have made significant efforts to appeal to Millennials with targeted advertisements and promotions. As previously in the Positioning Analysis, the connection between
3. Customer service has been the emphasis from inside out since the bank was formed in 1955. Up to now, this philosophy is carrying out not only in the branch, on the phone, but also in the social media. The TD series of the “Bank Human” commercials (https://youtu.be/IrMzYJCvgkg?list=PLTU0DAa2Moxy_aaWrVPR-964SMpHE7M8w) obviously highlighted their mission to make banking human by their perceptive customer services.
At the time where competition became a reality for banks, Jyske Bank decided to make a major personality transformation from a traditional bank to a unique and different one. The new concept emerged from the values of society and the changing economy, and its main goal was to make banking more fun and less pretentious. This report will discuss the case study of “People, Service & Profit at JYSKE Bank” and will provide a detailed analysis of their marketing mix and how they modernized the 7 P’s to suit the changing customer needs.
From an operational viewpoint, banks are trying to incorporate technology in their product offerings, such as advanced banking and financial-related mobile applications. Innovations are made with the assistance of learnings from customer information and data analysis, which are an essential part of analytical CRM. The strategic view also suggests that banks are building a social presence on online platforms to enhance customer engagement and build a long-term relationships with their customers. The above approaches can clearly be identified when looking at CBA and NAB customer relationship management strategies. With its high-tech ATMS and state-of-the-art Commonwealth mobile app, CBA has full product leadership in the market, enabling them to have a competitive advantage when attracting new prospects or customer retention. On the other hand, NAB use customer intimacy as their core CRM strategy, cutting their product offerings in half and make consumers more centrally focused. They are very responsive in customers' needs and wants; and is the leading brand when it comes to customer
Likewise, Matt stated, “Shares in TD, which has a large presence in the United States, have risen by 15 per cent.” (Scuffham,2017) Due to the introduction of softer banking regulations and lower tax rates. Furthermore, another reason for TD Bank to internationalize is to increase customers from a new market segment to offer their services/products. According to David, “U.S. is an attractive market for Canadian banks because of its sheer size and the fact that consumers there are well acquainted with the types of products and services they offer.” (Pett,2014) The quote suggests, that the merging into the American market carries great potential growth, as they will be able to sustain returns on equity and have a favorable interest rate in both economies and a strong demographic in terms of younger population. Hence, TD bank going global in the 1960 to reach a new market segment and increase their profit has positively affected them in the long run and will continue to benefit the bank if they keep expanding and maintaining their
CIBC as it is commonly called is the Canadian Imperial Bank of Commerce. It is one of the Big Five banks; a name given to the five largest banks that dominate the banking industry of Canada, it is the fifth largest bank and came into existence as a result of the merging of two chartered banks The Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (established 1875) which happened on June 1,1961 and has its head quarter located at commerce court in the city of Toronto, Ontario. CIBC has been able to launch branches all around the country and has also expanded to other countries internationally such as United States, Asia, Europe, Australia among others. It became the first chartered bank to launch a mobile banking iPhone
Turned into previously an impartial corporation, founded in London, Ontario in 1864, and the employer was received by means of TD bank in 2000, which followed the brand new logo name "TD bank economic organization". Canada trust 's retail division merged with TD 's present retail banking operations over the direction of 2000-2001 collectively form "TD Canada agree with". Canada consider President and CEO W. Edmund Clark became made
In the beginning of 2014 CEO Ed Clark retired and Bharat Masrani took over in the position. Since Masrani took position there was an acquisition of CIBC’s Aeroplan credit card accounts. TD bought approximately 50% of CIBC’s existing Aeroplan credit card portfolio totaling around 540,000 accounts. The outstanding balance on the accounts was $3.3 Billion with a fair value of $3.2 Billion (PWC 2015, 33). They also disposed of capital markets, investment banking, and corporate banking products and services. This includes underwriting and helping to distribute new debt or equity issues to the public (TD 2014, 25). In 2014, in Canadian retail, the bank’s revenue totaled to $19,161,000,000 with a significant portion of that comhat has
CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).
Nipissing Bank, one of Eastern Ontario’s premier financial institutions, was established in 1986 in Ottawa Ontario. Working with corporate, personal, and commercial customers they established about 25 retail branches mainly in Ontario and provide many financial services such as general banking, trust, insurance and wealth management. Though as time went on more competitors moved in and as is usually the case, Nipissing Bank has been pressured to gain more customers and retain their current clientele. By 2008, Nipissing was struggling to maintain their clients using their current marketing tools. Their manager of administrative services, McKenzie Scott, is making an attempt to improve these efforts and has a few options with which to
Thus, each bank needs to differentiate their product offers to customer, strengthen their portfolio, and improve services, etc depending on its strategies.
The first question considers whether there have been any breaches concerning the investment of the trust and, if so to consider the consequences. As mentioned the will contained no further provisions, therefore there are no express controls in the trust instrument with reference to investment so the following advice is on the basis that the trustees’ powers are statutory. Furthermore we are not told of any provision purporting to exclude liability of the trustees.
In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.