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I need help creating a thesis and an outline on How has HSBC Chosen to Improve its Knowledge of Customers and Therefore its Decision Making. Prepare this assignment according to the guidelines found i
I need help creating a thesis and an outline on How has HSBC Chosen to Improve its Knowledge of Customers and Therefore its Decision Making. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The main problem which HSBC fell victim to was the fact that it was unable to analyze the client information correctly or all the information regarding the client was not available at hand at the time of decision making or there was a lag in provision of vital information at the time of decision making. Hence it lead to erroneous decisions which in the longer run prove to be quite disastrous for HSBC.
To overcome this situation and to have a better knowledge base of its customer the selection and implementation of a decision support system has to be made. The EIS (executive information system) model of DSS should be preferred choice of system to be implemented as its primary function is provision of data in a well defined, organized, summarized and in a collective form.
By implementing a DSS the management will be more easy as all the information will be stored at one central database. The organization will be quite effective as data will be stored in a proper manner with not much redundant information. Last but not the least implementing a DSS in the organization will give HSBC an edge and will improve future decision making processes.
Did HSBC choose the best solution? Explain your answer.
The solution chosen by HSBC was quite optimal i.e. learning from its past experienced of Subprime mortgage crisis the availability and classification of vital data and information in a timely manner was necessary. Going for the implementation of a DSS will prove quite vital as it will help the managers in the future and provide them with information in concise and to the point manner with relation to the strategic goals of the company hence making the decision making process easier and more reliable.
Gathering data on your customers can assist in making better decisions Explore HSBC and then answer:
Does this Web site provide opportunities for HSBC to gather data about its customers? Describe the customer data collected at the Web site and explain how that data can be used to improve its business performance. Would you redesign the Web site to increase interactions with customers?
The website can prove as a vital source for collecting data of HSBC customers. Firstly from the main website we can collect data that which customers prefer internet banking over conventional banking. Next customers of which country visit the main website in majority. Which specialist service of HSBC attracts most score of visitors. Average amount of time a user spends on the website to get his task done. Which news was found most interesting by the customers.
I would clean the main page a little and clear up the clutter. Introduce links which would open in cascading windows hence presenting a more organized view. Rest the outlook and color coordination of the website is upto the mark and follows the theme of HSBC.
HSBC had decision making tools in place prior to the subprime meltdown. Why would you think they missed or ignored the potential catastrophic consequences that became reality? What added value would the new Experian-Scorex software provide?
As HSBC avoided many other financial downturns at that time , they became a little less active and became overconfident. In this minor details were not given serious importance and consideration thought the system presented the information. As a result in the longer run the company was dragged into crises situation facing a lot of losses.
Experian-Scorex software will provide HSBC managers and staff with the ability to come up with more accurate decisions in a timely manner which are quite important strategically. The new software will help the bank come up with techniques through which they can form individual strategies for each customer as they open a new account.
Scoring model deployment, decisions and actions to control relationship with customers and risk management improvement will be the key factors facilitated by this product.
