RCBC Savings Bank Essay

I. Synopsis RCBC Savings Bank is a wholly owned subsidiary of one of the country’s top universal banks, Rizal Commercial Banking Corporation (RCBC). RCBC Savings Bank was incorporated on the 15th day of January, 1996 to provide retail banking services to its target clientele and serve as the consumer and retail banking arm of RCBC. RCBC Savings Bank formally started its thrift banking operations on the 27th day of February, 1996. It grew extensively in just over a year, from a lean one-branch organization with a seven-man skeletal force to an institution with a network of six branches supported by 106 full-time personnel in 1997.In September 1998, RCBC Savings Bank acquired selected assets and assumed deposit liabilities of Capitol Development Bank. As a result of the strategic alliance, the Bank further widened the reach of its branch network and became the 2nd largest thrift bank in the country with 117 branches. One of its branches is the RCBC Savings Bank La Paz in Iloilo City. It serves many Ilonggos in banking and financing services. Despite of its fast growing business, the Management paid no attention to some internal control aspects of its branches. Like the La Paz Branch many complaints from customers regarding the efficiency and slow-moving service of the bank. The long queuing of the customers every time they do transactions to tellers is really a problem; it decreases the goodwill of the company and much more the customer satisfaction. As we all know, the competition in banking industry is high and many banks are already here in Iloilo. How would the Management address this problem? What course of actions or solutions should the Management put in place to achieve higher customer satisfaction? Is the company really into realizing its vision to be the most-sought-after by the consumer market when it comes to financial products and services?