J P Morgan Chase Bank Strategic Plan
Aug 10, 2015
JP Morgan Chase Bank is a successful bank in the banking industry
To continue achieving growth and profitability, the bank requires a strategic plan.
J.P Morgan Chase has decided to install special ATMs that will allow customers to avoid the long lines associated with:
check their bank balances
Company background, organizational mission, vision, and value statements
JP Morgan Chase Bank is an established financial institution in the United States of America.
It has operated for over 200 years and has grown largely by acquiring other bank
The mission statement
The company strives to make the company a good corporation and a respected financial institution across the world.
The vision statement
Company wants to be the best banking and financial services corporation in the world.
Their core values include an excellent platform of financial services, a great heritage and a well governed business.
External and Internal Environment Analysis
External Environmental Factors
Good financial health and high return on investment
Huge customer base
Inadequate IT infrastructure
Strategies to Implement
Reduce the cost of their services
Focus on offering excellent customer service
Differentiate itself with improved brand imaging, customer service, technology, distribution, product design or a combination of all.
To enable the company to be competitive in the banking industry
To install new ATM’s across different locations of the JP Morgan Chase footprint.
Communication tactics, employee involvement and product strategy
Confirmation of the locations where the ATMs will be installed, ensure that they function properly and the collection of quantitative data regarding their usage
Funding from the reserves and profits of the company and sufficient labor, effort and time to the project.
Key Success Factors
Customer retention, Increased employee involvement, Improved service , Increased profitability, Reduced time taken for customer service, Increased market share
Implementation Partner Responsibility
Project Proposal and its Validity
Check the project requirements are according to company’s needs, time frame and various departments needed.
Project Planning & design
Develop a schedule that Regional managers can adhere
Weekly meet ups with the stakeholders to ensure the development meets the customer’s needs.
Time and Cost
Budget and development process closely monitored to avoids any shortfall
Risks are properly assessed, and contingency planning are in place.
Monitoring & Control
Management will keep track of the project is on track and budget.
Quality Assurance team will be monitoring the quality and final develop product is bug/error free.
Deadlines & Milestones
Developer team will strictly maintain the deadline and meets the milestones assigned.
Final user quality approval is required to meet to planning and requirement for final release of the developed product.
Milestones and Deadline
Determine the location to install the special ATMs
The regional managers
Receipt of the required software
The regional managers
Collection and analysis of quantitative data
The regional managers
Total Budgeted Cost
Risk Management Plan and Contingency Plan
Losing customers who may be upset
To mitigate this risk, the organization should educate their customers on the benefits of the new concept
Technical problems that my disrupt operations
To mitigate this risk, the organization should put in place rapid maintenance solution for any technical problems that may arise
Losing client private information and money
To mitigate this risk JP Morgan should ensure that these are kept under strong firewalls and other protective measures.
Organizational Change Management Strategies
Should come up with ways or alternatives through which they will be able to retain their personnel
Communicate the benefits of the concept to ensure that the customers and employees accept it
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
JP Morgan Chase and Co. (2015). Environmental, Social and Governance. Retrieved from: http://www.jpmorganchase.com/corporate/About-JPMC/esg.htm
Pollard, A. M., & Daly, J. P. (2011). Banking law in the United States (Vol. 1). Juris Publishing, Inc..
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