Comparison of corporate image between Hang Seng Bank and Bank of East Asia | [Our way out to promote BEA personal banking]|
For Alan Chan, BEA|
In the view that the Bank of East Asia (referred to as BEA) is currently losing customers to Hang Seng Bank (referred to as HSB), this report is written to identify possible causes, which is highly correlated with the corporate image. Ways of improvement will also be suggested to rectify the situation such that our market share can be secured. Major Findings
It was found that corporate social responsibility and the marketing strategy are the major factors that contribute to a bank’s corporate image. We analyze corporate social responsibility in depth by looking into the community investment and environmental performance; while promotion and bank identity will be discussed in the part under marketing strategy. Conclusion
It is found that the participation of Hang Seng Bank in corporate social responsibility is of a larger scope and better known by the general public, due to its comprehensive promotion and. HSB is enjoying high identity for its financial strength, while BEA is yet to reinforce its credibility to the general public. Recommendations
Mainly two aspects are to be improved, the first one being the overall financial strengths which helps us to cope with potential turmoil and to enhance the trustworthiness among the general public; the second aspect is image building through more active participation in various community activities.
Local personal banking plays an important role in commercial banks business, but our company is losing local Hong Kong customers recently. After reviewing the statistics report, it was found that our existing and new customers have decreased by 20% and were absorbed by one of our rivals, Hang Seng Bank (HSB). Therefore, the purpose of this report is to assess and compare the reputation/corporate image of BEA and HSB, and to make recommendations regarding our personal banking business.
The report has a distinct focus on local Hong Kong community by pointing out problems as well as making recommendation for our company. We use two criteria to evaluate the image of BEA and HSB respectively. In the first part, we discuss the corporate social responsibility, consists of three parts which refer to CSR strategy and reporting, environmental performance and community investment. Second, we analyze marketing strategies adopted by BEA and HSB and provide evidences of their promotion and bank identity. Our conclusion and recommendation will be based on the two perspectives. By generalizing the data and news about our company and HSB, we can have a detailed look at the update information about the importance of corporate image and discuss possible solution to the problems.
Our findings are mainly limited to secondary sources due to time restriction. Also, we principally attach importance to two important points. Reference materials are collected and extracted from official websites, annual reports, press releases and reports by authorized organizations.
BEA vs HSB: Corporate Social Responsibility Achievements
There are five major categories of stakeholders to a business entity, namely shareholders, customers, employees, suppliers, and community. Companies are profit-oriented so as to fulfill their responsibility to shareholders. However, corporate social responsibility is drawing more attention in recent years.
Corporate social responsibility is referred to as firms promoting the public interest by encouraging community development, and taking public interest into consideration when business decisions are made.
Both Hang Seng Bank and Bank of East Asia play active roles in this aspect, as seen from their participation in various kinds of activities. The involvement can be categorized into two parts: environmental...