Research report for Applied Business Project (Research Paper Sample)

Project Proposal UniversityMBAA 551 Research 4Professor Table of Content 1 Introduction 2 Research Problem 3 Literature Review 4 Pre-Analysis * Loyalty * Quality in relation to Perception * Keeping One's Clients Satisfied * Expenses Associated with Implementing the Change * Commitment * What happens when Consumers actively Participate in a Business 5 Situational Analysis * Difficulties of Creating Customer-Retention Initiatives * Customer Loyalty Programs * Framework for the Program * Paying the Right Prizes * Financial Institution Customer Loyalty Development 6 Methodology * Data Collection * Methods of Data Gathering and Sampling * Measurement Validity and Reliability * Outcomes 7 Conclusion 8 Recommendations 9 Reflection of Internship 10 References 1 Introduction The regulatory framework under which Canada's financial sector functions is often cited as being among the safest and most secure anywhere in the world. A lot of individuals are of the opinion that this framework is, in fact, the very finest one that can be found. This is particularly true in Canada, which is home to one of the most significant financial markets in the whole global economy. This is the present state of things in Canada, which is home to a sizeable share of the world's financial industry. In other words, Canada is a global financial powerhouse. This is particularly evident in Canada, which is the nation that is located the most north on the continent. Since 2007, the World Economic Forum has consistently recognised Canada's financial industry as having the highest degree of security available in any sector throughout the whole world. This recognition has continued up to the present day. This acknowledgement has persisted even though the government of Canada has raised its own level of safeguards. Most of the previous years' ratings have been preserved in the practically same form. In 2013, this winning streak was kept up, which was just another year of continuing to do so to ensure that it would continue. Given that 1817 was the year in which the Bank of Montreal was first created, this particular year has a major place in the annals of banking history. Because of this, the year 1817 is considered a pivotal point in the history of banking due to the events that transpired at this time. This event marked the beginning of a historical period that would be characterised by revolutionary transformation across the world. Those changes would be brought about all over the world. Bank of Montreal did not take part in the financial activities that were carried out by the colonial governments overseas as a direct result of the procedures that it followed in its domestic banking operations. These procedures were followed so that the bank could comply with the applicable regulations. These events happened in different nations throughout the world. The necessary actions are detailed in the following statement, which may be found below. These instances have taken happened in a variety of nations all over the world in a variety of different locations. The following strategies were included on the list of potential options for this specific category: At the current moment, the kind of market structure known as an oligopoly is the one that may be recognised to be dominating the banking business in Canada. This is one of the distinguishing features that distinguish this sector of the economy apart from others that are in a similar position to it. At this point, the condition has already been present for a significant length of time in its entirety. A restricted group of financial institutions have a disproportionately substantial part of the market's power, even though they account for a very small percentage of the market's total population. This is not an extremely large group. This consortium is made up of many kinds of financial institutions, some of which include the Bank of Montreal, the Royal Bank of Canada, the Toronto-Dominion Bank, and the Canadian Imperial Bank of Commerce. These are just a few of the many kinds of financial institutions. The Bank of Nova Scotia has climbed up the ranks and is now positioned as the fifth most significant financial institution in the country. This is according to the list of the most important financial institutions in the nation, and the Bank of Nova Scotia has moved up the rankings. The banks operate in a difficult environment, one in which they compete with one another to be recognised as having the most innovative financial technology and the greatest quality banking services. This climate presents several challenges for the banking industry. Because of the environment, it will be difficult for the banks to be successful. Those who are employed in the financial industry face a wide range of challenges because of this environment. As a direct consequence of the environment, the achievement of success by the banks is likely to be fraught with a great deal of difficulty. Those who work in the financial industry are facing a wide variety of challenges on account of the present environment, which is a direct result of the state of affairs in the world. The next competition will treat each of these characteristics with the care and consideration that is due to them for the whole of the competition. This will guarantee that the winner is selected based on the individual who has the highest level of the finest possible combination of all these attributes. The strategic decision that Banks of Montreal has made is to place a greater emphasis on and adjust the customer experience in order to win the loyalty of customers, which will eventually lead to an increase in market share. This decision was made in order to win the business of customers. To achieve this goal, the bank will concentrate a higher focus on the overall quality of the experience they provide its clients. For the financial institution to achieve this objective, it will place a heightened emphasis on the overall satisfaction of its customers and will work to enhance the ways in which it already does business in this area. This choice was taken to lure in clients who had characteristics typical of the demographic that was the focus of the marketing campaign. For the bank to achieve this objective, there will be certain adjustments made to the manner in which consumers do their financial transactions while interacting with the bank. This choice was taken to guarantee the unwavering dedication of the customers who have been so beneficial to the firm up to this point in the hopes of expanding the business in the future. My current position is that of a customer care representative, and I work at the Terminal Park branch of the Bank of Montreal (BMO) in Nanaimo, where I have been working for the last several months. The city of Nanaimo is home to this specific financial institution that you may choose to patronise. My official work title at that specific location is "customer service representative," and one of my key obligations is to provide help to customers. Another one of my primary responsibilities is to answer inquiries from customers. My research is being done with the intention of gaining an understanding of the components of providing excellent customer service that has an impact on the level of customer loyalty that may be attained result of these components having an impact on the level of customer loyalty that may be attained because of these components being successfully implemented. The purpose of this study is to discover which aspects have the biggest influence on the degree of devoted customer service that may be reached via the application of the findings. As an immediate consequence of this, I will be in a position to provide an even greater quality of service to my clients, which will immediately contribute to an increase in the customers' overall level of contentment with my company. Because of the work that I have been doing as part of my internship at The Bank of Montreal, I have consistently come in first place in all the competitions that I have taken part in. This is an instant result that has come about as a direct result of the work that I have been doing at that place. It is entirely possible that my victory in this competition was directly attributable to the contribution that you made to this body of work. As a direct result of this, I have been given the opportunity to develop my experience in a number of fields, all of which are of great help to me in their distinctive ways. This has been a very beneficial outcome for me. As a consequence of this, our clients are aware that they can count on me to be the first point of contact if they need any sort of assistance, and they are aware that they may reach out to me with any queries or concerns that they might have. They could have trusted me to carry out this task since I have shown myself reliable in the past. I make it a point to check in with them and make certain that they are aware of the particular information that has been provided. After listening to all the many reasons that have been presented up to this point, it is possible to draw this logical conclusion for yourself. I am a part of a team that ensures that we are prepared to assist anyone who walks through our doors, regardless of whether they require assistance with a straightforward transaction or with avoiding fraudulent behaviour. This responsibility falls to me because I am a member of a team that ensures that we are ready to assist anyone who walks through our doors. Because I am a part of a team that guarantees that our organization is prepared to provide assistance to every customer that passes through our doors, it is my job to take care of this obligation. This weight is being supported by my shoulders while it is carried. This is a matter that occupies a considerable amount of my attention and causes me a great deal of anxiety. Beca...