Customers' Expectations of Banks Becoming Cashless : - How could banks meet customers' expectations when changing from cash services to deeper customer relationship?

The organizational change of banks into cashless banking is becoming quite common. Technological development, competition and changing attitudes of customers towards cash services offered force banks to shift their activity towards advice based approach. However, when changing to cashless activity banks undertake a change which directly impacts on their customers. Hence, in this research I try to answer the following question:   How could banks meet customers’ expectations when changing from cash services to deeper customer relationship?   The main purpose of this study is to contribute for better understanding of beneficiary customers’ expectations of banks going over to cashless activity. In order to fulfill the main purpose two studies are conducted. The first study is of preparatory nature based on the qualitative research through the semi-structured interviews. Based on the findings of the semi-structured interviews the theoretical framework, subdivided into bank and customer related theories, has been revised and hypotheses have been created for further study. The second study was conducted through the quantitative survey where 500 questionnaires have been sent to randomly chosen participants.   The survey findings have been analyzed statistically in order to test the hypotheses. Furthermore, analyses and suggestions for the bank (assigner of this case study) have been made in light of the theories related to both customer and bank.   The results have shown that customers react positively to some organizational changes such as limitation of cash services and their complete removal to another office. Furthermore, it has been shown that customers do not possess good knowledge about the changes even the one that was already implemented. Moreover, the results have shown that customers require information at least one month before the change is implemented. A large part of the customers would like to receive the information via letter sent per post. Regarding the limitation of cash services customers of all ages have expressed their worries and suggested to extend open hours until 6 p.m. at least during one day. With regard to the complete transformation of the bank into cashless activity, customers reacted mainly negative. However, it has been shown that only over 7% would be affected by this change to the extent where they would consider changing the bank.   Keywords: “cashless bank/ing”, “changing from cash services to deeper customer relationship”, “meet customers’ expectations of banks becoming cashless”, “organizational change”, “beneficiary customers”

Customers' Expectations of Banks Becoming Cashless : - How could banks meet customers' expectations when changing from cash services to deeper customer relationship?

The organizational change of banks into cashless banking is becoming quite common. Technological development, competition and changing attitudes of customers towards cash services offered force banks to shift their activity towards advice based approach. However, when changing to cashless activity banks undertake a change which directly impacts on their customers. Hence, in this research I try to answer the following question:   How could banks meet customers’ expectations when changing from cash services to deeper customer relationship?   The main purpose of this study is to contribute for better understanding of beneficiary customers’ expectations of banks going over to cashless activity. In order to fulfill the main purpose two studies are conducted. The first study is of preparatory nature based on the qualitative research through the semi-structured interviews. Based on the findings of the semi-structured interviews the theoretical framework, subdivided into bank and customer related theories, has been revised and hypotheses have been created for further study. The second study was conducted through the quantitative survey where 500 questionnaires have been sent to randomly chosen participants.   The survey findings have been analyzed statistically in order to test the hypotheses. Furthermore, analyses and suggestions for the bank (assigner of this case study) have been made in light of the theories related to both customer and bank.   The results have shown that customers react positively to some organizational changes such as limitation of cash services and their complete removal to another office. Furthermore, it has been shown that customers do not possess good knowledge about the changes even the one that was already implemented. Moreover, the results have shown that customers require information at least one month before the change is implemented. A large part of the customers would like to receive the information via letter sent per post. Regarding the limitation of cash services customers of all ages have expressed their worries and suggested to extend open hours until 6 p.m. at least during one day. With regard to the complete transformation of the bank into cashless activity, customers reacted mainly negative. However, it has been shown that only over 7% would be affected by this change to the extent where they would consider changing the bank.   Keywords: “cashless bank/ing”, “changing from cash services to deeper customer relationship”, “meet customers’ expectations of banks becoming cashless”, “organizational change”, “beneficiary customers”

Customers' preferences of insurance services : How could insurance companies enhance their ability of meeting the constant changes in customers’ preferences in an increasingly competitive environment?

With the presumption of change as an inevitable phenomenon, the aim of this study is to explore ways in which insurance companies can enhance their ability of meeting the constant changes in customers’ preferences in an increasingly competitive environment. In order to conduct this study, we have used a qualitative research strategy to gain a better understanding of young customers’ preferences about the services provided by insurance companies. Based on these preferences we provide useful suggestions for insurance companies. Existing theory suggests that customers change their preferences according to their life circumstances and while certain preferences are well-defined others can be inconsistent. In an increasingly competitive environment, where insurance companies fight for the same customers, having a customer-oriented culture is extremely important not only to retain customers, but also to acquire new ones. This study presents various theories on the changes in customers’ preferences as well as theories regarding organizational strategy and change. The empirical data has been collected through two focused group interviews with students under 28, in Västerbotten, Sweden and through a group interview with leading representatives of a dominant insurance company in the county. The findings suggest that young consumers’ preferences regarding insurance services are based on their life situation. Price is a decisive factor in the choice of insurance company and their services. The results also showed that many of the respondents are skeptical towards the intentions of and services provided by insurance companies. The complex nature of insurances and the intangibility of services in general, can be possible explanations. Strengthening the evidence in existing studies, we also conclude that there is a vast amount of information insurance-takers would like to have access to before, during, and after purchasing insurance. Additionally, customers would like flexible insurance bundles with the possibility to add and subtract components as life situations change. Finally, based on these results, we suggest how insurance companies could turn these findings into opportunities. We suggest how and when to meet the customers, and how to build long lasting, trust-based relationships which could lead to increased customer loyalty over time

Mångfald gynnar mångfald

• Högstubbar lämnas och skapas regelmässigt vid slutavverkning för att öka mängden död ved och gynna vedlevande arter. Vi har undersökt hur stor del av den vedlevande faunan som lever i högstubbar jämfört med andra typer av substrat i Västerbotten, Ångermanland och södra Lappland. • Vi har också studerat hur betydelsefulla naturreservat är för vedlevande arter i jämförelse med brukade skogar. • Högstubbar gynnar definitivt vedlevande skalbaggsarter, men knappt 50 % av de arter som vi fångade återfanns på stubbar. Resten av arterna kom från avkapade toppar eller lågor. • Avverkningsmogna brukade skogar och reservat innehöll en förvånansvärt likartad skalbaggsfauna, trots att de brukade skogarna bara innehöll mellan en fjärdedel (lågor) till en tiondel (stående döda träd) av den volym död ved som fanns i reservaten. • Våra resultat tyder på att gamla brukade skogar innehåller betydande naturvärden, vilket förmodligen är ett resultat av att de inte utsatts för trakthyggesbruk. Deras värde ur naturvårdssynpunkt ska därför inte underskattas

Shape and efficiency of wood ant foraging networks

We measured the shape of the foraging trail networks of 11 colonies of the wood ant Formica aquilonia (Formica rufa group). We characterized these networks in terms of their degree of branching and the angles between branches, as well as in terms of their efficiency. The measured networks were compared with idealized model networks built to optimize one of two components of efficiency, total length (i.e., total amount of trail) and route factor (i.e., average distance between nest and foraging site). The analysis shows that the networks built by the ants obtain a compromise between the two modes of efficiency. These results are largely independent of the size of the network or colony size. The ants’ efficiency is comparable to that of networks built by humans but achieved without the benefit of centralized control.Jerome Buhl, Kerri Hicks, Esther R. Miller, Sophie Persey, Ola Alinvi, David J. T. Sumpte