Emirates NBD Bank Innovative Strategies

Emirates NBD Bank Innovative Strategies Emirates NBD Bank’s Description Emirates NBD Bank was formed in 2007 when the National Bank of Dubai and the Emirates Bank International merged. The bank’s website is www.emiratesnbd.com/.Advertising We will write a custom case study sample on Emirates NBD Bank Innovative Strategies specifically for you for only $16.05 $11/page Learn More The website is a convenient portal from where the bank’s customers from diverse countries (i.e. the United Arab Emirates, Saudi Arabia, Egypt, Singapore, Qatar, the United Kingdom, Indonesia, China and India) contact the bank and inquire more about the services that Emirate NBD offers. (Emirates NBD 2014a). Notably, Emirates NBD has more than 9,000 employees from 70 nations across the world (Emirates NBD 2014a). Emirates NBD ranks first among other UAE banks by assets, equity and profits. Its competitors include First Gulf Bank, the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB) and Mashreq among others (see figure 1 below). By 2008, it had 20 percent market share in the UAE (Ajman 2014) Figure 1: Emirates NBD ranks first by assets, equity and profits when compared to other banks in the UAE Source: Emirates NBD (2010)Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More At the apex of Emirate NBD’s management is the Group CEO. Middle and lower managers include the Group Chief Operating Officer (COO), the General Manager (GM) Human Resource, GM Risk, GM Retail Banking and Wealth Management, GM International, Chief Financial Officer (CFO), GM Internal Audit, CEO Tanfeeth, Group Treasurer and Group Secretary, in that order. Innovation Policies and strategies at the company The Business Dictionary (2014, para. 1) defines an innovation strategy as the â€Å"plan made by an organisation to encourage advancements in technology or services†. An innova tion policy is however not specifically defined in literature. From the word policy, however, one can infer the meaning of innovation policy as the course of action that an organisation takes in relation to the use of innovations. From Emirate NBD’s website, it is clear that the bank has a course of action to take and plans to follow in the adoption and utilisation of innovations. The bank, for example, indicates its commitment to give â€Å"customers innovative services† through the provision of cutting-edge technology (Emirates NBD 2014b, para. 3). An example of one such innovative service was the electronic initial public offering (eIPO), which Emirates NBD offered during the recent Emaar Malls IPO which took place on September 14, 2014 (Emirates NBD 2014b; Gulf News 2014). Another innovation by the bank was the interactive automated teller machine (ITM) (see appendix A), which was praised as a ‘game changing innovation’, (Cabral 2013, p.1). The ITM is also fraud-proof since it verifies the customer’s identity before processing any transaction, and can also take 30 cheque deposits from one customer at a time (Cabral 2013). The ITM is of specific interest to this paper because it arguably combines product and process innovations to provide bank customers with an experience that is not only satisfactory, but effective too. Product innovation is defined as â€Å"a good or service that is significantly improved†, while a process innovation is defined as a â€Å"new or significantly improved production or delivery method† (Organisation for Economic Co-operation and Development (OECD) 2014, para. 1-2).Advertising We will write a custom case study sample on Emirates NBD Bank Innovative Strategies specifically for you for only $16.05 $11/page Learn More Arguably, the new ITM provides an innovative product and process to consumers because the interactive component means that it is a better pro duct, through which customers are able to access better services. The process innovation is evident from the enhanced user experience that customers have on the new machine. Specifically, customers can now get help when they need it from online customer attendants. While the ATM is not an entirely new technology, interactive ATM’s are a relatively new concept especially in the UAE and other parts of the developing world (Cabral 2013). As Campbell, Stonehouse and Houston (2002) indicate, innovation can take the form of modifying a product in order to make it more effective or efficient to the people it serves. Emirate NBD has used the open innovation model described by Chesborough and Crowther (2006), Scotchmer (2005) and Smith (2010) as the use of external and internal ideas for purposes of enhancing technology. According to Cabral (2013), Emirate NBD partnered with the NCR Corporation to develop the ITM, hence suggesting that both internal and external ideas were used. Inter estingly, when it was first launched, the ITM was the first of its kind in the UAE and the bank had installed it for trial purposes. Cabral (2013) indicates that many more such ITMs will be rolled out if users respond positively. Recommendations Among the most impressive qualities of Emirates NBD is its recognition that there are different sources of innovative ideas. As such, the bank does not limit itself to ideas generated in its internal work environment; rather, it partners with external stakeholders who have non-competing business interests, and through such partnerships, makes its innovative strategies a success. Another of Emirate NBD’s impressive qualities is its willingness to follow the innovation stages to the full. For example, it would have been tempting for the bank to skip the pilot testing stage of the ITM by engaging in full scale manufacturing and launch. The bank would have done that especially since initial responses indicated that the ITM would be a succ ess. However, soberness in the bank prevailed and it made the reasonable choice of testing the ITM first. The bank even indicated that installing similar machines would depend on how consumers would respond to the pilot test. The foregoing position is indicative that Emirates NBD understands that all its innovations must be accepted by the customer first, because they (innovations) are meant to enhance the customers’ experience.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The central place that the consumer occupies in innovation is discussed in numerous literature sources which include Berkun (2010), Narayanan and O’Connor (2010), Ziamou and Veryzer (2005) and Ziamou and Ratneshwar (2003) among others. As a recommendation, Emirates NBD bank should consider partnering with external stakeholders in future, but should also not ignore the innovative potential that is held by its culturally diverse workforce. As Berkun (2010) indicates, people (and especially employees) can be more innovative if they are given the right motivators, tools and environment to be creative and innovative. References Ajman, A 2014, ‘Emirates NBD bank Dubai’, dubaifaqs.com/emirates-nbd.php Berkun, S 2010, The myths of innovation, O’Reilly Media, Newton, MA. Business Dictionary 2014, ‘Innovation strategy’, businessdictionary.com/definition/innovation-strategy.html. Cabral, A 2013, ‘Emirates NBD’s ITM seem to be a game-changing innovation’, Khaleej Times, khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/December/uaebusiness_December210.xmlsection=uaebusiness. Campbell, D, Stonehouse, G Houston, B 2002 Business strategy: an introduction, 2nd edn, Butterworth Heinemann, Oxford. Chesborough, H Crowther, A 2006, ‘Beyond high tech: early adopters of open innovation in other industries’, RD Management, vol. 36, no.3, pp. 229-236. Emirates NBD 2014a, ‘About Emirates NBD’, emiratesnbd.com/en/index.cfm/investor-relations/about-emirates-nbd/. Emirates NBD 2014b, ‘Emirates NBD enables UAE’s first eIPO on ATM and online banking channels’, emiratesnbd.com/en/index.cfm/media-centre/media-centre-info/?mcid_en=101. Gulf News 2014, ‘Emirates NBD to allow Emaar Malls IPO subscription via ATM’, http://gulfnews.com/business/markets/emirates-nbd-to-allow-emaar-malls-ipo-subscription-via-atm-1.1383937. Narayanan, V O’Connor, G 2010, Encycl opaedia of technology and innovation management, Wiley-Blackwell, London. Organisation for Economic Co-operation and Development (OECD) 2014, ‘Defining innovation’, oecd.org/site/innovationstrategy/defininginnovation.htm. Scotchmer, S 2005, Innovation and incentives, MIT Press, Cambridge. Smith, D 2010, Exploring innovation, 2nd edn, McGraw-Hill Education, Columbus, OH. Ziamou, P Ratneshwar, S 2003, ‘Innovations in product functionality: when and why are explicit comparisons effective?’ Journal of Marketing, vol. 67, no.2, pp. 49-61. Ziamou, P Veryzer, R 2005, ‘The influence of temporal distance on consumer preferences for technology-based innovations’, Journal of Product Innovation Management, vol. 22, no.4, pp. 336-346. Appendix: The Interactive Automated Teller Machine (ITM) Source: Cabral (2013)

Nathanial Hawthornes Young Goodman Brown As An Anti-Parable essays

Nathanial Hawthornes Young Goodman Brown As An Anti-Parable essays The parable or morality tale is a literary genre that has transcended both culture and time. From Jesus biblical parables to fables and fairy tales told to children to Russian author Leo Tolstoys, How Much Land Does a Man Need, the genre provides a stereotypical characters, symbolic items and events, and a plot centered around the communication of a moral. Like these examples, Nathanial Hawthornes Young Goodman Brown has many of the characteristics of a parable. Even the name Young Goodman Brown suggests that the storys main character is intended to symbolize the plight and struggles of every young man. Similarly, Faith is obviously a symbol of the young womans similar plight in addition to a commentary on the characteristic espoused by her name, and the Devil, along with those Young Goodman brown meets on the way to his deep woods assembly are symbolic representations of those who are stereotypically most pious. The parable-like descriptions of these characters and plot were no t conceived by chance. In fact, Deins article regarding Hawthornes story, The Ministers Veil, suggests that the author was familiar with the terms of parables and even penned some whose universal applicability can be considered relevant today (179). Unlike, The Ministers Veil, however, all that seems to be missing in Young Goodman Brown is the moral ending. While many interpretations of the ending exist, none seem to satisfy the structure of a parable whose meaning suggests that avoiding the devil and sin is advantageous. By creating the parable-like condition of story coupled with the anit-parable ending, Hawthorne suggests that parables and morality stories are not relevant to the complex morality of human existence. Hawthornes stereotypical characters and metaphorical plot work together to create the parable-like feel...

Marketing plan Essay Example | Topics and Well Written Essays - 750 words

Marketing plan - Essay Example The Nokia Company and products focus on providing an up-to-date and affordable mobile experience to people globally. With the rapidly increasing smart phone market, this company faces a challenge to accomplish better quality, superior and innovative mobile devices in a highly dynamic market. According to the Q1 Interim Report on Nokia, "Net sales for the devices and services got decreased 25% quarter-on-quarter to EUR 2.9 billion†. Also, the volume for the mobile phones decreased 30% quarter-on-quarter to 55.8 million units, which is higher than the estimated value by mobile phones". Hence, observing just the beginning quarter of 2013, it can be analyzed that Nokia, the once top seller in the mobile market has fallen badly. The factor responsible for this downfall is the poor and inert marketing strategy of the company. The company and its leaders failed to understand that the mobile market is one of the fastest growing in the world and when it had the largest share in the mark et, the company stopped innovation. Moreover, the company somehow managed to overlook the competition from Apple and Samsung and when the rivals were introducing astounding new products, Nokia continued doing what it was doing and did not introduce something as fresh as the others. The current issue in hand for the company is in the booming smart phone business. The strategy of market flooding has no clear picture and confusion exists. The company needs to comprehend and address the problem to deal with Nokia Lumia phones marketing and implement a smart plan to extend this line of products. The distribution of Nokia phones is done globally at outlets which are Nokia concept stores as well as multi-brand stores. It is significant to note that Nokia has stayed on the top as the largest global vendor of mobile phones from 1998 to 2012(BBC News, 2012). During recent years, Nokia has been a successful seller of low and medium end mobile phones. However, at the moment the smart phone is t he leading and commonly used mobile device and the company could not keep pace with that technology. The decline has been stunning. The stock traded at over $40 per share in 2007. It has now fallen to under $2 (Ogg, 2012). It once had a market share of over 30% and now it has less than 4% (Calkins, 2013). The market share fell as a consequence of the speedy use of touch screen smart phones from competitor companies. Since that downfall, Nokia tried to recover through the Microsoft partnership in 2011, changing the operating system of the its' smart phones from Symbian to Windows but sales of the Nokia smart phones dived extensively (Dediu, 2013). Nokia launched its first full fledge touch screen smart phone Nokia 5800 followed by N97 in 2009. The phones did not compete well in the smart phone market. The latest range of Nokia products are the phones from the Nokia Lumia series. On the market currently, are the Lumia 925, the  Lumia 920, the  Lumia 820, the  Lumia 720, the  L umia 620  and the  Lumia 520 and the  Lumia 1020. The dominant company is on its road to failure because of major competition by Samsung, Blackberry and Apple. Even though it has so many products from the Lumia series, Nokia is still facing major competition from principally the iPhone and devices running on Android. Users still have not seen anything as remarkable from Nokia as the Samsung Galaxy S3 or the iPhone 5. The iPhone has taken over the market due to its