Q1(a). Select an organization within your country and using the SWOT Framework, perform an internal analysis on the organization.

The Eastern Caribbean Amalgamated Bank (ECAB) is a full-service commercial bank located in Antigua and Barbuda (ECAB Bank, n.d.). ECAB was first incorporated on July 16^th, 2009; however, on October 18^th, 2010 the bank acquired the assets and liabilities of Bank of Antigua and began its operations on that same day (ECAB Bank, 2017). The sector that the bank operates in Antigua and Barbuda is the service sector and within this sector, ECAB can be classified under the banking industry. Moreover, the services offered by ECAB include, but are not limited to, deposit accounts, loans, debit and credit cards, wire transfers and night depository services.

SWOT Framework

Internal to ECAB:

Strengths:

• The organization offers a more personalized customer service experience for customers. In order to achieve a competitive advantage, when customers call the banks switchboard, they are greeted by a live person. As such, instead of listening to an automated recording, customers enjoy a personalized, customer service experience which separates ECAB from other financial institutions.
• The organization creates ease of accessibility for consumers by offering one of the largest numbers of ATM networks in the country (ECAB Bank, n.d.). ECAB has strategically positioned twelve (12) ATMs across the island, so that consumers can make deposits, withdrawals, bill payments or simply check their balances more conveniently. Likewise, if customers want to perform over-the-counter transactions, they can do so at one of the banks four (4) branches. It is this ease of accessibility that separates ECAB from its rivals and this also serves as an attraction for personal and business customers.

Weaknesses:

• The processing time of transactions is time-consuming, as a result of outdated policies and procedures. The banks new account process requires too much paperwork which makes the processing time lengthy (A. Nicholas, personal communication, February 6, 2021). On occasions, ECAB has lost customers because of this long process.
• The organizational culture at ECAB does not promote creativity for developing new policies and procedures. Several suggestions have been made by ECAB employees of ways to improve the outdated policies and procedures (A. Nicholas, personal communication, February 6, 2021). However, these suggestions have been dismissed. This impacts ECAB negatively because it affects employee commitment and performance.
• The organization does not offer basic, technological amenities, such as Wi-Fi, to consumers to assist in Online Banking queries. This lack of technological infrastructure does not give customers the opportunity to login to their online account, while at the bank to ensure they can do so successfully. As such, these customers have to return to the bank, on occasions, for further assistance.

External to ECAB:

Opportunity:

• With the acquisition of a rival bank, Bank of Nova Scotia in 2020, ECAB has an opportunity to expand its market share once the integration is complete. This acquisition is an opportunity for ECAB because the bank will have a larger customer base and can further expand the number of ATM networks and branches offered, improving upon its strength ease of accessibility.

Threat:

• New technological trends or advancements can threaten the banks effectiveness. COVID-19 has demonstrated the importance of electronic banking. As such, ECAB must keep abreast with trends of e-banking and Working From Home (WFH) in order to allow employees to work remotely to offer continued service to customers and to avoid disruptions to operations.

Q1(b). Based on your internal organizational analysis, suggest ways in which the organization can improve on the areas where it is classified as weak.

In order to improve on the areas that were classified as weak, ECAB must carry out the following:

1) Eliminate excess paperwork and shorten processing times by implementing e-signatures where customers can affix their signatures to banking documents, on a device using their finger or stylus (Cho & Cheek, 2020). Thus, customer service representatives can more efficiently open new accounts and handle other customer queries.

2) Create an organizational culture where creativity is welcomed. Employees should be able to communicate their ideas and suggestions so that management can determine what they need and how to improve processes (Portis, 2015). From my introspection, with this culture shift, employees will feel empowered and more willing to go the extra-mile for the organization.

3) Offer a secured, reliable Wi-Fi connection to customers. By offering this amenity to customers, they will be able to quickly resolve their online banking issues while in the bank. This reduces the chance of customers making repeat visits, for the same query.

In order to remain competitive and to guarantee longevity, the management of the organization must use strategic management and planning to maintain their strengths, improve upon their weaknesses, seek out beneficial opportunities and to mitigate potential threats posed to the financial institution.

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