Duty To Protect Vs. Duty To Warn When Dealing With Dangerous Clients

Duty To Protect Vs. Duty To Warn When Dealing With Dangerous Clients Nearly every mental health professional has faced the difficult task of having a client at one time or another that may pose a danger to themselves or someone else. This situation can present a conflict at times for therapists and others who are torn between preserving client confidentiality and protecting others from potential harm. Fortunately, there are legal procedures in place for dealing with this kind of dilemma. The downside to this, however, is that the legal guidelines are not always the same in each jurisdiction. Being aware of the specific methods for and legal obligations for dealing with these kinds of situations within each specific state is the responsibility of the practitioner, and can be difficult for therapists who may practice in more than one state or who relocate their offices from one state to another after a period of time. However, knowing a little bit of background about the duty to warn and the duty to protect and the cases that led to the imposition of these legal duties can help guide therapists and other mental health professionals in implementing ethical strategies for dealing with these kinds of circumstances. The legal concepts of duty to warn and duty to protect were first introduced in 1976, with the case of Tarasoff V. Regents of the University of California. This case established that therapists are obligated to inform an identified third party of potential danger if a client indicates that he or she may harm another individual. However, a large number of states also have a strict set of guidelines for executing the duty to warn in that there must be evidence of the possibility of serious danger or harm, the harm is very likely to occur, and that the targeted individual has been clearly identified. While the duty to warn refers specifically to notifying a potential third party of the imminent danger or harm, the duty to protect has broader implications. With the duty of protect, which is an option only in some states or jurisdictions, the therapist still has the legal obligation to protect a third party from danger but can do so through a variety of options such as hospitalization, more rigorous outpatient therapy, or other methods of intervention that still enable the therapist to maintain client confidentiality. While the duty to protect is a preferred method of dealing with these kinds of situations among mental health care professionals, this form of legislation is only in place in 24 states, with an additional nine states operating under this duty due to imposed court decisions in district or regional court systems. Exceptions to the duty to warn can be seen in a number of instances when the general public is concerned. In most situations, therapists are under no obligation to warn the general public about the risk of danger from one individual, even if a threat is noted. The implications of this exception are particularly of importance when it comes to the threat of transmission of HIV and other contractible diseases. In most states it is already illegal to knowingly infect another person or group of people with HIV. However, therapists are not legally obligated, and even discouraged from, warning the general public about the risk of transmission of HIV from a knowingly infected client. In this instance, client rights and confidentiality would prevail. Another instance where the duty to warn and the duty to protect are of importance is when it comes to the threat of child abuse. In many states, therapists and other professionals are obligated to report when a child may be in danger or is being harmed, often without regard to client confidentiality or an obligation to further provide additional intervention or treatment to the client. However, the problem that is seen in many states or situations is that there are no clearly defined guidelines as to how severe the harm has to be in order for a therapist to breach confidentiality. While most legislation specifies that there must be a â€Å"clear and immediate danger,† the definition of this can be construed differently by many people and at different times. For example, spanking could be perceived as some to be a â€Å"clear and immediate danger† to children, while to others, the threat would have to be much more severe in order to violate client confidentiality in favo r of protecting a child. While it is clear that there are many legal obligations that therapists have to warn others about potential dangers and to protect clients and others from harm when the need arises, the difficulty in executing many of these duties often lies in ambiguous guidelines in many jurisdictions. Often, it is an ethical decision that each individual practitioner must make based on their own principles, the laws within their specific jurisdiction, and their perception of the way the law is defined and the specific situation.

Panera Case Essay

Company is a chain of restaurants, both company owned and franchised, that provides food and beverages with more of a cafe experience as oppose to a traditional fast food restaurant. Panera NAICS code is 722310, which is classified as food service contractors. Food service contractors can be can be classified as cafeterias, fast food restaurants, or regular restaurants just to name a few. In 2007 there were approximately 23,250 establishments in this industry, which was up from 20,693 in 2002 and 18,991 in 1997, which shows that people are continuously opening more and more restaurants each year. Since 1997, the food industry under this NAICS code has seen significant increase in sales. The total number of sales in this industry has more then doubled since 1997, which can be attributed to two things. One of those is that they’re a just more establishments out there in 2007 then there were 10 years ago. The second, and probably most important reason why sales have more then doubled, is that people are just simply going out to eat more as oppose to cooking at home. Success in this industry is predicated on the ability to be able to not only appeal to consumer taste and preferences but continually changing product offerings to keep these customers happy and loyal to your restaurant. More often then not, companies in this industry fail and go out of business prematurely because they are not able to appeal to a wide enough customer base. Obviously you must have great food in this industry, but equally as important is the location, customer service, prices, and time of day that you choose to do business. If you don’t have a handle on these items then you will likely not make it past the first year without taking a significant loss. Due to the fact that there are different types of needs among customers, there is no way one establishment can serve the needs of everybody. Each restaurant must figure out the few things they do well and service those customers whose needs fit into what that restaurants do well. Driving Forces One of the key driving forces in this industry may seem obvious and simple but it is the most important thing in this industry. The restaurants must have good food to satisfy the ever-changing needs of customers. Since customers do have different preferences and these preferences could change at anytime, food companies must figure out a way to not only attract, but also maintain customer who love their food. However, to develop a sustainable advantage on taste alone is not likely when there are so many options when people eat away from home. Price is also a driving force as it is with any industry. A company must be able to provide their products cheaper then their competition or be able to convince their customer base that their products are worth the extra buck. In order to justify customers spending more money on your products, you have to somehow differentiate your product. Typically, companies either make their products healthier or find ingredients that make the products taste better then the competition if they are charging a premium price. If they are unable to convince consumers that their products are worth the premium price then they must figure out a way to drive down costs so they can charge as little as possible. With the economy struggling, this is a viable option for many companies in this industry. The last driving force is in this industry is location. A prime location can make or break a company. A company can have the best food in the world and even offer their products at great prices, but without the ability to get the foot traffic, because of a bad location, the company is doomed before it is even started. A restaurant must pick a location that will be able to service as many people that they have identified as potential customers. For instance, a healthy sub shop may be inclined to locate their business next to a health spa where people workout. The restaurants that are able to find an optimal location give themselves a far better chance to succeed for many years. A great location can be a sustainable competitive advantage and allow companies to outperform their rivals. Key Success Factors One of the key success factors is to be able to adapt to customer taste and needs in this rapidly changing market. To put it plain and simple, people get tired of eating the same thing so in order for a company to be successful, Companies must have a wide variety of product offerings. This is why you see many restaurants introducing new products for their customers to try. They have trail stages to see if these new products will be a hit and if they are then they keep them on the menu. If their customers do not accept them then they take them off the menu and try something else. So not only must you have a great core group of food options on your menu, but you must be able to change up your menu so that customers don’t get bored with the same options. Another key success factor in this industry is customer service. When people elect to eat out instead of eating at home, they expect to be treated well by the restaurant personnel. Obviously the level of customer service changes depending on the place that an individual is eating at. The more money someone is spending then it is likely that they will expect better customer service. Part of going out to eat is the experience and bad customer service can cause a company to lose customer even if their products are top of the line. Location is also a key success factor and a big one at that. Many companies that are unable to acquire a prime location are unable to stay in business. People don’t want to have to go out of their way to go to a restaurant in most cases so if a particular restaurant is not in a convenient place then they will not get much foot traffic. Foot traffic is the only way that companies in this industry can keep up with their financial obligations and turn a profit. I can say from personal experience that I have chosen to go to a restaurant based on convenience of the location and I feel that I am not the only one who has made a decision like this when choosing a place to eat. Porters Five Forces Threat of New Entrants The threat of new entrants in the food service contractor industry is extremely high. The restaurant industry is one of the most entered industries year in and year out. The barriers to open a restaurant are nowhere near as high as other industries and if a restaurant owner can find a niche group of customers in a good location then they can be profitable. However, this is a feat that is much easier said then done. Although it is very feasible for new entrants to enter into this industry, it is definitely not an industry that is easy to have longevity in. The threat of new entrants for Panera Bread is not as high as some of the other restaurants in the industry. They have many established cafes all across the country that have been successful for years and would be hard for new entrants to compete on their level. In local markets a new entrant may be able to undercut the business of one individual store but it would be much more difficult for a start up to undercut Panera in the national or even the regional scene. Also, the fact that Panera Bread has a very aggressive growth strategy makes it even more problematic for new entrants to be able to compete at the level the Panera is on because they are always playing catch up. Substitute Products Substitute products are very prevalent in this industry and it affects all restaurants that are in the food service contractor industry. If you ride down a main street in any decent size city in this country for five minutes you will pass at least one hundred places to eat. Each one of these places is a substitute for one another, which makes this industry one of the most competitive industries that we have. With the number of restaurants growing, there are going to continue to be a plethora of substitute products. Also, items that people purchase at grocery stores and cook themselves are substitutes for restaurants in this industry. Americans are becoming more cognizant of what they put in their body and the best way to be absolutely sure that what you are putting in your body is exactly what you want is to prepare the food yourself. Just like every other company in this industry, Panera Bread is not immune to substitute products and must always account for other companies that offer substitute products. There are many viable eating options for customers in close proximity with nearly every Panera Bread cafe. With this being the case, Panera must always look for ways to continue to bring customers into their cafes instead of those customers picking another option. Panera has been able to offer some unique products that are perceived as healthy which allow them to lessen the threat of some substitutes but it would be nearly impossible to get rid of the threat of substitute products because there are so many options. Perhaps the most difficult thing for competitors to be able to duplicate is the experience that is provided at Panera. Although there are other companies who are able to offer a pleasant dinning experience in the fast-casual restaurant industry, there is no substitute for this type of customer service. Either you have quality service for your customers or you don’t. Power of Suppliers The power of suppliers in this industry is relatively low. This is due to the fact that there are often many possible suppliers to supply the needs of the restaurants. When this is the case, suppliers have no negotiating power to charge extremely high prices and must come to terms with the restaurants that are purchasing the various ingredients that go into their products. If suppliers are able to develop an ingredient that is rare or somehow do a value chain activity better then other supplier then they may have more negotiating power. However, even with this fact, the majority of the power in this relationship lies with the restaurants that are making the purchases. Panera Bread has 17 regional facilities that make all of its dough and then it is shipped out to each individual store. These facilities are owned or franchised out by Panera Bread, which gives them a huge competitive advantage. They control every step of the making of their main ingredient and this obviously gives them all of the power when it comes to purchasing dough. As long as the people who work there are satisfied then they will have no problem with having there dough needs met. They do ensure that these facilities make a profit but obviously not at the expense of Panera Bread. However, with other products that they use such as paper goods, coffee, and sweet goods, they use independent distributors to meet these needs. These suppliers have a very low amount if power when negotiating with Panera. These suppliers likely depend heavily on the Panera account to survive so they must meet virtually all of Panera’s requests if they want to continue to do business with them. Some products that each individual store may have to order on a frequent basis may find that they have a little less negotiating power if a particular supplier is able to delivery these supplies on a timely basis. With this being said, the bulk of the power lies with Panera and not the suppliers. Power of Buyers The power of buyers in this industry is extremely high for various reasons. The main one is that there are low switching costs when an individual chooses to go from fast-casual restaurant to fast-casual restaurant. The only real cost may be one place may be further then the other which brings gas prices into play but typically these types of restaurants are located in similar areas so this is not that big of a factor. Anytime someone is spending money in a saturated market with several options, the consumer has all the power. The only way for restaurants to get some of the power back is to offer products that are perceived to be better then the competition. Panera Bread customers have an extremely high degree of power just like customers that buy food within this strategic group in the market. There are viable options for customers of Panera to choose from which always puts Panera in a position in which they have to convince customers that Panera is the best option to meet their needs. Panera must continue to evolve their menu and keep coming up with new items that keep their customers coming back for more. This is the only way that they can take some of the power back from their customers. Rivalry Among Competitive Sellers Everybody wants a piece of the American Dream in this country and the good thing about this country is that through hard work and dedication, anyone can be successful. With this being the case, there is fierce competition in virtually every industry in our country. The food service contractor industry is no exception to this fact and possibly is more competitive then most other industries. There are major players at every single level of this industry and each individual company is always looking for a slight advantage over their competitors. The fast-casual sector of this industry is rapidly growing and it is likely that we will continue to see more and more companies vying for market share in this industry. The fact that people are spending significant dollars in fast-casual restaurants gives companies in this industry a golden opportunity for continued growth. Panera Bread has been able to carve out a niche in the fact that their dough process is not easily duplicated and nobody has been able to create products quite like Panera Bread. So, in this respect there is not a competitor that is selling the exact same thing that they are selling. However, I feel that Starbucks is a close competitor and they may have some of the same customers. When you think about a place that you can go and hang out with friends or catch up on some work or read a good book, Starbucks definitely comes to mind. In this relationship, Starbucks is definitely big brother and has far more locations around the world then Panera does so they obviously bring in more revenues yearly. Panera is trying to duplicate the atmosphere of a casual place to hang out but they are still playing catch up at this point in time. I also think Chipotle is a competitive rival but for different reasons then Starbucks. Chipotle is a fast-casual restaurant that has been able to create a product that consumers consider different and really tasty. It is a place that you can order and get your food relatively quickly and sit down and enjoy your meal with friends on the inside of the restaurant or outside. Although Chipotle definitely doesn’t have the atmosphere that Panera Bread has, it is very believable that when people are sick of fast food and are looking for a fast-casual restaurant to eat at, these two places come up. I can speak from experience that this has definitely been the case for myself on numerous occasions. Internal Analysis: SWOT & VRIO Framework SWOT Analysis Strengths A. Strong Brand Name B. Atmosphere of Restaurants C. Own Subsidiary for there main ingredient Weaknesses A. Lack of international/domestic presence in comparison to competitors Opportunities A. Expand Domestically/Internationally B. Continue to expand catering activities Threats A. Recession B. New Restaurants Strengths Panera Bread has been able to continually grow and make significant dollars year in and year out because they have many things that they do well. One of these strengths is the brand name â€Å"Panera Bread. † When people think of Panera they automatically think of a fast-casual restaurant with good food. It is somewhere that people can go and not pay significant dollars and walk away being happy with the food that they ate. This is probably the biggest strength that you can have in this industry because if your restaurant name is not associated with quality food then you have no chance of succeeding in the restaurant business. After all, nobody wants to eat food that is not enjoyable going down. Another strength that Panera has is the atmosphere and dinning experience that they provide for their customers. When people think of Panera they think of someplace that can offer relaxation for themselves as well as friends. Its just a great hang out spot where people can catch up on homework, read a good book, and hang out with friends all while enjoying some of the great products that Panera Bread offers. Panera is also able to produce its own dough, which is strength in two ways. The first is the most obvious. They can cut out significant costs when buying from their subsidiary and don’t have to worry about not being satisfied with the end product because ultimately they are producing it. Also, since dough is their main ingredient and what they are famous for they would not want outside knowledge of this trade secret. By producing the dough themselves minimizes significantly the possibility of other companies being able to capitalize on Panera’s trade secret. Weaknesses The biggest weakness that I saw in doing this case study is the fact that they have a lack of an international presence. If they are trying to compete with Starbucks with there dinning experience then they need to be everyplace that Starbucks does business so that customers can choose. This type of expansion could mean more revenues as well as continuing to increase their strong brand name. Domestically they do have a strong presence in the market but they are not at the level that Starbucks is at. Opportunities Panera has several opportunities to improve their position in the market place. One of those opportunities is to continue to have an aggressive attitude about expanding domestically and also to turn some of that energy into international endeavors. Domestically they have a strong presence but if they are going to overtake Starbucks as â€Å"The† fast-casual restaurant then they need to continue to find new markets to put their stores in. Currently they do not have an international sector at all. This is limiting their growth potential significantly and not really giving them a chance to be at the top of the totem pole in their sector of the restaurant business. International expansion could help Panera take their brand name to new heights. Another opportunity they have is to continue to expand their catering sector of their company. In 2004 they started to make a hard push into catering for other locations outside of the stores. By the end of 2005 they saw about 80 million dollars in sales in new sales from this catering sector. The ability to generate these types of sales in this short period of time gives Panera’s management incentive to continue to explore this opportunity. Threats The recession is a huge threat to all businesses that do not provide something that is a basic need for survival. Although Panera does provide food, which is a necessity, they still have to fight with the recession, as people do not eat out as much during tough economic times. Instead, people penny pinch and try to cut down on as many things as possible. Although they could discount their products and possibly generate more sales during this tough economic time, this strategy could make people start to associate their brand as being generic. This strategy would ultimately hurt them in the long run. Another threat would be new restaurants coming into territory that they do business in and undercutting some of their sales. People have ever-changing taste and are always looking for the new â€Å"hot† thing. Since this is the case, new restaurants that are able to get the attention of consumers in the areas that Panera has restaurants in could pose a huge threat. VRIO Framework Sustainable competitive advantage is the key to any company’s long-term success. Are any of Panera’s strengths sustainable? Strong Brand Name Valuable: Yes, a strong brand name in the business world is very valuable. It is especially valuable in the restaurant business because when people associate your brand name with having good food then people are automatically going to come in your place of business to get food. Also, this strong brand name gets people talking about your products and word of mouth advertising is amongst the top if not the top form of advertising. Rare: No, a strong brand name is not rare in the restaurant business. Many other restaurants in the fast-casual sector have a brand name that is associated with good food. This is the reason why there are so many of these types of restaurants out there that are able to perform well year in and year out. Although there are many restaurants that are able to build a strong brand name, there are many more that are not able to establish this strong brand name. Most restaurants fail within the first year because of this fact. Imitated Easily (Immutable): No developing a strong brand name is not easy. It takes years of creating quality products that people grow to love. Another way is to come up with something so innovative that people have no choice but to recognize that food product with your brand name. Both of these scenarios are extremely hard to pull off successfully. Organization: Yes, the Panera organization is very committed to continuing to build their brand name. This is especially evident in how they franchise their company out to other people. Their franchise owners have to adhere to certain rules and regulations in order to open up a Panera Bread restaurant. Atmosphere of Restaurants Valuable: Yes this is a very valuable aspect of their restaurants. The fast casual style gives Panera bread an edge over other restaurants and makes it more then just a place that you can get great food. The amenities that are offered at Panera bread makes it a friendly place to eat as well as do various other activities such as hang out with friends or catch up on work. They opened their doors with the idea that the overall atmosphere is what was going to set them apart from others and give them a competitive advantage and that is precisely what they have been able to do. Rare: Yes and No. This overall atmosphere is available in most coffee shops around the world so from that perspective it’s not that rare. However, it is rare in the fact that they have been able to expand into one of the top brands in this sector and are really only second to Starbucks as far as atmosphere goes. They compete on a level that most coffee shops can’t. Imitated Easily (Immutable): Yes and No. Anybody can set up wireless internet and make a space conducive to hanging out and reading books. So in regard to this it is easily imitated. The part that is not easily imitated that Panera has been able to accomplish is that they are recognized by a large number of consumers as a place to go and do the activities mentioned above. Organization: Yes, the Panera Organization is committed to making their restaurant a place where people can go be in a friendly atmosphere. That was the whole basis of what they thought would create their competitive advantage when they opened their doors. Own a Subsidiary for Their Main Ingredient Valuable: Yes, the fact that they own subsidiaries that make their main ingredient is a huge advantage that they have. They are able to cut down on cost as well as always knowing that their dough’s will be exactly what they are expecting. They don’t have to ever worry about negotiating with outside vendors about prices or any other terms for this key ingredient. Also, they can protect their trade secret that is the ingredients and process of creating their dough. Rare: No, they are most definitely not the first company to own a subsidiary that is apart of the value chain. Many companies vertically integrate to gain some of the benefits that I mentioned above. Imitated easily (Immutable): Yes, this is very easy to imitate. The company must have the capital investment to make this happen but gathering the money is not something that can’t be imitated. Typically what keeps companies from doing this is that they can simply buy the materials needed at a cheaper cost versus creating these materials themselves. Organization: Yes, Panera is obviously committed to making this subsidiary successful. They could have hired out someone else to make their dough’s but then they would risk exposure of their trade secrets and may have to pay more for the dough. The subsidiary not only cuts down on certain costs but also protects their process of making their dough’s. Strategic Cost Analysis: Value Chain Analysis Primary Activities Supply Chain Management Panera Bread uses a subsidiary to supports its supply chain management as well as other independent suppliers. They get their dough, which is their key ingredient, from their subsidiary. This dough is used to make their assortments of breads, which is obviously what they are known for. They deliver the dough to each individual restaurant and then the restaurant bakes the bread so that the bread is fresh when it reaches the consumer. However, they do receive some of its ingredients for its doughs from other suppliers. Also, sweet goods, paper goods, small ware, and coffee are bought from outside suppliers. Panera feels like it is cheaper to buy these products from various suppliers instead of producing them internally or through a subsidiary. Operations Panera prides itself on being different from the pack in the world of fast casual restaurants. They do this by providing a friendly atmosphere in their restaurants in which their customers can come and get more then just food. This operation technique gives them an advantage over your average fast food restaurant but it is still someplace that you could go to get a meal quickly. Another key aspect of their operation is the fact that they are always changing the menu to appeal to the current customers as well as attract new ones. This is something that is necessary for any restaurant and has proven to be something that Panera does well. Distribution In most major cities in the United States you can find a Panera Bread restaurant to eat at. This is the primary activity for Panera to get their products to the customer. In this regard, they compete just like every other restaurant in country. However, they are really starting to pick up their catering sector of their company and this could lead to new customers and more revenue. Not only does catering give them another way to sale their products, but it may also expose individuals to Panera for the first time if they are at the catered event. Support Activities Word of Mouth Word of mouth is a huge support activity for pretty much every successful restaurant in the country. This is especially true for Panera Bread since they really don’t do too much to market their restaurant. They rely heavily on current customer’s positive experiences at their restaurant to spark them to tell somebody else. Through this positive word of mouth they are able to gain loyal customers, which is why they are able to sustain their company. Franchises Panera’s Franchise operations are a huge supplement for their company owned stores and they are able to generate significant revenue from their franchises. There is a significant investment required from a potential franchise owner. The franchises give Panera an opportunity to capitalize on their strong brand name. However, they must keep a close eye on each franchise so that they can maintain the Panera reputation. If they let the franchise operate under the Panera name without any rules then they are exposed to the risk of tainting their brand. Strategic Cost Analysis: Competitive Strength Assessment Panera Bread Chipotle Starbucks Key Success Factors Importance Weights Strength Score Strength Score Strength Score Brand Image 0. 25 9 2. 5 10 2. 5 10 2. 5 Restaurant Atmosphere 0. 2 8 1. 6 5 1 9 1. 8 Word of Mouth Advertising 0. 25 8 2 9 2. 25 8 2 Adjusting Menu To Adapt to Consumers 0. 1 9 0. 9 5 0. 5 6 0. 6 Price 0. 2 8 1. 6 8 1. 6 6 1. 2 Total 1 42 8. 35 35 7. 85 39 8. 1 When performing the competitive strength assessment for restaurants that are in the same strategic group as Panera Bread there were several key success factors that were important. Panera, Chipotle, and Starbucks all performed well in this assessment but with the success factors that I felt were important, Panera did just barely edge out Starbucks. Brand Image was extremely high on the pedestal in the key success factors because in the restaurant business, how the public perceives you will either make or break your restaurant. All three companies performed well in this category but I felt that Starbucks International presence gave them a slight edge over Panera and Chipotle. I rated the restaurant atmosphere as a . 2 because I felt like it was a very important factor by not quite as important as brand image. Chipotle struggles with their restaurant atmosphere in comparison to the other two places however; they are still able to succeed in this industry. They have not put as much importance on their dining experience; where as Panera and Starbucks whole method for differentiating themselves from other fast-casual establishments are creating that warm dinning experience. However, Starbucks also wins this category by a small margin. Word of mouth advertising is a . 25 because this is how you grow as a company. When you are able to get your loyal customers to get prospective customers to try out their products then restaurants give themselves a great opportunity to retain new customers. I thought that all of these places do a good job with generating this type of advertising but based on my experiences, Chipotle gets a little more of this type of advertising then the other two, especially from college students. The only one of these three that really makes a true effort to change up their menu is Panera Bread. They are constantly introducing new things to appeal to their customers. However, I didn’t feel as if this was nearly as important as some of the other key success factors. Chipotle and Starbucks have been able to create a menu that their customers like and are not likely to grow bored of eating which is why they are still successful. Since they don’t put an emphasis on changing their menu much, Panera takes this category relatively easy. Price is important within the restaurant business especially during these rough economic times. People are much more cognizant of where their money is spent. Chipotle and Panera offer quality products at decent prices even in these tough times. On the contrary, Starbucks would be on the pricier side especially when it comes to their food selection. They don’t offer big portions and individuals would likely still be hungry shortly after leaving the restaurant. Panera and Chipotle tied in this category as both of them offer good prices for valuable menu items. Financial Analysis The following are some basic income statements for Panera Bread and Chipotle as well as some financial Ratios. I chose these 2 because they are similar in size and are both considered fast-casual restaurants although they do serve different menu items. I do feel that Starbucks is a competitor of Panera Bread as well but they are a much larger company and there statements would make for a very good comparison. Panera Bread Statement of Operations (% of revenue) 2007 2006 Revenue 100% 100% Total Cost and Expenses 92% 89% Operating Profit 8% 11% Income before taxes 8% 11% Net Income 5% 7% Panera Bread Statement of Operations ($ in thousands) 2007 2006 Revenue 1,066,691 828,971 Total Cost and Expenses 977,801 736,295 Operating Profit 88,890 92,676 Income before taxes 88,890 92,676 Net Income 57,456 58,849 Chipotle Statement of Operations (% of revenue) 2007 2006 Revenue 100% 100% Total Costs and Expenses 89. 5% 92% Operating Profit 10. 5% 8% Income before taxes 10. 5% 8% Net Income 6% 5% Chipotle Statement of Operations ($ in thousands) 2007 2006 Revenue 1,085,782 822,930 Total Cost and Expenses 971,780 754,675 Operating Profit 114,002 68,255 Income before taxes 114,002 68,255 Net Income 70,563 41,423 Ratio Gross Profit Margin Net Profit Margin Operating Profit Margin Panera 2007 .74 .05 .08 Panera 2006 .76 .07 .11 Chipotle 2007 .68 .06 .10 Chipotle 2006 .69 .05 .075 Return on Assets Current Ratio Return on S/E Equity Panera 2007 .08 1. 17 .13 Panera 2006 .11 1. 19 .15 Chipotle 2007 .105 2. 75 .126 Chipotle 2006 .08 2. 92 .087 As you can see both of these companies are doing well and have been able to turn a nice size profit for these past 2 years. However, Chipotle has been able to grow from 2006 to 2007 as their net profit margin went up by 1% whereas Panera Breads has dropped 2%. I think the newness of Chipotle has given them an advantage in these early years but I don’t think it will be sustainable once people get use to the menu. The recession has hurt Panera more then Chipotle but due to the low liabilities that Panera has, they are still able to make a profit in 2007 that is not much lower then the profit from 2006. I believe that the overall dinning experience and the variety of the Panera menu will prove to be a sustainable competitive advantage going forward over many of its rivals and will provide them financial well-being. Business Strategy Analysis: Porter’s Generic Strategy Panera Bread’s goal is to create the greatest amount of value for the customers when they walk into one of their restaurants. The generic strategy that most closely resembles what they are trying to accomplish is Best-Cost Provider Strategy. This is providing quality products at a cheaper price then what you can get elsewhere. Full meals at Panera can be bought for very reasonable prices and there various bread selections give them an advantage over other fast-casual establishments. So on the basis of taste their products can be considered a bang for your buck. Also, they provide an atmosphere known as â€Å"Panera Warmth† which is something that is not provided at many other places. Between the reasonable prices for the quality products and the customer friendly environment, they are able to provide more value for their customers then most other fast-casual restaurants. Corporate Strategies: Diversification Diversification in Panera Bread has been an important aspect since they have been open for business. Starting as a company called Au Bon Pain in the 80s, they would eventually change to the Panera name once it took off. This was a move that allowed them to really expand their brand in the 90s and into the 2000s. Another thing that they did to diversify their company was purchasing majority of Paradise Bakery and Cafe in 2007. Paradise had 70 locations, which gave Panera more restaurants as well as some other knowledge that came along with the purchase. Panera has a very aggressive growth strategy and plan to have 2000 stores open by the en of 2010 in the United States. This type of growth strategy has the potential allow Panera to continue to climb the ladder to being one of the top fast-casual restaurants. Issue 1 A big issue that I see with Panera bread at this point in time is their untapped markets not only domestically but also internationally. They have several major cities that do not have Panera Bread in the city at all which is not allowing them to maximize their earning potential. Also, they have no international presence at all. These cafe style restaurants would likely catch on well internationally considering the success that Starbucks has had with their international establishments. Recommendation Panera Bread should continue with their aggressive growth strategy. They must make sure that they tap into some of the major city markets that they have yet to such as New York City, Washington D. C. , and New Orleans. Panera needs to have several locations in these cities and should make it a goal to have at least 20 in these cities by 2012. Also, they should continue to add restaurants in places like Miami and Seattle where they only have 2 and 5 establishments respectively. In competitive markets in the United States, Starbucks has more then 8 times as many locations as Panera. This is a huge problem is if they ever want to be on the same level as Starbucks. Internationally, they should pick a few countries where cafes are popular and try to tap into those markets. However, internationally I think that they should take their time instead of implementing the fast growth strategy that they have in the United States. I think they should try to have 100 restaurants internationally by 2012. They have to tap into the international market if they ever want to truly compete with Starbucks and they are in a good position financially now to expand slowly in the international market. Issue 2 Another big issue that is lingering with not only Panera Bread but also every single restaurant is the recession. This recession has hit many Americans hard financially and they have not been eating out as much. This decreases the amount of possible business that fast-casual restaurants can get and this includes Panera Bread. They must figure out a way to continue to grow despite the tough economic times. Recommendation 2 There are a number of things that Panera Bread can do to offset this rough economic stretch that we are in. One of those things is to offer discounts on certain menu items but only make this discount good for a certain period of time. This makes people feel like they are getting a deal on Panera’s products and be more likely to pull in during lunch as oppose to packing their lunch. The limited time on the discounts ensures that your products don’t become generic which is also important for when the recession is over.  Another thing that they can do if offer free food to customers after they have purchased so many products from the menu. This gives customers incentive to eat out at Panera even in the midst of a recession.

The Impacts of Religion and Science in Jose Saramagos Blindness - Free Essay Example

Sample details Pages: 11 Words: 3235 Downloads: 7 Date added: 2019/03/11 Category Religion Essay Level High school Topics: Science vs Religion Essay Did you like this example? Introduction The defining characteristic of human nature is the formation of belief systems that provide meaning in an empty world. Faith, and the religious connotations that come with it, allows humans to live with purpose, and to care for one another. It is often difficult to assess whether this ability is inherent in humans, or if the human race simply received evolutionary luck, for lack of a better term. Don’t waste time! Our writers will create an original "The Impacts of Religion and Science in Jose Saramagos Blindness" essay for you Create order One thing is for certain, humans are unequivocally the superior species on planet earth. Or are we? In his novel Blindness, Jose Saramago comments on the inherent qualities of the human race when God is stripped away from them. Using blindness as a metaphor for a loss in faith, Saramago illustrates the importance and the necessity faith has in what human’s consider normal life. Saramago reveals the extraordinary nature of human civilization via negation, by exposing the sinister and often heinous true natures of humans. In addition, Saramago illustrates the similarities between science and religion. Saramago describes the difference between religious faith and scientific faith, or lack thereof, through metaphors and symbolisms weaved effortlessly into his novel. Through these discussions, Saramago highlights the fragility of our society, revealing how lucky humans are to not only have faith, but utilize it for good. By illustrating the animalistic nature of humanity in the absence of faith, Saramago indicates the fundamental importance of both science and religion in society, conveying the need for both rivaling philosophies to coexist. In order to suggest a loss in God leads to a loss in morals, Saramago must set up biblical imagery in order to establish the religious ties of the novel. According to Peter Schakel, â€Å"arriv[ing] on a world utterly unlike† (3) any you’ve ever known can be a symbol for the Garden of Eden. As the characters of the novel become blind, they are transported to a new world, a world with vastly different sensory realities. Only one woman, the doctor’s wife, retains her sight allocating her the role of Eve in the biblical allusion. Schakel describes the Eve of a story as someone who, despite purity and wholesomeness, is constantly tempted to fail, and must resist the temptations provided by the world around her (4). The doctor’s wife, a lonely seeing island in a sea of blindness, remarks that â€Å"no one should find out that I can see† (Saramago 144), establishing the temptations that define her as Eve. The reason she must remain in secrecy is also desc ribed by Schakel, who explains once you fall to the temptations of the devil, you â€Å"belong to [the devil] as [their] lawful prey† (7). This raises a question as to who plays the role of devil in the story. The answer is never specifically mentioned in the novel, but most would say the devil is whatever caused the epidemic of blindness that befell the nation. The devil puts an immense amount of pressure on the doctor’s wife, who could easily take control of the ward with the powers she has, but like the apple in the Garden, this comes at a cost. The doctor’s wife’s survival remains essential to the preservation of her life and the preservation of humanity. These biblical images play an essential role in the understanding of Blindness because they help establish the religious themes that persist throughout the novel. With these religious ties come motifs of morality, which highlight the true impact a loss of God has on the moral purity of the characters. One moral dilemma in Blindness involves crime, which plays a significant role in establishing the effects the epidemic has on the internees. The first instance of crime occurs before the quarantine has even been established, when one man steals the first blind man’s car. Due to the blind man’s vulnerability, the car thief has an easy job taking the poor man’s car. With only one blind person, hardly an epidemic at this point, humanity already takes advantage of the inconvenienced. Saramago utilizes this to hint at what he believes is the inherent nature of humanity, a theme that will persist. As karma dictates, the car thief eventually goes blind, and meets with the first blind man in quarantine. Justifying his actions, the thief says, â€Å"I stole your car, but you stole my eyesight† (Sarmago 52), again hinting at the eye for an eye mentality existent in society. The Fragility Of Humanity’S Morals The rapidity at which human relations sunk to blaming and pointing fingers reveals the fragility of humanity’s morals. The other occurrences of crime occur within the walls of the prison, and come at the cost of a life. Once trapped inside the quarantine, the thief, whose morals are already in question, â€Å"fondl[es] [the girl with dark glasses’] breast†¦, grabbing her firmly† (Saramago 55). In response, the girl with dark glasses stabs the thief with the heel of her shoe, which eventually gets infected and kills the man. While many might say the thief deserved this punishment, many internees, including the girl with dark glasses, begin to feel sorry for him leading up to his death. The balance between self-defense and retaining purity show the rift in faith and morality. The other murder that occurs during the novel involved the doctor’s wife killing the man who raped her. While the significance of this moment will be analyzed later, it is import ant to note how quickly the miniature society dissolves into harassment, violence, and murder. This imagery helps Saramago drive his message that losing faith in God results in a loss in purity and goodness. The crimes committed within the walls of the quarantine, as we have seen, all involved some sort of erotic, sexual desire or crime. The eroticism presented in the novel plays a significant role in shaping the theme of the story and establishing the loss in morality that occurs along with the loss in sight. According to Shaoyang Zhang’s article on the works of the poet Kevin Hart, â€Å"The ‘essence’ of ‘religionis the search for lost intimacy’† (1). As the characters within the novel go blind, they lose their intimacy with the world around them. Their loss in sight symbolizes a loss in experience, a loss in love, and a loss in life. Through their sexual behavior, the characters attempt to regain the intimacy they lost. Saramago explores a number of intimate relationships within the novel, one of which being the marriage between the doctor and the doctor’s wife. Their marriage could not be better, â€Å"they still greeted each other with words of affection after all these years of marriage† (Saramago 32), and the strong bond between them does not seem at all fragile. However, when locked up in the quarantine, the doctor cheats on his wife briefly with the girl with the dark glasses. Rather than become angry, as many would do, the doctor’s wife remarks that â€Å"it’s not a crime that calls for pardon† (Saramago 274), again showcasing the twisted moral views taken on by the characters. The failure of marriage, being a deeply religious institution, brings back the religious aspects of the novel. The loss in sight translates to a loss in God and to a loss in institutional faith and religious morality. However, the forgiveness of the doctor by his wife, however noble i t may seem, highlights the breaking down of a religious establishment. Another relationship that establishes itself over the course of the novel is that between the girl with the dark glasses and the old man with the black eyepatch. Knowing that the girl with the dark glasses has conjunctivitis, it becomes significant that both of these people have eye conditions. Their unorthodox love, which develops despite an age and cultural difference, is symbolized by their previous eye conditions. Although they lost their faith through their loss in sight, like the other characters, their faith was already hindered prior to the epidemic, hinted at by the girl’s job as a part-time prostitute, and thus they formed a bond despite the factors fighting against them. According to Shaoyang Zhang, â€Å"the more strictly forbidden something is by law or rules, the stronger one’s desire becomes to obtain or possess it† (4). As a result, the forbidden love between the man with the eyepatch and the girl with dark glasses was formed predominantly by erot ic desire, and was aided by an already injured faith. Their ability to form a loving relationship hints that morality may not be completely lost; however the methods in which that love is obtained do illustrate the absence of religion in their relationship, furthering Saramago’s claim that faith has been lost by humanity. Not all religious messages in Blindness are strictly ties to Christianity or an established faith. Saramago weaves other theological theories into the novel, including the divinity of women. In Blindness, women play a significant part in not only shaping the plot of the story, but also shaping the thematic messages of the story as well. According to Shaoyang Zhang, women have a â€Å"proximity to the divine† (3) that shapes human interaction and spirituality. The most obvious example of the religious impact women have on the blind society is when the ward with the gun prompts the rest of the wards to â€Å"bring us [their] women† (Saramago 180) in order to rape them. The blunt statement illustrates the immense power the women have over the men in the wards. The women become a spiritual currency, exchanging their sexual favors for food, water, and resources. â€Å"Reminiscent of the ‘forbidden fruit’ that Adam and Eve ate in the Garden of Eden† (Zhang 4), the women tempt the men, who attempt to get closer to God due to women’s closeness to God. This supports Shaoyang Zhang’s claim that â€Å"religious desire and erotic desire are neighbors† (6). However, as Zhang points out, â€Å"the stronger one’s desire becomesphysical death may be caused, which canshow the relationship between desire and death in eroticism† (4). The similarities between erotic desire and death are highlighted in the novel. Men revert to animalistic tendencies, their need to take control ends up backfiring as the women, with the help of God, fight back and end up killing the men who raped them. Due to their absence from God , the men sought for some sort of pleasure, and since spiritual pleasure could not be achieved, they believed their only option was to turn to sex and rape. As stated earlier, the doctor’s wife kills the man who raped her, digging â€Å"deep into the blind man’s throat† (Saramago 204) as he was raping another woman, revealing â€Å"the ‘sacred world’ and the ‘profane world’ are complementary to each† (Zhang 7) other. The relationship between death and sex links the concepts of sin and the afterlife. It is implied the man who raped the doctor’s wife, killed while sinning, is transported straight to hell. His loss in morals is made obvious, and by extension Saramago establishes that every blind person has lost their way. The doctor’s wife, who as a woman is close to God, passed judgement on the blind man and deemed him unworthy of life. While this harsh fate may not be justified for all of the blind men and women, clearly God is not fond of what they have done and what they have become. Similar to the biblical story of Noah’s Ark, God punishes humanity, forcing them to fend for themselves, illustrating the loss in morality and the animalism that persists in man. As the characters begin to feel punished by God, we begin to see one of the most predominant themes of the novel creep in: the death of God. The ‘God is dead’ movement, which â€Å"discussed the need for society to recognize that it behaved as if God were no longer active in the world† (Baugham 1), becomes incredibly apparent in the novel due to an increase in dissent, and the aspect of finding God again. This movement is analogous to the characters’ loss in sight. Even in classical Christian hymns, sight and faith have been described hand in hand, such as the line â€Å"I once was lost but now I see,† from the song Amazing Grace. As they lose their vision, so do they lose their faith, and God, for all intents and purposes, becomes dead to them, leaving them with no torch or beacon to follow. Explained by Gregory Stephens, a loss in God will often lead to the questions, â€Å"‘And I am allowed no explanation?’ ; ‘I am to suffer hell without any account from heaven?’† (6). The heartwrenching thought of losing faith in one’s God is terrible enough, but having no explanation for the absence of God only makes the situations more unbearable for the characters. The characters in Blindness ask God directly, â€Å"dear God, how we miss having our sight, to be able to see, anything that has light does not belong to me† (Saramago 75). The characters seek justification, some sort of sign that they will be okay, or at the very least that they deserve the pain and suffering they are struggling through. The lack of such reasoning often leads the characters to lash out at God, e xclaiming â€Å"God does not deserve to see† (Saramago 345), an anger so intense it is directed at what may be the center of all creation. Because of this anger, the characters are driven to dissent, and are pushed away from religion, in turn pushing them away from their morals. One was in which dissent is treated in Blindness is the focus on having a â€Å"strong, centralized authority† (Ward 4), which is â€Å"especially important† (Ward 4) in dealing with religious fragmentation. Throughout the novel, there are multiple authorities that attempt to take control of the situation. However, these authorities often turn violent, including both the guards, who â€Å"release[d] a blast of gunfire† (Sarmago 83) into the blind internees, and the ward with the gun, who threaten that the internees will â€Å"suffer the consequences† (Saramago 151) for doing anything out of line. The violent leadership does no good, according to David Ward, who believes the authorities must be â€Å"enlightened, unbiased citizensdrawn from all classes† (9). The lack of fair leadership and the contrasting personalities fighting for power results in a society where dissent from faith and from norms becomes acceptable. According to Ward, â€Å"right religion consists of righteous living, or ‘goodness’rather than the embracing of a certain set of abstract, narrowly defined propositions about the deity and the condition of mankind† (15). Ward believes faithful living comes from following an example, and setting an example, rather than simply abiding by arbitrary rules set by someone in power. Within Blindness, the authorities rely on rules, such as the loudspeaker within the prison, which â€Å"repeat[s] the rules of orderly conduct† (Saramago 126) daily, establishing the very authoritarian power Ward speaks against. The officials attempt to govern what everybody does in order to assert and retain their power, and yet in doing so, they create controversy and conflict, which gets civilians shot and killed. Had they relied on a set of principles governing the morality of how they should act, less conflict would arise and dissent could have been avoided. However, due to the lo ss in morals experienced by the blind, the internees become savage, sleeping â€Å"in beds where they had frequently defecated† (Saramago 146), illustrating humanity’s tendency to â€Å"look at an animal and see a mirror† (Stephens 5). The animalistic becomings of the blind society highlights the impact losing God has on morality and purity. Another way in which society tends to deal with dissent, according to David Ward, is physical assault. As evidenced throughout the book, physical violence is utilized repeatedly to deal with people who differ from the norm. The ward with the gun establish themselves as a deity for the internees. They place themselves on a pedestal, serving â€Å"as a metaphor for removing the threat posed by religious dissentby the simple means of force and exclusion† (Ward 2). The ward create separate groups, the haves and the have-nots, not only encouraging dissent but institutionalizing dissent, using physical assault as their tool of persuasion. Matthew Arnold, analyzed by David Ward, believes this is the worst way to deal with dissenters, and throughout the novel he is repeatedly proven correct. The social ladder created by the physical threats is supported via a physical manifestation of God. Much like bread and wine, a tangible symbol for God is important in establishing the â€Å"continuity† (Zhang 2) of God. The gun creates this embodiment of faith, however, the weapon describes violence. God is portrayed as ravenous, murdering, and harmful, damaging the image of God again promoting dissent and damaging morality. Rather than see God in a positive light, his image is tainted with blood. God becomes an image of death, rather than a bringer of life. As a result of this, physical assault brings the internees closer to animalism instead of forcing an orderly society. Without God, Saramago again illustrates the innate nature of humans. According to Schakel, every dissenter â€Å"belongs to [the devil] as [his] lawful prey andfor every treachery [he] has a right to kill (7). By removing God from their lives, the internees enter a world with no order and no purpose, and as a result physical violence appears to be the only answer to the lawless landscape that surfaces. Throughout the story, dissent from God leads to an arduous journey for the characters to create a new image of God and regain a deity figure in their lives. Conclusion The novel depicts many instances where the image of God becomes damaged or twisted, leading to changes in the belief system of the characters. One such instance occurs when the doctor’s wife enters a church after escaping the prison. In the church, she discovers â€Å"statues with a white cloth tied around the head, paintings with a thick brushstroke of white paint, and a man with wounds on his hands and feet and his chest, and he had his eyes covered† (Saramago 344). Covering the religious figures’ eyes with white illustrates the betrayal the blind feel towards God. In order to retain their sanity, they do to God what God did to them, highlighting the bitter feelings society has developed towards their deity. As described by Timothy Kelley, â€Å"God is in his mind another threat, or perhaps the source of all threats and all darkness† (7), suggesting that the blind feel as if God is punishing them. In return, the blind punish the thought of God, making Hi m blind just as He made them blind, depicting the damaged image of God. In order to understand the linkage between man and God, there must be sensory experience. According to Timothy Kelley, â€Å"sensory experienceprovides both the basis for human reason and a connection to the spiritual world† (2). As a result, losing sight is synonymous with losing an aspect of God, losing a side of faith that cannot be recovered without sight. Without sight, our â€Å"connection†¦ with the ‘great Thing’† (Kelley 13) is hindered, and as a result, there are more questions, more unknowns, that haunt society, for there is no way to answer said questions until sight is regained. The impact of losing sight digs deeper than a loss in God, it causes an entire aspect of human life, the ability to observe and learn, the ability to ask questions and enquire, to be rendered useless.

Russias Populists

Populist/Populism is a name retroactively given to the Russian intelligentsia who opposed the Tsarist regime and industrialization in the 1860s, ​70s, and 80s. Although the term is loose and covers a lot of different groups, overall the Populists wanted a better form of government for Russia than the existing Tsarist autocracy. They also feared the dehumanizing effects of the ​industrialization which was occurring in Western Europe, but which had so far largely left Russia alone. Russian Populism The Populists were essentially pre-Marxist socialists and believed that revolution and reform in the Russian empire must come through the peasants, who comprised 80% of the population. The Populists idealized peasants and the ‘Mir’, the Russian agricultural village, and believed that the peasant commune was the perfect basis for a socialist society, allowing Russia to skip Marx’s bourgeois and urban stage. Populists believed that industrialization would destroy the Mir, which in fact offered the best route to socialism, by forcing peasants into crowded cities. Peasants were generally illiterate, uneducated and living just above subsistence level, while the Populists were generally educated members of the upper and middle classes. You may be able to see a potential fault line between these two groups, but many Populists didnt, and it led to some nasty problems when they started Going to the People. Going to the People The Populists thus believed that it was their task to educate the peasants about revolution, and it was as patronizing as that sounds. Consequently, and inspired by an almost religious desire and belief in their powers of conversion, thousands of populists traveled to peasant villages to educate and inform them, as well as sometimes learn their ‘simple’ ways, in 1873-74. This practice became known as ‘Going to the People’, but it had no overall leadership and varied massively by location. Perhaps predictably, the peasants generally responded with suspicion, viewing the Populists as soft, interfering dreamers with no concept of real villages (accusations which werent exactly unfair, indeed, repeatedly proven), and the movement made no inroads. Indeed, in some locales, the Populists were arrested by the peasants and given to the police to be taken as far away as possible from the rural villages as possible. Terrorism Unfortunately, some Populists reacted to this disappointment by radicalizing and turning to terrorism to try and promote revolution. This had no overall effect on Russia, but terrorism thus increased in the 1870s, reaching a nadir in 1881 when a small Populist group called ‘The People’s Will’ – the ‘people’ in question numbered around 400 in total – succeeded in assassinating Tsar Alexander II. As he had shown an interest in reform, the result was a massive blow to the Populist’s morale and power and led to a Tsarist regime which became more repressive and reactionary in revenge. After this, the Populists faded away and transformed into other revolutionary groups, such as the Social Revolutionaries who would take part in the revolutions of 1917 (and be defeated by the Marxist socialists). However, some revolutionaries in Russia looked at the Populist’s terrorism with renewed interest and would adopt these methods themselves .

The Day The World Cried Essay - 880 Words

The Day The World Cried Freedom itself was attacked this morning by a faceless coward and freedom will be defended. Our fellow citizens, our way of life, our very freedom came under attack in a series of deliberate and deadly terrorist acts. The victims were in airplanes or in their offices – secretaries, businessman and women, military and federal workers. Moms and dads, friends and neighbors. Thousands of lives were suddenly ended by, despicable acts of terror. The pictures of airplanes flying into buildings fires burning, huge structures collapsing have filled us with disbelief, terrible sadness and a quiet unyielding anger. These acts of mass murder were intended to frighten our nation into chaos and retreat . But they have†¦show more content†¦Immediately President Bush orders all airports and bridges to be shut down. 10:45 am the South Tower of The World Trade Center collapses, disintegrating into the chaotic streets of New York City. This fearful and emotional morning was hard enough to realize that it was reality and not some clip from an action movie. Yet we had to grip our emotions and deal with the situation. What does it truly take to be a hero? A definition of a hero is a man or woman who is admired for their courage and nobility. After September 11th the firefighters heroism opened our eyes and hearts to their patriotic and noble acts toward their country. As thousands of people were struggling to get out, they went into the buildings risking their own lives. They were not afraid to help those in need. Many of them survived, though not all did. Families of the firefighters have unforgettable memories of their loved ones, as the world looked up to them as heroes. Little boys will grow up with the motivation to save lives and be firefighters just like they were. But most of all they were heroes on September 11th, the day the world cried they were there to wipe our tears away, by giving us hope. 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Microsoft Bank Branch of the Future Free Essays

string(42) " to wow customers without confusing them\." A Microsoft Banking and Capital Markets White Paper The bank branch of the future 2 The bank branch of the future Contents Redefining the role of branches 4 Case study: Nascent Digital — understanding customer needs 8 Article: The Fiserv perspective — information convergence, interaction specialization and the importance of integrated channels 10 Recognition — selling to a market of one 12 Case study: CRM at Wintrust Financial and Fiserv 14 Case study: Customer-centric at the core — First Citizens National Bank and Harland Financial Solutions 15 Engagement — creating memorable touch points 16 Case study: Digital signage at Reflect Systems and Best Buy 18 Customer use scenarios: Microsoft Surface at Barclays Bank and Royal Bank of Canada 21 Case study: Streamlining communications at Fidelity 22 Origination — developing new business opportunities 23 Case study: Predictive analytics at U. S. Bancorp with Portrait Software 25 Profile: Secure paperless banking with digital signature from Topaz and AssureSign 26 Case study: Incentives at Bank of the West and Varicent 27 Service — taking customers to the next level 28 Case study: Next-generation self-service at BBVA with NCR 30 Case study: Espirito Santo creates a better banking experience with CRM and a 360 degree, integrated view of the customer 31 Innovation — developing new products and services with customers 32 Case study: Social computing at NewsGator and CME Federal Credit Union 34 Bringing it all together — technologies of channel integration 35 Article: Creating a consistent customer experience through channel synchronization 36 Having a vision for the future 39 Profile: Helping customers succeed with ARGO 40 Realizing the branch of the future 41 Microsoft partners appearing in this paper 42 Microsoft in Financial Services Financial services is a major industry for Microsoft ® Corporat ion. We will write a custom essay sample on Microsoft Bank Branch of the Future or any similar topic only for you Order Now Our commitment to the industry comprises client-dedicated accounts teams, and technology and industry specialists. Our solution areas embrace almost every facet of the industry, including client experience, governance, risk and compliance, payments, and operating capabilities. The U. S. Financial Services industry group led by Ben Narey is responsible for developing financial services solutions combining Microsoft capabilities with those of our partners, for our U. S. -based banking clients. This is one in a series of thought leadership papers designed to share insight into leading industry issues and help our clients realize their vision of the future. www. microsoft. com/financialservices The bank branch of the future 3 A message to our customers and partners After a significant period of expansion, banks are finding current market conditions tough to say the least. Putting customers first is the right response, and the branch is the place to do that. But the role of branches is changing dramatically. Transactions are moving to the Internet, so customers may have fewer reasons to visit branches. In addition, new technologies, such as social networking and personal financial management (PFM) tools, are transforming the relationship with customers, forcing banks to develop new ways to create the right customer experience while empowering customers and giving them more control. If branch visits are less frequent, they must become more valuable and more interesting. The days of existing and potential customers walking into branches and not being recognized or effectively engaged are over. A new era of personalized financial services is forcing banks to sell to a market of one. This means understanding customer needs and addressing them appropriately. This also means moving from a reactive sales model to a proactive one, where customer needs can be anticipated in advance. Thanks to changes in technology, customer expectations of the experience they should receive when they visit the branch are rising all the time. But just filling branches with new technology isn’t the answer. There needs to be a plan in place and one developed with customers in mind. The customer should be at the center of the branch operation. The branch of the future is an engaging, interactive and fun environment. It should also be a lower cost one. There is opportunity for a dramatic improvement in branch performance. This means streamlining processes, eliminating paper, and improving front and back-office integration. Branch staff are being asked to play a different role. Branch personnel need constant training to do this. The technology of the branch of the future exists to empower tellers, financial advisors and service representatives to serve customers more effectively, moving from a reactive to a proactive engagement model. Microsoft Corporation has a strong commitment to the branch of the future. Directly and through our partners, we work with financial institutions around the world to develop their own path to improved performance. Many of those solutions are outlined in this white paper. We hope you find this a useful contribution to your future plans and the longer term direction of our industry. Yours truly, Ben Narey Director, U. S. Financial Services Colleen Healy General Manager, U. S. Financial Services 4 The bank branch of the future Redefining the role of branches T A dizzying period of change echnology is changing at a blurring rate. It is at once more social, connected, mobile and continuous. We are seeing game-changing advances in many areas from user interfaces to Internet TV. It’s not just transactions that are moving to the Internet but conversations and relationships as well. In this new world, banks are engaging with customers in very different ways. For some banks, branches are emerging as the new, technology-enabled centerpiece in the relationship with customers — a place where channels and technology converge to create a new era of personalized banking in the branch of the future. Banks face other challenges. Revenues are stalling, margins are under pressure and costs remain high. For many, technology remains fragmented. As banks invest more in customer technologies, they must also reduce costs and improve margins, achieve more with less, and at the same time comply with new regulation. In this constantly shifting story, there are many moving parts, and they must all come together to wow customers without confusing them. You read "Microsoft Bank Branch of the Future" in category "Essay examples" The branch of the future is an exercise in innovation that must be competitive, game-changing and ultimately profitable. It must be part of a broader strategic focus that considers all channels, not just the branch itself. It will involve not just a vision, but an ecosystem of partners that can deliver it. Microsoft ® expands its reach by working closely with partners to deliver many of our capabilities, and many of them are included here. In this paper, we lay out a process that a bank could follow in developing its branch of the future story. As steps in that story we include case studies and solutions that we believe are leading edge. We realize that every bank’s journey will be different because each bank will need to develop its own unique approach to the branch of the future. Branches are emerging as a place where channels and technology converge to create a new era of personalized banking. The new alternative channel? Many banks consider the branch to be their primary customer relationship channel. But do customers feel the same way? Today roughly 90 percent of daily transactions take place electronically. Checks may be phased out in most developed economies in the next few years. Branch traffic is on the decline. Are branches the new alternative channel? Does that mean branches are finished? Not necessarily. Bank customers still seem to have a strong affinity to branches even though they may visit them less. But it does mean the role of the branch must change and be less dependent on transactions. What should this new role be? To answer that question we must have a better understanding of what customers really want. The bank branch of the future 5 And that boils down to at least three things. Firstly, they want more control over their finances. One of the consequences of the financial crisis is a feeling of greater insecurity and a decline in trust in financial institutions. Thanks to the growth in technology and the disclosures surrounding the financial crisis, bank customers often know more about their banks than banks do about their customers. Secondly, consumers want more choices and are less willing to put all their financial eggs in one basket. They are more willing to change banking relationships and are less loyal to their existing providers. Thirdly, they want a better experience. Banks often measure their performance with customers based on service satisfaction, but service is only part of the equation. The ability to access banking services at any time from any location, transparency in fees and simpler contracts, and access to quality, impartial advice all sum up to a new value exchange between banks and customers that may define the next phase of banking. Technology is playing a huge part in transforming the banking experience. Smartphones and slates (tablets) are giving consumers greater mobility. Cloud computing gives all of us easier access to more computing power. Game-changing developments in the technology of communications and natural user interfaces enable new ways for banks and their customers to engage with each other. So what is the transformation in the role of the branch that needs to take place? Snacks, lunches and fine dining experiences Perhaps the experience of other industries might provide us with some clues. Financial services provider Fiserv has equated interaction through banking channels to â€Å"snacking,† â€Å"lunching† and â€Å"fine dining† (see article on page 10). As our lives become busier, long, lingering meals become more rare. Snacking has become a way of life, often at our desks rather than at restaurants. So restaurants must work harder for our business. But there are many restaurants to choose from. How do they compete for our attention? Every good restaurant needs its own brand. Often fine food is not enough. It may need a theme or an image. It might be the country of the cuisine. It might be a constantly changing menu. It might be the ability to have snacks, lunch and fine dining in the same location. From the services, to the cutlery and the plates to the interior to the food itself, all these elements may combine to create a unique customer experience. In the case of banking, customers have a choice of channels and therefore experiences. But if most of the channels are mainly about transactions or â€Å"snacking,† then they are likely to prefer fast food to fine dining. For the branch to be attractive, it has to have something else on the menu. Game-changing developments in the technology of communications enable new ways for banks and their customers to engage with each other. 6 The bank branch of the future The branch — where all channels can converge Today bank channels are like those in the first diagram in Figure 1: independent channels that are mainly about â€Å"snacking. † In this model, it is easy to see how the branch becomes less important as â€Å"snacking† channels grow. But some customers may prefer to research online and get advice in the branch. Their financial journey may involve a combination of visits to different channels at different times, perhaps even for the same service — beginning a journey in one channel and completing it in another. In this way, channels reinforce each other rather than compete with each other for customers’ attention. The new model of bank channels is more like the second diagram in Figure 1. Channels are no longer siloed but mutually reinforcing. Instead of playing a diminishing role, the branch can begin to play a more influential one. But the branch is the one channel where all channels can converge. Like the airline or the restaurant that offers a choice of customer experiences, snacking, lunching and fine dining can all take place in the same location. As a result the branch becomes an easier place to conduct all our banking business rather than the least attractive of all. FIGURE 1 Transforming the role of branches BANKING TODAY BANKING TOMORROW MOBILE MOBILE BROWSER CHANNEL USAGE CHANNEL USAGE BROWSER CALL CENTER CALL CENTER BRANCH BRANCH INDEPENDENT CHANNELS WITH FRAGMENTED IMPACT INTEGRATED CHANNELS AND GROWING INFLUENCE The bank branch of the future 7 Dimensions of branch transformation Microsoft ® believes there are at least five dimensions of branch transformation that can lead to a significant increase in customer experience and financial performance. Branch design — balancing networking with privacy, access and convenience Talent — more focus on advice and expertise and less on transactions Channels — integrated and mutually supportive Innovation — customer driven, building on experiences and solutions Brand — unique and customer driven In each of these dimensions, technology has a major role to play. But the real challenge is to empower each dimension so that they operate together to enhance the customer experience, improve revenues and reduce costs. A fragmented approach will simply increase costs, confuse customers and reduce financial performance. Effective branch transformation demands an enterprise-wide blueprint. A project to build nextgeneration ATMs needs to take into consideration the opportunity to empower and integrate other channels. A project to introduce digital signage should consider not only the customer experience, but the ability to improve staff performance as well. The introduction of digital signatures and automated account opening should consider the implications for document management and records keeping. We are not just transforming branches but creating a completely new retail banking business and operating model to deliver a higher standard of customer experience. A continuous process of performance improvement Branch activities should involve a continuous process of performance improvement based on an in-depth understanding of customer needs with the goal of deepening customer relationships. Recognition — selling to a market of one Engagement — creating memorable touch points Origination — developing new business opportunities INNOVATION FIGURE 2 A continuous process of performance improvement RECOGNITION ENGAGEMENT CUSTOMER RELATIONSHIP MANAGEMENT gt; Service — taking customers to the next level Innovation — developing new products and services with customers Ideally, almost all these activities should be capable of taking place at any part of the branch, whether at an ATM, in a teller line, at a teller booth, or in discussions with a servic e advisor or a banker. But if executed effectively, one step will lead to another, creating a positive loop of continued performance improvement. (See Figure 2. ) SERVICE ORIGINATION 8 The bank branch of the future CASE STUDY Nascent Digital — understanding customer needs It’s easy to spend money on technology. But it is more important to understand what customers really want from their branch before embarking on an ambitious program of investment. The whole point of investing in branches is to improve the relationship with customers. So why not begin by understanding what customers really want? Nascent Digital (www. nascentdigital. com) is one of the market leaders in the field of combining market research with the design and development of technology. As a result, Nascent is able to create rich and relevant connections with customers from business applications to educational and entertaining experiences. Having previously deployed experiences on multiple mobile and touchscreen platforms such as iOS, Nascent has eased into working with the cutting-edge Windows Phone 7 and Slate devices. Nascent Labs’ mobile platform enables it to quickly develop game-changing Windows Phone and Slate applications connected to Facebook, Twitter and other social networks. It has also played a major role in the development of Microsoft Surface technology. Bank customers seek digital experiences that are unique and engaging. To that end, Nascent’s unique design-led approach employs research, in-depth experience design and early rapid prototyping. These methods enable insights into how to realize the best possible digital customer experience. Nascent has partnered with Microsoft ® to envision the possibilities for Slate computing in the branch of the future. The design process and resulting prototype yielded insights into multiple new possibilities for customer interaction, relationship building, and ustomer-associate collaboration on everything from day-to-day banking to financial planning and advisory. Building on Windows Phone 7 Metro design language, Nascent was able t o create a single digital interface that unifies the customer mobile experience with a collaborative sales experience in the branch. By understanding customer needs upfront, banks can ensure their technology investments truly provide customers with the experience they desire. The bank branch of the future 9 Nascent begins by compiling and distilling existing research to form a basis for further inquiry. Industry best practices, existing published research and open access data are evaluated to focus their primary research. Focus groups and discussions led by expert coordinators are directed to reveal a deeper insight into the ideal digital experience for the user base. Once the research phase is complete, the experience design process begins to output a series of visual representations that can be easily transformed into a rapid prototype. Early prototyping enables innovation by bringing vivid experiences to life quickly for early user testing. (See Figure 3. ) By understanding customer needs upfront, banks can ensure their technology investments truly provide customers with the experience they desire, and thus are successful in empowering their branches with new technology. By reconciling customer needs with the bank’s own strategic direction the bank is more likely to develop a business model that works. It may take more time to get it right first time, but in the long run it is a quicker and much more effective path to innovation. FIGURE 3 The Microsoft Nascent discovery process UNDERSTANDING THE CUSTOMER CONCEPT DESIGN VISUAL DESIGN CONCEPT TESTING Secondary market research Primary market research Industry best practices Brainstorming Wireframes Context design Information architecture Applied cognition Concepts Brand expectations Game-changing experiences Matched audiences Usability testing Final design blueprint 10 The bank branch of the future ARTICLE The Fiserv perspective — information convergence, interaction specialization and the importance of integrated channels The way financial institutions deliver services across banking channels is being profoundly impacted by two significant shifts. First, there is a demand for â€Å"information convergence† across channels. Consumers expect information about transactions completed via one channel to be readily accessible via another, and expect to be able to initiate a transaction in one channel and complete it in another. Second, there is a significant degree of â€Å"interaction specialization† taking place within each channel. This interaction specialization is driven by the unique properties of each channel, which determine the primary activities conducted through the channel. Consumers have different habits and preferences about which channels they use to accomplish different financial tasks. For day-to-day needs, consumers generally prefer self-service via digital channels — mobile and online – respectively, the fastest growing channels. Fiserv characterizes interaction via the mobile channel as â€Å"snacking. † From a financial services perspective snacking encompasses frequent interactions that take less than 60 seconds. This includes tasks such as checking balances, receiving alerts and paying bills. One Fiserv financial institution client sees an average of 26 logins to mobile banking per user, per month — proof of their desire to consume financial services information in quick, frequent servings via the mobile channel. The bank branch of the future 11 The snacking analogy can be extended to the online channel and to the branch as well. The online channel serves up the financial equivalent of a square meal. Consumers go online when more browsing and a slightly deeper level of engagement is required. This includes tasks such as comparing products, managing budgets and setting up preferences. These types of activities usually occur on a weekly or monthly basis. The branch is for fine dining, those special occasions where more personal service and in-depth interaction is required. This includes advisory services and overall relationship management, encompassing critical decisions that require consultation and typically occur infrequently. As a leading global provider of digital channel solutions for financial institutions, Fiserv perceives that the shifts toward information convergence and interaction specialization will create challenges for financial institutions. Delivering consistent information across channels will require back-end integration and real-time functionalities that are often not in place today. This will be further compounded by device proliferation, the rise of tablet computing and the blurring of lines between social media as an interaction platform and a transaction platform. In addition, interaction specialization will require that financial institutions tailor services for specific channels. This will most impact services delivered via the mobile device, as financial institutions will be expected to support â€Å"mobileonly† services such as remote deposit capture for checks, location-based offers and contactless payments via near-field communications (NFC) technologies. Beyond self-service, the mobile device is also likely to become a banking platform for different types of interactions. In this context, financial institutions are under attack from nontraditional players — such as mobile operators and consumer brands like Apple — that would like to gain access to both customer information and transaction revenue. Financial institutions have much to consider when it comes to effectively serving consumers. An integrated channel strategy that incorporates the unique attributes of mobile solutions as part of an overall approach is a winning strategy. Consumers expect information about transactions completed via one channel to be readily accessible via another, and to initiate a transaction in one channel and complete it in another. 12 The bank branch of the future Recognition — selling to a market of one T 84404893YHQAM235-4747343 ougher markets demand deeper, more profitable customer relationships. The need for banks to treat each customer as unique is more important. New technologies such as digital marketing and predictive analytics are making it easier to sell to a market of one. Personal recognition When customers come into the branch it helps to recognize who they are and make that information available to key members of the branch. An RFID tag can be part of that process. Embedded in a debit or credit card, it can identify customers as soon as they enter a branch. Through access to a customer relationship management system (CRM), bank staff can have complete access to relationship details to understand the next step in the customer story. But potential customers also visit branches, sometimes just by chance. These are opportunities that need to be captured. Applications that allow branch staff to identify customers from personal IDs such as driver’s licenses or Green Cards, identify their credit history and then immediately direct them to a service opportunity, can replace paper-based processes that could take days, weeks or even months to complete, if at all. But technology is changing the concept of â€Å"branch† from a physical to a virtual concept. Valerie King Through access to a CRM system, bank staff can have complete access to relationship details to understand the next step in the customer story. Digital marketing Digital marketing is not just a technology, it is also a channel. In fact, it is many channels and embraces every aspect of digital media including TV, the Internet, mobile phones and social media, and even older technologies such as radio. Whenever we click on a Web site, we create digital breadcrumbs that leave behind clues about our interests and preferences. They provide important intelligence about our real needs that marketing departments can respond to. Recognizing a customer through his or her digital identity gives a bank the opportunity for new customer touch points, more targeted campaigns and services more closely aligned to customer needs. Thanks to this approach one financial institution in the U. K. generates more revenue through inbound marketing than through any other channel. Social networking Social media generates conversations about brands and customer experiences that banks can follow. Airline companies in particular have been successful in using social networks as a customer service tool, allowing them to respond proactively to individual issues and concerns. The bank branch of the future 13 Some social networking sites — Foursquare, Gowalla, Loopt and Facebook Places — allow members to share their locations with other members. This can provide promotional opportunities for businesses. For example, each time someone checks in to a Hard Rock Cafe in the United States using Facebook Places, Hard Rock International donates a dollar to WhyHunger, a charity fighting global poverty and hunger. The offer lasted through December 2010 — an innovative way of gaining customers and promoting Hard Rock’s commitment to philanthropy. Social networking is not just about customers. It’s about staff as well. Enterprise social networking is a vital collaboration tool that enables bank talent to share knowledge and expertise across the bank. By its very nature, a branch is a decentralized part of the bank, but for many customers it is their most important interface with the bank. Keeping branch staff up-to-date with the latest products, services and regulations and making them feel an essential part of a much bigger organization is essential for their morale and their ability to serve customers effectively. Social CRM To be successful, branches must be part of communities — and communities can be both physical and virtual. Branches have been successful at integrating into physical communities, but less successful in penetrating virtual ones. Microsoft’s CRM system comes with a social networking accelerator that allows branch offers to follow the customer chatter about service needs, reactions to products and feelings about the bank generally. Having a panoramic view of customers clearly creates a competitive advantage. Microsoft Dynamics CRM, together with Microsoft partner Customer Effective, creates an advanced CRM solution leveraging Customer Effective’s expertise in implementation and data integration. Why do so many CRM systems fail to meet expectations? Because they are often stand-alone implementations and are not an integrated part of a complete customer relationship management solution linking customers, services, channels and systems to create a higher level of customer experience. To be successful, branches must be part of communities — and communities can be both physical and virtual. 14 The bank branch of the future CASE STUDY CRM at Wintrust Financial and Fiserv Wintrust Financial, a Chicago-based financial holding company with more than $14 billion in assets, is implementing EnActâ„ ¢, its relationship sales management solution for financial institutions. EnAct is built on Microsoft Dynamics CRM, so it is delivered as an extension of Outlook and integrates seamlessly with Microsoft Office applications, making it intuitive and easy to use. Using the EnAct solution from Fiserv, Wintrust Financial’s bankers will now have a holistic view of client relationships with access to sales productivity tools to execute local outreach programs, track relationship management and prospecting activities, and monitor opportunity pipelines. EnAct leverages Microsoft Dynamics CRM and is designed to serve the distinct needs of banks’ primary lines of business — Retail, Commercial and Wealth — enabling Wintrust Financial to deploy a single, banking-ready CRM solution enterprise-wide. In implementing EnAct, Wintrust aims to better support collaboration across its organization, enabling referrals between divisions and facilitating team-based management of high-value relationships that span multiple business lines. â€Å"We empower our community banks to manage their clients and their markets locally, but we also want to leverage our combined scale and use the most advanced tools to serve our customers and grow our business,† said Tom Ormseth, senior vice president, Wintrust Financial. As part of our expansion program, we identified the need for an enterprise customer relationship management solution and we chose EnAct because it provides us with specialized banking functionality on a versatile tec hnology platform. We felt Fiserv was the right partner for us because they understood our business and had the experience and know-how to help us succeed. † Wintrust Financial recognized that lack of user adoption is a common pitfall of CRM projects, so deep integration with Outlook was considered an important benefit of EnAct. Outlook is integral to bankers’ workday at Wintrust; it’s where they manage their time, contacts, tasks and email communication with clients and colleagues. EnAct is built on Microsoft Dynamics CRM, so it is delivered as an extension of Outlook and integrates seamlessly with Microsoft Office applications, making it intuitive and easy to use and encouraging end-user adoption. â€Å"By expanding its relationship with Fiserv, Wintrust joins a growing family of banks that are using EnAct to help execute their growth strategies,† said David Dervish, managing principal, Customer Value Enhancement, Fiserv. Wintrust Financial began its initial rollout of EnAct to a pilot group of more than 200 commercial bankers in December 2010 and is continuing implementation to a total of 1,400 users across 15 community banks as well as its various wealth management and specialized financial services divisions. To complement EnAct, Wintrust Financial also licensed Aperioâ„ ¢ Campaign Management and Aperio Customer Analytics. These solutions will help Wintrust analyze customer needs, identify opportunities and better manage centralized marketing campaigns that support local business development initiatives. The bank branch of the future 15 CASE STUDY Customer-centric at the core — First Citizens National Bank and Harland Financial Solutions After 15 years of fighting for market share in its Mason City, Iowa, home market, First Citizens National Bank (FCNB) was at a crossroads. â€Å"We grew by mining market share from the larger players,† explains Gregg Maakestad, FCNB’s SVP and CIO. To maintain our head-to-head competitive status we needed to challenge and exceed their capabilities. † But by 2009 FCNB’s item processing and marketing customer information file (MCIF) solutions had become inadequate. Rather than install point-solutions, FCNB, a subsidiary o f First Citizens Financial Corp. ($1. 1 billion in total assets), determined that a core systems modernization would provide capabilities beyond just meeting current needs, Maakestad relates. A long-time user of the Phoenix System from Lake Mary, Fla. -based Harland Financial Solutions, FCNB nonetheless conducted due diligence in early 2009. â€Å"With every contract cycle we look at all options,† notes Maakestad. Because Harland is an open-systems vendor that shares all its database tables, we learned the strategic value of leveraging database tables,† he adds. â€Å"Therefore, we evaluate vendors’ willingness to share tables as a significant selection criterion. † In fact, using the tables has become a critical best practice at FCNB. â€Å"We use the tables to supplement vendor-supplied reporting and modeling,† Maakestad explains. â€Å"For example, when Reg E [governing electronic fund transfers] was updated, †¦ we calculated the impact on our organization’s revenue immediately. And we’re doing the same now for the Durbin Amendment [regarding debit card fees]. † According to Maakestad, Harland’s latest platform, the Microsoft . NET-enabled PhoenixEFE Core, was the best solution for FCNB, leading to a late-2009 migration. â€Å"Beyond our existing hardware, PhoenixEFE only required setting up two production [IBM] XM servers and two for disaster recovery,† Maakestad reports. â€Å"There were no showstoppers in the new core system — just some minor items [that Harland is improving]. † During 2010 FCNB added Harland’s ActiveView Item Processing solution and the vendor’s business intelligence tool, Touche Analyzer. And early this year the bank also integrated Touche Messenger, which draws intelligence from Analyzer for targeted multichannel marketing communications. The results have been impressive. PhoenixEFE has been key to achieving our current efficiency ratio of 47. 5 percent,† says Maakestad. †In addition, our item processing is simpler and our read rates have improved 15 percent. Also, the Touche solutions will be vital to moving our services per household fr om the current 3. 493 to our 2011 goal of 3. 516. † The new platform also enabled FCNB to replace multiple daily ATM and debit card batch processes with near-real-time transactions. And, over the next couple of years, the modern core will allow the bank to add more online and mobile products to its existing offerings. â€Å"As new opportunities mature, we’ll jump into them with both feet,† Maakestad says. In short, our new core platform has made us more customer-centric and more efficient, positioning us for future growth. † CUSTOMER 16 The bank branch of the future Engagement — creating memorable touch points C Microsoft Surface offers an eyecatching way of bringing people together to connect, learn and decide. It changes the way people collaborate. apturing customers’ attention inside or outside the branch is easier with memorable touch points. Distinctive interactive walls, compelling messaging and outstanding presentations all contribute t o a better customer experience. Cool toys, personalized advice and cross-channel integration are all essential tools for capturing the customer’s attention. But they all have to work together and be targeted at customers who are likely to respond to them. Surface technology Exploring financial options with an advisor or with your partner? Or just browsing? Microsoft Surface offers an eye-catching way of shopping for services, bringing people together to connect, learn and decide. It changes the way people collaborate and connect. Microsoft Surface sees and responds to touch — supporting more than 50 simultaneous inputs. This experience comes to life in the new 40-inch Surface that can be used as a table, on the wall, or embedded in other fixtures or furniture. What-if scenarios are a lot more fun when you are working with Surface. But Surface can be more than just an eye-catcher. It can be a complete distribution channel in its own right, allowing customers another opportunity for self-service banking — snacking in the branch or browsing the menu while waiting for a table for some private dining advice. Interactive walls While customers wait in teller lines, wait for a financial advisor or just wander through branches, interactive walls can provide engaging interactions and compelling messaging for the financial shopper. Browsing for a car loan or a mortgage? Explore your options on an interactive wall. By touching it you can get the latest rates, explore financing options and do your homework before making a financial decision. Digital signage Wondering what the markets are doing? Curious about news and events in the community? Intrigued by a message from the chairman? Digital signage is a term used to describe the display of up-to-the-minute information on electronic devices such as plasma screens, LCD panels and projectors. Suppose it’s raining outside and there are more customers inside the branch and you want to change your electronic messaging to talk about new products and services. Managing the metadata in your digital signage system gives you that flexibility. The bank branch of the future 17 What if branches are serving Spanish-speaking customers in one location and English-speaking in another? Digital signage tools provide the flexibility to communicate different messaging to different markets. Digital signage can be used wherever there is a need to communicate to individuals or large groups of people. Wherever there is static signage, there is potential to replace it with digital signage. (See Figure 4. ) Founded in 1991, Omnivex originally supplied software to financial trading floors to post buy/sell positions on large LED wallboards and drive financial tickers. Trading floors were quick to adopt large plasma displays to monitor television news reports. Omnivex recognized that these displays could also be used to help traders clearly spot market trends and developed applications to display data graphically. Building on its foundation of a data-driven system, the company moved into the broader digital signage market, where its software could be used to display real-time information to facilitate decision-making by delivering targeted content to specific audiences. Financial institutions quickly adopted this medium within the retail banking industry, and we now see digital signage installations appearing more and more frequently in bank branches to communicate with customers and employees. Due to its data-driven approach, Omnivex digital signage software can deliver the right message to the right audience at the right time, helping to increase the effectiveness of communications. In branches, new products and services, promotional campaigns, market data, corporate communications and training materials can be delivered instantly, easily and memorably. In addition, digital signage can improve the customer experience by reducing perceived wait times, while entertaining and informing customers. Today, Omnivex software is used by many financial institutions around the world to power their digital signage networks. FIGURE 4 Microsoft partner Omnivex and digital signage 18 The bank branch of the future CASE STUDY Digital signage at Reflect Systems and Best Buy Banks have often been influenced by the success of retailers. Microsoft partner Reflect Systems is a leading, national full-service provider of in-store digital media solutions including digital signage, interactive applications and assisted shopping features, mobile messaging, and in-store music. Reflect worked with Best Buy and its partners to deploy a solution that fit its vision for enabling networked digital media in all its stores, while adhering to business policies and preferred technology standards. Best Buy needed to improve the shopper experience with relevant and timely media content, showcase products and services with brand partners, and capture revenue opportunities available by leveraging the platform as a new digital media network that connects with loyal Best Buy shoppers. After methodical lab testing and pilot programs, Reflect employed ReflectView, its industry-proven scalable software solution, to meet the challenge of managing and distributing large amounts of digital media across Best Buy’s complex network of more than 1,100 locations across the United States. Through its flexible content management, programming, distribution and monitoring features, ReflectView allowed Best Buy to control the specific message played in each store — at any given time, in any specific region — from a centralized system requiring minimal operational management. Today, Best Buy has increased its in-store digital media footprint to include television and computer displays in the electronics department, checkout aisles and music via in-store audio systems. Best Buy has a fast-paced business environment that requires a dynamic approach to supporting new in-store initiatives. Reflect continuously strives to provide a platform approach for in-store media, and maintains a partner-focused solution set that provides choice, performance and measured results. Through its flexible content management, programming, distribution and monitoring features, ReflectView allowed Best Buy to control the specific message played in each store from a centralized system requiring minimal operational management. The bank branch of the future 19 FIGURE 5 Financial benchmarking with Bundle Next-generation banking Next-generation ATMs, line busting, interactive walls and smartphone channels all converge together in a unique customer experience that targets customers from Gen Y to baby boomers. A common user interface is key to a compelling customer experience that recognizes the branch as a focal point in building enduring customer relationships. The technology of Kinect can provide in-branch entertainment as well as more engaging customer interactions replacing transactions with conversations. Personal financial management tools Technology has made it easier for customers to do research and resolve issues online. Branches are a perfect place for that research to take place. If the customer is already in a branch and wants to do some research or use automated tools to perform financial calculations, budgeting and planning, resources should be available for independent and banker-assisted research and planning. Options to consider include the following: A dedicated bank of PCs for independent research Interactive walls to explore financial options Surface technology to explore different products and solutions Bundle is an example of a personal financial management tool eveloped by Citi, Morningstar and Microsoft, which allows consumers to compare how others spend their money. (See Figure 5. ) FIGURE 6 At Banco do Brasil, a customer explores financial options through an interactive wall. 20 The bank branch of the future Private, face-to-face advice Have tablets replaced de sktops or have they just empowered them? By deploying both, branches have more options for face-to-face advice. It can vary from line busting to a confidential meeting with a private banking client. Technology may be needed to support those discussions, accept deposits, sign documents or review financial plans. Tablet technology can play an important role, and there are many providers to choose from. Companies like Motion Computing, HP and ExoPC offer slate models in addition to the iPad. Motion Computing, in particular, specializes in manufacturing tablets designed for the needs of individual industries. (See Figure 7. ) FIGURE 7 Customized industry devices from Motion Computing Windows slates combine the ability to consume information and present it to clients with the full production capabilities of a PC. They are also secure and interoperable with other technologies. Incorporating your tablet solution into a complete branch experience demands the ability to interact with other devices, applications and systems. Bankers and financial advisors don’t just meet clients in the bank. They may also visit them in the home. The concept of a mobile sales force attached to the branch is not a new one. But for such a team to be effective it will need to be empowered by technology. Mobile technology can be used for customer presentations, the review of different products and services and the completion of documentation. (See Figure 8. ) FIGURE 8 A selection of Windows slates (in order of appearance, the Asus E121, Motion’s CL900, the HP 500, the ExoPC and the Fujitsu-STYLISTIC Q550 Slate PC) The bank branch of the future 21 Customer use scenarios: Microsoft Surface at Barclays Bank and Royal Bank of Canada Barclays has opened a new flagship branch at Piccadilly Circus in London. The bank describes the project as â€Å"the first ‘brand concept’ branch in the UK,† covering 8,000 square feet of retail space over three floors. With the opening of the branch, Barclays became the first bank in Europe to pilot Microsoft Surface. Infusion was engaged to create a Surface program that allows users to â€Å"grab† digital content with their hands and navigate information about Barclays’ Premier banking offering with simple gestures and touches. Royal Bank of Canada has partnered with Microsoft to provide customers with an interactive banking experience through Surface. The implementation of Surface creates a fun and interactive way for RBC to inform its customers about their financial services. RBC found that giving customers a way to learn about their financial goals through interactive applications, such as Infusion’s application for Surface, is a great way to ease customers into initiating conversations about complicated financial topics. Client communications When was the last time any of us wrote or received a letter? The way we communicate is undergoing profound transformation. Whether we communicate through laptops, slates or smartphones, electronic communication is becoming pervasive. In this new chapter of communications there are risks and rewards implying profound changes in the way we develop, share and exchange information, even the way we work and play. The rewards are clear — richer and more frequent client conversations, better research, more informed insight, more accurate presentations. But the risks can be great as well. The information we create can be instantly shared through flash drives and across the Internet. Clients, markets and regulators are holding us more accountable for what we say and how we say it. The one-off presentations produced in local offices that differ across the firm should become a distant memory particularly since even small differences in client communications can have regulatory implications, dilute brands and confuse clients and markets. The world is changing at a dizzying rate. Client communications must be timely to add value, but with current technology it can also be too costly and time consuming to develop frequently. A 100-page pitch book for a key client meeting may require data and content from many sites, sources and databases, much of it captured manually. What if the process could be automated, branding managed centrally and compliance built into the process in advance? Microsoft’s partner Xinnovation has the solution — the ability to produce automated presentations within minutes that are compliant with regulations and firmwide brand management standards. Whether we communicate through laptops, slates or smartphones, electronic communication is becoming pervasive. 22 The bank branch of the future CASE STUDY Streamlining client communications at Fidelity Xinnovation streamlined Fidelity’s 22-day data intensive, increasingly complex investment review process into just a few simple hours. Quite impressive when you consider these specialized, targeted presentations can run up to 100 pages chock full of dynamic charts and graphs, which draw from backend data systems. (See Figure 9. ) Fidelity turned to Xinnovation and its Web-based, Microsoft ®-standard XiDocs document automation platform. XiDocs includes easy-to-use features that enable rapid development of solutions. XiDocs features include content management, configurable assembly and publishing of highly customized Microsoft Word, PowerPoint and PDF documents, data-driven Excel charts and graphs, enterprise content, and workflow — all living natively inside Microsoft Office SharePoint Server. It gets better — Fidelity and Xinnovation implemented a direct XML connection with Fidelity’s print and fulfill vendor to maximize workflow capabilities. And if that is not enough smart for one day, Xinnovation’s technology enables Fidelity to provide its reports through its client portal and extend a â€Å"greener† process. FIGURE 9 Automated document generation with Xinnovation The bank branch of the future 23 Origination — developing new business opportunities O ne of the toughest challenges banks face today is origination. This is particularly true in a low-growth environment. So it is important that banks have a clear understanding of where their opportunities lie. Most banks have a marketplace that can be split into three parts: Customer enthusiasts — customers who are enthusiastic about their relationship with the bank and want to expand it Customers on the fence — customers who are indifferent to their relationship with the bank but could be swayed one way or another Dissatisfied customers — customers who are about to leave and are waiting for the right opportunity to move on. Against this mix there are further segmentation opportunities. The challenge is to find the right marketing and distribution mix for each customer segment. For example, Bank of America identified the mass affluent as a â€Å"must-win† strategic market. The bank worked with Merrill Lynch to target services to a specific part of its target — the mass affluent — which it defined as customers with investable balances of about $200,000 or more, but not superwealthy. The bank reasoned this group of customers were occasional investors rather than active traders and so offered them 10 free trades a year to boost their loyalty and deepen their relationship. Where does the branch fit in to this mix? Should it be the preserve of a few customers, or is there a way for it to play a role across all sectors of the market? One way of approaching this is to think of the branch as a networking opportunity, emphasizing its social rather than its transaction role. Targeting families, small businesses, emerging entrepreneurs or local clubs and associations reinforces the role of the branch as a focal point for the community. Financial seminars targeted at local entrepreneurs, pension advice for boomers, and financial services for college students are examples of programs that bring traffic to the branch and reinforce its role as a critical part of the local economy. With branch traffic up, the next step is to make it easier to open accounts, browse new services or get financial advice. Increasing self-service facilities — not just ATMs, but interactive walls and Surface devices as well — within the branch is one way of achieving this. But technology doesn’t have to exclude the human element. Enabling bank staff to assist customers through video links on next-generation ATMs and other self-service channels reinforces the relationship between banker and customer rather than excluding it. 24 The bank branch of the future Some of the tools to consider include the following: Targeting customers through predictive analytics — Reaching out to customers can be costly for several reasons. Along with more traditional campaign costs, companies often fail to take into consideration any negative impacts that a campaign may have in terms of driving customers away or driving customers to consider alternative offers. Predictive analytics plays a critical role in minimizing negative campaign responses and ensuring that campaigns are targeted and effective. This also includes maximizing opportunities for cross sell and retention in the key instances when customers are engaging via inbound channels. Gathering a single view of your customers across all touch points is a critical step in understanding your customers’ needs, and delivering the best possible customer experience to drive customer value in the long term. Whether customers are online, talking to a call center or in the branch, it is important to have a clear picture of who those customers are, and what particular offer, be it cross sell or retention, is best to present them at that moment. One insurance company found that by optimizing customer nteractions in this manner it was able to sell more through inbound channels than through all other channels combined. Managing customers’ time when they are in the branch — By enabling branch staff to reduce queuing at teller counters they can also engage with customers and explore other service opportunities. A ha ndheld computer device can accelerate deposits, account inquiries, transfers and other simple transactions. Line busting can turn unproductive wait times into business opportunities. Scheduling and calendaring linked to digital signage solutions can manage appointments with branch staff and expectations with customers who might otherwise be unclear when they would be seen. gt; Making it easier to access new services through paperless banking — If a customer wants to open a new account or obtain a new line of credit but has to wait for the paperwork to be completed, that just adds time and cost to the onboarding process and delays revenue realization. It can also frustrate customers and cause them to look elsewhere to meet their needs. Years of paper-based processes may need to be revisited to improve customer experience, improve margins and increase security. Marketing through self-service transactions — Originations should be possible within the branch through any ch annel, whether through a bank of PCs, through next- generation ATMs, or call centers accessed from within the branch. Surface devices and interactive walls can be both a source of information and origination channels. Self-service channels are mainly for existing customers, but it should be just as easy for new customers to become activated through them as well. Banker-assisted originations — Often completed through paper documents, the origination process can involve several stages, and many documents — account opening forms, signature cards, loan agreements — but if converted Gathering a single view of your customers across all touch points is a critical step in understanding your customers’ needs, and delivering the best possible customer experience to drive value in the long term. The bank branch of the future 25 into electronic form can be completed quickly and easily but still securely while the customer remains in the branch. This shortens the origination process considerably. The problem is how to accomplish this in a secure way. The growth in eSignature technology and supporting regulation (the ESIGN Act and UETA) makes this a much easier option for many banks. Tellers as relationship managers — Probably the one personal contact the bank customer has the most frequent engagement with is the bank teller. Yet this is the one interaction we want to get over with as quickly as possible. A friendly interaction with a teller can play an important part in origination. But for that to happen the role of tellers within the branch must change and they must be managed very differently as a resource. The first challenge is to manage traffic within the branch to reduce the pressure of a short and pressured interaction. Secondly, tellers’ productivity has to be improved by giving them access to technology that enables them to process transactions more easily. Finally, tellers should know who their customers are, reinforcing the importance of the personal connection. Branch recognition technologies and access to CRM systems can help tellers play a pivotal role in strengthening customer relationships. CASE STUDY Predictive analytics at U. S. Bancorp with Portrait Software Pitney Bowes Business Insight (PBBI) is a Microsoft Gold partner that leads the pack in the field of predictive analytics. The Consumer Direct division of U. S. Bank, a subsidiary of U. S. Bancorp, found that its traditional marketing campaigns were not delivering the returns they once were, and was failing to target customers with the most relevant message. After two successful trials, U. S. Bank implemented PBBI’s Portrait Uplift solution and has since achieved significant gains — a 300 percent lift — in incremental revenue together with reduced costs through lower mailing volumes. U. S. Bank is just one of several customers in different industries that have found PBBI’s Portrait suite of analytics solutions to be of immense value. Selling to a market of one is a challenge across all industries, financial services in particular. U. S. Bank has achieved significant gains in incremental revenue together with reduced costs through lower mailing volumes. 26 The bank branch of the future PROFILE Secure paperless banking with digital signature from Topaz and AssureSign We are all familiar with digital signature in the retail environment, even in insurance. A number of leading banks have begun to adopt the process, but in financial services the technology of digital signature is still in its infancy. Whether we are opening a bank or brokerage account or applying for a loan there is usually a lot of paper involved. But paper takes time to process, must be stored and can easily be lost. Plus we need a more reliable way to ensure documents have been signed and stored as securely as possible. Is it time for a fresh approach? Many businesses around the world are saving money by replacing paper processes with electronic signature and document solutions. In the U. S. the ESIGN Act gives electronic signatures the same legal significance as paper signatures, provided the customer consents to the process. Various forms of eSignature exist from a simple click to sign to robust bi ometric signatures written on electronic signature pads that record the precise shape and sequence of the signature, its strokes and direction of loops, and detailed timing of each part of the signature used in the signing process. Another form of electronic signature that does not incorporate biometrics — the digital signature — uses asymmetric cryptography to ensure documents can be protected once they are signed and any changes related back to the original signer. The technology of eSignature and digital signatures is now available across multiple devices and can be deployed locally or at an enterprise level. Mainly deployed in the public sector and in the retail, healthcare and insurance industries, this technology has already been adopted by a number of leading banks to improve the speed and security of banking document processes. Such efficiencies are leading the charge in enabling bank branches to become paperless. AssureSign (www. assuresign. com) and Topaz Systems (www. topazsystems. com) are leaders in the field of electronic signature and document management. FIGURE 10 Topaz eSignature software technology can be deployed across the Web and directly with its biometric electronic signature pads. Biometric signature AssureSign is a software-as-a-service (SaaS) or on-premise electronic signature solution that allows signers to execute documents via web portal interactions, captures the â€Å"act of signing,† email invitation or in-branch scenarios. AssureSign easily integrates with existing not an image of a signature banking and financial services applications to provide a paperless document execution process. AssureSign can also work alongside Topaz solutions to bridge the gap between in-house and external web-based signing requirements in a FIGURE 11 A biometric signature using AssureSign single platform. AssureSign solutions offer a variety of front-end signer authentication options as well as Electronic Signatures in Global and National Commerce Act (ESign Act) and Uniform Electronic Transactions ACT (UETA) compliant signing processes. Topaz Systems offers a broad array of electronic signature pads for use in teller- and nonteller-related transactions, along with bundled software, authentication and server tools, and plug-ins. Topaz solutions provide the capability for corporations to deploy their technology across any Web-based service and on any device, whether tailor-made or generic. Topaz signature pads are available in color and monochrome versions, wireless versions for use in drive-up teller environments, and pads that capture simultaneous electronic and paper signatures up to full legal clipboard size. (See Figures 10 and 11. ) The bank branch of the future 27 CASE STUDY Incentives at Bank of the West and Varicent If branch staff are to play a different role in the branch of the future, the question that arises is whether they should be compensated differently. To meet this challenge, Bank of the West chose Varicent SPM to manage incentive compensation and sales performance throughout the organization. Varicent’s SPM solution was chosen by Bank of the West because of its ability to provide a single system for all compensation plan management that easily integrates with all other existing systems within the bank. Varicent is an industry leader in providing incentive compensation (ICM) and sales performance management (SPM) solutions. Bank of the West, based in San Francisco, offers a full range of business, corporate, personal, trust and international banking services and operates more than 700 branch locations and commercial banking offices in 19 Western and Midwestern states. â€Å"Varicent’s solution will provide us with the unique ability to more effectively analyze important compensation and sales performance metrics. We will also use Varicent to improve the accuracy of our forecasts and to create effective sales incentive models that can drive the right behavior and maximize our future performance,† said Donald Duggan, senior executive vice president and CIO at Bank of the West. Varicent’s approach offers a lower total cost of ownership than alternative solutions and in-depth sales analytics to help understand performance, allowing for accurate forecasting and modeling of future plans. Streamlined administrative processes include the managing an How to cite Microsoft Bank Branch of the Future, Essay examples