Case Study: Background of AllSafe Bank

Written by Moh Heng Goh | Mar 26, 2021 3:23:13 PM

Background

AllSafe Bank was established in 1970, and is today one of the largest local bank by market capitalisation. Over the years AllSafe Bank has established itself as a strong brand locally and in the neighbouring countries. By market capitalization and paid up capital it is a mid-size and expanding bank.

In the 1990s it repositioned itself from a provision of traditional banking services to customers through checking accounts and loans to a consultative sales-oriented culture in which employees are involved in sales and service. AllSafe Bank’s primary business proposition is to bring customers into the bank, build multiproduct relationships with them to keep the dominant market share and develop loyal customers for life. This strategy has been very successful.

Its vision, mission and cores values are as follows:

  Vision  
  To be recognize as the number one bank in outstanding service  

 

  Mission  
 

To provide customers with financial services and promote the growth and economic well-being of the community we serve

  

 

 

Core Values

  
  Integrity    Keeping our word and dealing honestly and transparently with all stakeholders to build trust  
  Customer focus   Reward and recognize long-term partnerships and help customers to realize full potential.  
  Management for results    Relying on data and holding people accountable  
  Operational excellence   Performing every process effectively and efficiently  
  Innovation   Constantly striving to improve and implement the best ideas from anywhere  

 

 

Branding

  
  The only bank you will ever need  

 

  Core Competencies  
  Outstanding service   Understanding and exceeding customer expectations  
  Operational excellence   Demonstrating process and performance discipline  
  Agility    Making and implementing decisions quickly  

 

The main products are consumer, small business, and commercial financial products. Consumer financial products include Demand Deposit Accounts (e.g., checking and savings accounts), debit cards, money market accounts, certificates of deposits,

safety deposit boxes, individual retirement accounts (IRAs), credit cards, auto loans, student loans, mortgages and online and mobile banking. Securities, financial planning, and insurance services are provided through partner Bigprofits Investments.

Small business financial products include checking and money market accounts, lines of credit, credit cards, equipment financing, commercial real estate financing, online and mobile banking, and transaction services (cash management and lockbox services).

Commercial financial products include loans, lines of credit, commercial real estate financing, construction financing, online banking, and transaction services (cash management, account reconciliation, and lockbox services).

The bulk of its 1,200 employees work in the headquarters and in 50 odd branches located through the country. AllSafe Bank’s has a highly educated leadership team with 78% of management having university degrees. Most of the senior leaders have masters in business administration (MBA) degrees and other professional credentials and being certified public accountants (CPAs). All branch staff have at least a diploma, and many have bachelor’s degrees. The workforce is highly diverse and representative of the hiring community and customer base.

 
View full post