PART
1
The
organization that I choose is a Bank specifically BCP Bolivia I was work in
this bank for almost 8 years and I have some information and knowledge about
the culture and organizational structure.
BCP
Bolivia is part of the Credicorp Group, one of the most important financial
conglomerates in Latin America. It combines the banking businesses of BCP and
Atlantic Security Bank with the insurance businesses of Pacífico Peruano Suiza,
the largest company in its sector in Peru. Credicorp's shares are listed on the
New York Stock Exchange, providing easy access to international capital
markets.
The Mission:
We want to be the first choice for customers in the Bolivian Financial System.
The
Vision: Provide opportunities to Fulfill Dreams, Build the future, and contribute
to Bolivia.
The
principles of the banks are:
Customer-centric
Our customers are at the center of all our decisions. That's why every
product, every service, every solution, and every decision is for the
customers, by the customers, and with the customers. We aim to always deliver a
unique experience based on a simpler, more agile, and closer service.
One team
We share objectives with all departments, we either win together or lose
together. We are one team. We organize ourselves to streamline our work,
collaborating generously. As a team, we prioritize the greater good.
Striving for more:
We promote excellence in everything we do. We are passionate about
challenges and face each one with attitude and willingness to achieve the best
outcome.
Building trust:
We promote trustworthiness, we fulfill our promises and strive to be
transparent with responsibility, meeting deadlines, and keeping our customers
informed.
Open to change:
We promote innovation and remain open to change. We welcome and develop
ideas, regardless of their source, and embrace mistakes when trying new things
as a learning experience.
PESTEL
Political:
Political stability in Bolivia is essential for the proper functioning
of BCP Bolivia and the financial industry in general in the last years
experienced internal political problems which affected the investment portfolio
of the bank.
Economic:
Economic conditions, such as GDP growth, inflation rates and interest
rates, affect the demand for banking services and the profitability of BCP
Bolivia.
Since the pandemic, the Bolivian economy has experienced an economic
contraction that increased past-due accounts and the reduction of savings.
Social:
Social factors such as demographic trends, consumer preferences and
income levels influence demand for banking products and services.
About 80% of the Bolivian economy is informal, meaning that it does not
have a register as a company but the bank adapted to give credit to these
informal sectors through Micro Credits.
Technological:
Technological advances in the banking industry such as digital banking,
mobile banking applications and financial technology innovations were made by
the BCP, today has a team focus on innovation and focused on customer
experience.
Environmental:
The Bank focuses on environmental practices through the Department of
CSR (Responsible Social Environment). Implement carbon footprint and paper
reduction policies in all bank processes.
Legal:
The bank enforces domestic banking regulations, international anti-money
laundering laws, consumer protection laws and corporate regulations such as the
SOX (Sarbanes Oxley) law.
All of these perspectives the most important for the bank would be Political,
Economic and Society because all of them are the core of the bank and define the
success of its mission and vision.
Internal Environment
Analyzing the internal environment of BCP Bolivia, several key factors
significantly impact its organizational structure. Firstly, the organization's
tasks involve providing a wide range of banking services, including retail and
corporate banking, as well as various financial products. The complexity and
scope of these tasks necessitate an organizational structure that ensures
efficient coordination and execution to meet customer demands effectively.
Secondly, the goals of BCP Bolivia, as outlined in its mission and
vision, revolve around becoming the preferred choice for customers in the
Bolivian financial system and contributing to Bolivia's development by
providing opportunities. To achieve these goals, the organizational structure
should be designed to support customer-centric strategies, foster innovation,
and prioritize trust-building initiatives.
Thirdly, considering the job characteristics within BCP Bolivia, various
departments and functions require specialized skills and knowledge. This
includes expertise in areas such as retail banking, commercial lending, risk
management, marketing, and technology. To accommodate this diversity of job
characteristics, the organizational structure should provide clear reporting
lines and effective communication channels to facilitate seamless collaboration
across different roles.
Lastly, BCP Bolivia's growth cycle is a crucial factor influencing the
organizational structure. As part of the Credicorp Group, the bank may
encounter growth opportunities and expansion prospects. Therefore, the ideal
structure should be flexible and adaptable, enabling scalability, efficient
decision-making processes, and effective coordination to support the bank's
evolving needs throughout its growth journey.
Functional structure: The functional structure would be suitable for core
functions such as retail banking, commercial banking, risk management,
operations and technology. It allows specialization and expertise within each
functional area, ensuring efficient operations and service delivery.
Additionally, to have areas focused on continuous improvement in systems and
processes that support the requirements of the core areas of the bank.
The proposed organizational structure would be suitable for BCP due to
several reasons. Firstly, it emphasizes a customer-centric approach, aligning
with BCP's focus on delivering exceptional customer experiences. The structure
includes dedicated divisions for Customer Experience and Digital Solutions,
enabling specialized attention and innovative digital offerings to meet
evolving customer needs. Secondly, the structure promotes efficient
coordination and decision-making with specific division managers overseeing key
areas such as Finance and Capital Markets, Legal, Human Resources and Corporate
Social Responsibility, Corporate Banking, Audit, Risk, Retail Banking,
Marketing and Communication, as well as Advisory and Projects. This ensures
clear leadership and optimized implementation of strategies and projects across
the organization. Moreover, the structure facilitates specialization and
expertise, with divisions dedicated to critical functions like Finance, Legal,
Risk, and Audit, enhancing the management of these essential aspects of the
banking business. Lastly, the adaptable nature of the structure enables the
bank to effectively respond to market changes and support growth, as evidenced
by divisions dedicated to areas such as Corporate Banking, Retail Banking, and
Marketing and Communication.
In summary, the proposed structure prioritizes customer-centricity,
efficient coordination, specialization, and adaptability to growth, making it
well-suited for BCP. These characteristics align with the bank's mission and
vision and contribute to its success in achieving strategic objectives.
References:
BCP. (n.d.). https://www.bcp.com.bo/NuestroBanco
