Standard Chartered Bank loses Media Times account

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LAHORE: As if it was not enough, to loose profit to more than 16% in 2013 and a warning of “challenging” first half for 2014, Standard Chartered Bank looses a very significant and important account of Media Times, in Pakistan. Media Times needs no introduction it certainly is one of the most strongest and most powerful groups in the country. Being deprived of such an account will reflect very negatively on Standard Chartered. The reasons behind the retrieval of account have been known as uncoordination, ineptitude to satisfy the client’s banking needs and crudity of providing financial services. There has been criticism by the customers towards the bank for it’s inability to compete with other banks regarding services. Banks today provide a variety of free of cost services such as credit and debit cards, online banking, check books and ATM. Standard Chartered lacks in provision of any such facilities. In an era of strong competition, businesses compete through products and better services, taking a back seat in an environment like that will not help Standard Chartered Bank in any way. Standard Chartered is a London based bank making most of it’s profits from Asian and African region they have to have a better insight of banking and services requirements of the people of these regions. A stubborn approach will not produce any favourable results as it never does for any business, one cannot fit a square peg in a round hole. Standard Chartered  has lost the all important account of Media Times, to an utter disappointment. If they do not revisit their policies, they are apt to loose many others in a row.

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