a case study of banco santander … 008-0414 key success factors for banks dealing at the brazilian...

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008-0414

Key Success Factors for Banks Dealing at the Brazilian Foreign Trade Market

A case study of Banco Santander

Teresa Cristina Ferreira Rubega

Luiz Carlos Di Serio

São Paulo Business Administration School – Getulio Vargas Foundation (FGV-EAESP)

Department of Production Management and Industrial Operations Av. 9 de Julho, 2029 - 01313-902 - São Paulo - SP – Brazil. Phone: (55) 11 3281-7780

[email protected] [email protected]

POMS 19th Annual Conference La Jolla, California, U.S.A.

May 9 to May 12, 2008

ABSTRACT

This article shows an exploratory study aiming to identify and analyze key success factors for banks dealing in the Brazilian foreign trade market. The theoretical fundamentals provided possible resources and capabilities that could become sources of competitive advantage. Then followed a field research with two stages: individual interviews with customers and employees of Banco Santander, and then an internet-based survey with customers. During the interviews, “presence of the bank in other countries” was identified as another probable source of competitive advantage. The results were analyzed in the framework of the Importance-Performance Matrix, and of the VRIO model from the RBV Strategy. The final result pointed the most important KSF for banks at this market – customization; credit limit; price; flexibility, cordiality, technical skills and agility of managers; quality when delivering services and products; technology – and suggested that Banco Santander is mostly in a situation of competitive parity.

Key words: bank; foreign trade; RBV; services.

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1 INTRODUCTION

Fast and constant changes are part of our daily lives and are shaping different areas in different

ways. Globalization, technological evolution, and social, political, cultural, economical and legal

changes have been present during the last decades, influencing the world of business due to facts

like change on acquisition power of people and nations, flows of goods and knowledge among

countries, etc. According to Hitt, Ireland and Hoskisson (2005) nowadays we live in a global

economy where goods, services, people, skills and ideas move freely through geographical

frontiers.

One of the results of combining these factors is hyper-competition, which is the result of strategic

movements of global competitors and innovators, increasing competition based on the search for

price-quality positioning, on the dispute for new knowledge that allows establishing competitive

advantage to the first-movers, and also on the competition to protect or dominate established

products and geographical markets (D’AVENI, 1995). In a hyper-competitive market, companies

often challenge their competitors in order to have a better competitive positioning and consequently

a better performance (FERRIER, 2001).

Global competition has improved performance standards towards many directions like quality,

price, productivity, and operational efficiency. As these standards are always changing, it is

necessary that companies and their employees follow these movements in order to achieve

improvements in their capabilities and skills. Consequently, on this competitive scenario of the XXI

century, only companies that are capable of reaching or exceeding these standards will be able to

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accomplish strategic competitiveness (SUBRAMANIAM, VENKATARAMAN, 2001; ZAHRA,

1999; KANTER, 1995; KANTER, 2003).

Global markets are attractive strategic options to some companies. The competitive scenario of the

XXI century challenges companies to develop optimum levels of globalization that will result in

appropriate concentrations of their domestic and global operations (HITT, IRELAND,

HOSKISSON; 2005). One example corroborating this fact is the purchase by the Spanish bank

Banco Santander Central Hispano of the Brazilian Banco do Estado de São Paulo S.A on November

2000.

Considering the increasing globalization and some of its consequences, this article aimed to identify

and analyze key success factors for banks dealing at the Brazilian foreign trade market. The

methodology used was a case study based on the relevant theory related to this subject as well as

individual interviews and an internet-based survey. The results obtained pointed key success factors

or resources that were then analyzed in the framework of the Importance-Performance Matrix

(SLACK, CHAMBERS, JOHNSTON; 2002). All resources were then classified according to the

criteria of order-winning or order-qualifying (HILL, 1995), and finally were analyzed according to

the VRIO model from the Resource-based View Strategy (BARNEY, 2002), with the purpose of

identifying if such resources could be considered as source of sustained competitive advantage for a

bank dealing at this market.

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The foreign trade transactions analyzed in this study are defined as the international purchase and

sale of goods (does not include exports or imports of services, and financial operations) involving

two or more economic agents located or organized under the laws of different countries, one of

them being a Brazilian company. Because of Brazilian regulations on foreign exchange, the balance

of the transaction will result in an exchange deal which means the change of a foreign currency for

the Brazilian currency (or vice-versa) due to the fact that Brazilian importers and exporters can not

handle foreign currencies, so they have to go to an authorized institution and ask for the exchange

operation. The result of the conversion of a foreign exchange currency into “reais”, the Brazilian

currency, will be then credited into the account of the company, when it is a Brazilian export, or the

amount will be debited from the account of the importer.

This study considered only companies belonging to the middle-market segment, which means they

have annual revenues from R$ 30 millions to R$ 200 millions. This segment was chosen because it

includes most of the companies in Brazil; the return on the deals with this segment is higher than

with larger companies; these companies belong to several industries so there isn’t concentration on

one specific industry and consequently the risk of seasonality is reduced. The number of

participants was reduced. For the first stage of interviews, participants were 6 customers and 15

employees of the bank. For the internet-based survey, 21 respondents participated.

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2 THEORETICAL FUNDAMENTALS

2.1 Strategy

Strategy has been studied for centuries. One of the first known strategists was Sun-Tzu, a Chinese

military who lived during the century IV BC.

More recently, Mintzberg, Ahlstrand and Lampel (2000) consider the Positioning School is heavily

influenced by the works of Michael Porter (1980), and strategy formation can be considered as an

analytical process placing the business within the context of the industry that it is in, and looking at

how the organization can improve its competitive positioning within that industry. The authors also

consider the Cultural School as an approach to strategy formation as a collective process involving

various groups and departments within the company; the strategy developed is thus a reflection of

the corporate culture of the organization. The Resource-based View strategy belongs to the Cultural

School.

According to Collis and Montgomery (1995), during the 80’s strategy was formulated based on

analytical tools that could legitimate the process of its formulation. By the end of the 80’s big

companies were fighting to justify their existence, so new theories about the process of strategy

started to appear looking for explanations to the problems on the strategical planning, so far based

on the industry analysis where one company was placed. During the 90’s new theories appeared,

and one of them, based on economics and trying to explain how the resources of a company could

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lead its performance in a competitive environment, was called Resource-based View. The RBV

combines internal analysis of phenomena occurring inside companies with external analysis of the

industry and the competitive environment. Therefore the RBV did not intend to replace existing

approaches of strategy. In fact it combines internal and external perspectives in its analysis.

Porter resumed his theory in his Five Forces Model (1980), according to which a company is

influenced by five competitive forces in its industry:

i. Competitive rivalry within an industry,

ii. Threat of new entrants,

iii. Threat of substitute products,

iv. Bargaining power of customers,

v. Bargaining power of suppliers.

All the forces studied by Porter build the external environment in which a company is and all of

them can create opportunities and threatens to the company’s strategy, but if a company wants to

survive and succeed, it depends also on its internal strategic capabilities (JOHNSON, SCHOLES,

WHITTINGTON; 2006).

By the 80’s some authors started to question the influence of culture on strategy, like Barney (1986)

who questioned if culture could be a source of sustained competitive advantage, justifying that if a

company has its own culture with values, and rare and difficult to imitate characteristics, it could

obtain from them a source of sustained competitive advantage.

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Penrose (1959) stated that big and diversified corporations existed because many of them had

decided to enter new markets. She concluded that companies get their advantages from market

imperfection, and uniqueness is the foundation for a company to grow. All well succeeded

companies tend to grow but the direction and the rate of growing of all companies depend on a

unique standard built by the low use of its resources and opportunities. Wernerfelt (1984) was the

first author to develop Penrose’s idea when he explored the utility of analyzing companies through

their set of resources instead of their products.

Hamel and Prahalad (1990) introduced the concept of core competences of a company as the result

of the collective learning process of this company, with the purpose of developing and exploring

competences difficult to imitate. They stated that the roots of competitive advantage could be found

on the core competences, or resources, of a company.

Jay Barney developed the RBV and transformed it in a complete theory. Barney (1991) published a

study where he presented the key concepts of his theory. The notion of resource is the base of the

RBV perspective. These resources also include all assets, competences, organizational processes,

attributes, information, knowledge, etc, controlled by a company and that enable it to create and

implement efficient strategies.

Several other authors contributed to the development of this new strategic school that started with

Penrose (1959) and that gained forces by the second half of the 80’s with the name Resource-based

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View, such as Rumelt (1984), Dierickx and Cool (1989), Prahalad and Hamel (1990), Conner

(1991), Peteraf (1993).

2.1.1 The VRIO Model

Barney (2002) proposed a model of analysis to evaluate the four fundamental questions that can

check if some internal attributes of a company can be source of competitive advantage. This model

was called VRIO in reference to the characteristics of each resource, V for valuable, R for rare, I for

imitability (difficult to imitate) and O for organization (explored by the organization).

VALUABLE RARE

IMITABILITY

(DIFFICULT

TO IMITATE)

ORGANIZATION

(EXPLORED BY THE

ORGANIZATION)

COMPETITIVE

POSITIONING

ECONOMICAL

PERFORMANCE

FORCES OR

WEAKNESSES

V R I O

NO Disadvantage Below average Weakness

YES NO Parity Average Force

YES YES NO Temporary

advantage Superior

Force and distinctive

competence

YES YES YES YES Sustained

advantage Superior

Force and sustained

distinctive

competence

Table 1: VRIO Model for resource evaluation

Source: Adapted from Barney, Jay; Gaining and Sustaining Competitive Advantage. Upper

Saddle River: Prentice Hall, 2002.

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According to Parente and Brito (2006), companies can be separated in three different competitive

situations that will generate the results and the positioning relative to competitors, as described in

Table 2.

THE DIFFERENT COMPETITIVE SITUATIONS

Competitive Positioning Results Positioning relative to competitors

Competitive advantage Competing with exceptional results The company can create an offer with relevant value and competitors can not easily imitate it

Competitive parity Competing with success The company can create an offer with relevant value, recognized by its customers, but several competitors can do the same

Competitive disadvantage Competing without success The company can create an offer with lower value than its competitors

Table 2: The different competitive situations

Source: Parente and Brito (2006)

2.2 Operations and Services Management

Services are more and more important in the global economy and several authors have been

studying and analyzing how companies can improve their performance and be recognized by

customers.

Zeithmal, Parasuraman and Berry (1990) affirm that companies worry about their performance but

they usually forget that price and a good relationship with customers are also very important,

because performance represents 50% of the customer global perception of quality.

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HESKETT et al. (1994) consider that the factors that bring profitability to a company are:

i. Investments in people,

ii. Technology to support front-office employees,

iii. New practices for selection and training of employees,

iv. System of variable remuneration related to the performance of employees in all levels.

Slack, Chambers and Johnston (2002) define five goals of performance that apply to all kinds of

productive operations and that are influenced by customers. Factors defining the demand of

customers are called competitive factors. Table 3 shows competitive factors and their performance

goals.

Table 3: Competitive Factors and Performance Goals

Source: Slack, Chambers and Johnston (2002)

Flexibility (volume and/or delivery)

Flexibility (mix)

Flexibility (product/service)

Reliability

Speed

Quality

Cost So operations will have to be good at... PERFORMANCE GOALS

Skills to change term and volume

Variety of products and services

Innovative products and services

Reliable delivery

Fast delivery

High quality

Low price If customers value… COMPETITIVE FACTORS

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The authors also consider technology as a source of competitive advantage as well as knowledge,

implicit or explicit, given that it is information organized according to the context and judgment of

values.

Similarly, Chase, Aquilano and Jacobs (2005) say that technology has been one of the greatest

causes of change in business for the last 100 years.

According to Boyer and Lewis (2002), operational decisions like capacity, technology, labor and

quality systems must be carefully adequate to the competitive priorities of the company such as

cost, quality, flexibility and delivery.

Corrêa and Caon (2006) state that services provided with excellent quality generate operational

profitability on the short and long run, and also increase the future value of the company by

increasing the competitive advantage. The authors propose that operational profitability is a result

of the interaction among:

i. Result,

ii. Quality at the front-office,

iii. Quality at the back-office,

iv. Productivity,

v. Competences,

vi. Environment,

vii. Strategy of the company.

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It’s important to define the factors, resources or competences, but it is necessary to establish their

relative importance for customers and also compared to competitors. Slack, Chambers and Johnston

(2002) propose the distribution of these items according to the criteria of order-winning, order-

qualifying (HILL, 1995), and the less important ones, resulting in the Importance-Performance

Matrix. Figure 1 shows the Importance-Performance Matrix.

Figure 1: Importance-Performance Matrix

Source: Slack, Chambers and Johnston (2002)

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2.3 Relevant resources for banks dealing at the Brazilian foreign trade market

The resources or competences that can be source of competitive advantage were separated in three

groups:

Group I – Front-Office

Group II – Back-Office

Group III – Organization

Groups I and II have all resources and competences necessary to have a high level of quality on

services delivered by managers working at the Front and Back-Offices. Include all material and

personal resources, characteristics and necessary competences for delivering services with quality;

frequency and way of contacting customers, technical skills, cordiality, fast delivery of services and

products customized to the needs of customers, integrity, communication, perceived quality,

training, experience, etc.

Group III includes resources and competences that are part of the company itself such as

investments in technology that allow providing a better service for customers, agility to approve

credit limit to customers, prices charged, and presence of the bank in other countries1, history,

relationships, trust, confidence, organizational culture, etc.

1 This resource “presence of the bank in other countries” was not mentioned at the theoretical fundametals. It was identified during the period of individual interviews with customers and employees of the bank.

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3 METHODOLOGY

This work was structured as a case study of one company. The first phase was the theoretical

fundamentals research where all the information about the competences and resources necessary for

a services’ company was listed.

The second phase consisted of two steps. The first step was individual interviews with customers

and employees of Banco Santander in Brazil in order to identify resources and competences

necessary for the banking business of foreign trade in Brazil. The second step was an internet-based

survey answered by a probabilistic sample of Banco Santander customers in Brazil, all of them

belonging to the middle-market segment.

Yin (2005) defines a case study as an empirical investigation that studies a modern phenomenon

within its context in the real life. Eisenhardt (1989) indicates that case studies combining different

methods of data collection make them a strategy of global research.

According to Yin (2005), the development of the project must maximize four conditions related to

the quality of the project:

i. Validity of the construct – establishes operational measures for the concepts that are being

studied, so when interviews were done with customers and employees, it was possible to have a

large volume of answers and cross check the information because of the multiple sources of

evidences.

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ii. Internal validity – establishes the correct analysis of the results according to the theory proposed

as a base for the study.

iii. External validity – establishes the extension of the correct generalization of the results obtained

based on the theory.

iv. Reliability – establishes protocols for the interviews and survey in order to guarantee the

accuracy of the results, so both instruments were pre-tested before being used for the final

results.

All these four conditions were observed and strictly followed during all the stages of this case

study.

4 RESULTS AND CONCLUSIONS

4.1 Presentation of data collected and results

After the first stage of this study, based on the theory, the following items were identified as

possible sources of competitive advantage:

i. Customization of products and services to the needs of customers

ii. Variety of products and services offered

iii. Credit limit approved for the customer

iv. Frequency of visits and contacts of the manager with the customer

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v. Flexibility and agility to change and execute changes in the portfolio of services and products,

according to the expectations of the customers

vi. Availability of complimentary services and products

vii. Better prices than competitors

viii. Cordiality, technical skills and agility of the manager when in contact with the customer

ix. Agility when delivering and quality of services and products delivered by the Operational area

x. Technology

The results showed that both customers and employees recognized the importance of competences

as technical skills of the manager to maintain a relationship with the customer, solve problems, and

propose customized solutions, and agility for all these items, from the beginning of the process until

the final delivery of the service or product. Both mentioned the importance of customized

relationship between the manager and each customer.

Regarding credit limit, customers complained about the amount approved and lack of agility to have

it approved.

The item “presence of the bank in other countries”, mentioned during the first stage of individual

interviews, was not considered as a source of competitive advantage by the customers that answered

the survey during the second stage.

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Table 4 brings the results obtained at the Internet-based survey. Results 1 to 3 mean not much

importance and performance inferior to competitors; 4 means average importance and similar

performance to competitors; 5 to 7 mean high importance and superior performance to competitors.

Importance Performance

1 to 3 4 5 to 7 1 to 3 4 5 to 7

Credit limit approved for the customer

0% 5% 95% 37% 26% 37%

Presence of the bank in other countries 10% 15% 75% 11% 47% 42%

Frequency of visits and contacts of the manager with the customer

5% 15% 80% 22% 32% 46%

Frequency of visits and contacts of the manager with the customer, by phone 0% 10% 90% 16% 21% 63%

Frequency of visits and contacts of the manager with the customer, by email 5% 15% 80% 16% 16% 68%

Agility to change and execute changes in the portfolio of services and products, according to the expectations of the customers

0% 0% 100% 26% 21% 53%

Better prices than competitors 5% 0% 95% 37% 31% 32%

Cordiality of the manager when in contact with the customer 0% 0% 100% 5% 5% 90%

Technical skills of the manager when in contact with the customer 0% 0% 100% 0% 11% 89%

Agility of the manager when in contact with the customer 0% 0% 100% 0% 16% 84%

Quality of services and products delivered by the Operational area

0% 0% 100% 11% 5% 84%

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Agility when delivering services and products delivered by the Operational area

0% 0% 100% 11% 11% 79%

Technology 0% 0% 100% 16% 21% 63%

Table 4: Compared percentage results – Importance X Performance

Source: Internet-based survey with middle-market customers

Most of the customers answered between 5 and 7 regarding the importance of products, services,

resources and competences.

Regarding the competence “customization of services and products”, Banco Santander was

considered by 100% of the customers as having a better performance than its competitors. On the

other hand, items as “credit limit approved” and “price”, Banco Santander is below its competitors.

Regarding the item “presence of the bank in other countries”, when customers analyze this resource

individually, 75% consider it is important, but when they compare Banco Santander’s performance

to other banks, 42% considered that Banco Santander has superior performance and 47%

considered similar performance. Consequently, 58% consider Banco Santander presence in other

countries with similar or inferior performance to its competitors.

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4.2 Analysis of results and conclusions

When we distribute the competences into the Importance-Performance Matrix proposed by Slack,

Chambers and Johnston (2002), we have the results presented on Table 5, where it is possible to

evaluate the importance for customers (criteria order-winning, order-qualifying and less important)

and the necessary action for each item evaluated by the survey.

Order-

qualifying

Order-

Winning

Urgent

Action Improve Appropriate

Customization of products and services to the needs of customers

Order-

Winning Appropriate

Variety of products and services offered

Order-

qualifying Appropriate

Credit limit approved for the customer

Order-

Winning

Urgent

Action

Presence of the bank in other countries

Order-

qualifying Improve

Frequency of visits and contacts of the manager with the customer

Order-

qualifying Improve

Frequency of visits and contacts of the manager with the customer, by phone

Order-

Winning Improve

Frequency of visits and contacts of the manager with the customer, by email

Order-

qualifying Appropriate

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Flexibility to change and execute changes in the portfolio of services and products, according to the expectations of the customers

Order-

Winning Improve

Agility to change and execute changes in the portfolio of services and products, according to the expectations of the customers

Order-

Winning Improve

Availability of complimentary services and products

Order-

qualifying

Urgent

Action

Better prices than competitors Order-

Winning

Urgent

Action

Cordiality of the manager when in contact with the customer

Order-

Winning Appropriate

Technical skills of the manager when in contact with the customer

Order-

Winning Appropriate

Agility of the manager when in contact with the customer

Order-

Winning Appropriate

Agility when delivering services and products delivered by the Operational area

Order-

Winning Appropriate

Quality of services and products delivered by the Operational area

Order-

Winning Appropriate

Technology Order-

Winning Improve

Table 5: Criteria of importance X necessary action

Source: Internet-based survey with middle-market customers

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These results allow observing that items such as “credit limit” and “price” are considered order-

winning and then require urgent action.

Finally the VRIO model will be used for each result of the survey.

Analyzing resources and competences of Group I and II in the framework of the VRIO model, the

results obtained are presented on Table 6. The conclusion is that those resources are valuable but

they are not rare and are possible to imitate.

VALUABLE RARE IMITABILITY ORGANIZATION COMPETITIVE

POSITIONING

ECONOMIC

PERFORMANCE

FORCES OR WEAKNESSES

V R I O


YES NO NO Parity Average Force

YES YES NO Temporary advantage

Superior Force and distinctive competence

YES YES YES YES Sustained advantage

Superior

Force and sustained distinctive competence

Table 6: Resources and competences from Group I and II



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Analyzing resources and competences of Group III in the framework of the VRIO model, the

results obtained are presented on Table 7 and 8. Investments in technology are considered valuable

by customers, may be rare, but they are easy to imitate.


POSITIONING

ECONOMIC

PERFORMANCE


V R I O






Superior


Table 7: Resource “Technology”



Credit limit, price and presence of the bank in other countries are considered valuable, are rare,

difficult to imitate, and if they are explored by the organization, they can become sources of

sustained competitive advantage.

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But when we consider the result of the survey from the point of view of performance compared to

competitors, the conclusion is that these resources are not considered important by the customers,

so they are not valuable. Table 8 shows that regarding these three resources, Banco Santander is in a

situation of disadvantage when compared to its competitors.


POSITIONING

ECONOMIC

PERFORMANCE


V R I O






Superior


Table 8: Resources “Credit limit”, “Price” and “Presence of the bank in other countries”



As observed on the tables above, Banco Santander has competitive disadvantage on some resources

of Group III, like price, credit limit and presence of bank in other countries. Price and credit limit

are considered order-winning and so require urgent action, while presence in other countries is

order-qualifier and requires to be improved. Regarding the resource technology, the situation is of

competitive advantage but temporary, considering this resource is valuable, is rare, but it is not

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difficult to imitate. This resource is order-winning and is located at the improvement zone of the

Importance-Performance Matrix.

This study presents some limitations related to the restrict vision about the competitive conditions

of competitors and also because it is a case study based on only one company (which may risk to

happen distortions). the number of participants was small, this is another limitation for this study.

Suggestions for future studies include the participation of other banks and increase the number of

participants.

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