What are the primary values that drive NTUC Income's business (during the time that you were the CEO)? Are these values responsible for the success of the business?
MY REPLY:
The primary values were:
* act in the best interest of the customers
* act honestly, with integrity, and be transparent
We act in the best interest of the customer and offer good value in the form of lower prices or better return on their savings. We achieve it by operating efficiently, reducing cost and cutting down on wastage.
We were able to earn an adequate margin to meet our expenses and to provide a modest profit to shareholders.
We act honestly, with integrity. We offer products that meet the genuine needs of the customer. We keep the product simple, so that they can understand it, and choose it for its value.
Some business make profits by offering products that "cream off" the customer. They "hype up" the products beyond its real value. We do not engage in these misleading practices.
These values allowed us to build strong loyalty and trust from our members (customers) and contributed to the growth of our business.
As consumers, we are constantly being pressured or lured to buy products which are of marginal value, hyped up products. Some of these products for example financial, communication services are being pushed very aggresively. Its hard to find an honest broker nowaday and someone of good status who can give independent advice on what product to buy. Your various articles on this issue must certainly strike a cord with the public. I hope you will be able to inspire further action to help the consumers.
ReplyDeleteSomeone should start a rating on product of solid value and give them a ranking as a guide for the consumers at large. I think Dr Money has something like this already. Perhaps this can be expanded further and more publicity given to his website.