Banks need to do more home work to become winners in the twenty-first century. Those who can change the competitive rules, develop new, innovative and customized products and services will be the winners. A customer-driven orientation, strong and consistent leadership, strong shared values etc., can take a bank to the leading position. Banks need to boldly face hurdles like lack of information sharing, ineffective control etc.
The dominant competitive weapon of the 21st century will be the education and the skills of the workforce in achieving the above. Education and training make them knowledge workers and proper exploitation of their skills through a well-oiled Human Resources Department will deliver the goods very well in this regard.
The slogan-JUST DO IT-used by the sports goods manufacturer NIKE should be the order of the day to bring all the progress that is required. This aptly applies to banks today as the competition is more than cut-throat and technological advancement which has come to stay has increased the expectations and wants of the customers-keeping the bankers on tenterhooks all the time.
Today at the end of every quarter, banks are judged as they need to publish their working results. Banks are judged, inter alia, on the following parameters, apart from the numbers they publish. |
