Reinvigorating Functional Effectiveness in Banks ( India Centric ) – Third Requirement.
Every bank in the present competitive environment needs to hurry through its plans & strategies for 2014. Every bank will also want to be a winner. Here’s an outline of a Five-Step process for a likely winner : 1. Define your strength and weaknesses/order and disorder prevailing in the operations/functions vis-a-vis your stated purpose. What will happen if you continue doing what you are doing now ? Are they compatible with your existing structure/resource(s) ? Will they make people (customers) contented or discontented ? Essentially it means taking stock of the existing activities and their impact on the economy. 2. Create a vivid and compelling Vision of the ideal future that your bank will stay committed to winning. Essentially this means giving a vivid description of the nature of major structure/pillar constituting the embodiment of the bank. Its organization, overall, will comprise a tangible part of the whole. 3. Start planning for strategies and activities now for the year 2014. Frame a clear mission statement for the end of year goals with a monthly road map in realization of the goals. This is expected to provide the momentum and drive the employees to better performance. 4. Get the Leadership and Operational Strategies aligned with the customers’ needs. 5. State what is clearly evident. List the various plain choices that seem obvious in terms of banking products; customer status; and any others that the bank embarks upon. Know what your competitors do and their expectations of what you will attempt along with your own prospects of future good in the present circumstances. This will help the bank lay out a map of where they are and where they will be at the end of the year. Also, this can effectively lead the bank of their expected or unexpected options and ensure that customers benefit if the Bank Wins.
Crystallisation of the above in terms of Leadership will lead the Bank to develop adequate support in terms of Operational Commitments and Customer Relationship that managers/employees display. To cite some cardinal principles that need to be taken note of in this regard : (a) Be enduring and helpful in furnishing instructions and illustrations. (b) Be compassionate and supportive when the person is solicitous or in distress. (c) Be polite and considerate. (d) Treat every employee as a good individual with due respect. (e) Remember important details about the customer (like their names ). (f) Express confidence in the person when the task is difficult. (g) Be willing to help with personal problems. (h) Show acceptance and positive regard for others. (i) Provide assistance with the work when needed.
Simple prescriptions, these, it may appear; and yet they remain ignored and overlooked even today in relationships with less successful results.
Every bank will want to be pre-eminent; and will also want to advance rapidly. It is extremely important that competitors withstand imitating them if only to stay ahead of the pack.
Addressing the Wall Street Bankers recently at the SIFMA Annual Meeting, former US President Bill Clinton said : ” We live in the most independent time in History. Isolation is not an option. Creative Cooperation is a better model than Constant Conflict. Banks need to go back to Square One and offer a detailed Plan on how it is going to lead the country back to Financial Prosperity.” Asked by one of the participants as to what will be his prescription, he replied : ” BE TRANSPARENT and FOCUS ON GRASSROOTS LEVEL.” Clinton also suggested that the recent fines levied on banks to be put in an “Infrastructure Bank” (not in the Treasury ) to give more power to the economy. That is how we can Build a New Economy.
Most banks in the world fighting a structural, financial, & mental struggle in this critical period needs to echo the Quality, Virtue and Worth of other progressive sectors to surpass its own competitors.
” Dieu avec nous “
Friday, November 22, 2013 – 9.29 p.m. ( IST )
Tidbit : ” Leadership in any sector is not SURGERY ( which essentially solves the problems ); It is PSYCHIATRY ( where afflicted peoples’ skills are developed so they’ll solve their own problems ).”