This paper explores the importance of strategic planning in a bank's performance.
Written in 2008; 1,798 words; 3 sources; MLA; $ 57.95
Paper Summary:
The paper considers the major business trends that appear to have impacted how banks compete for customers and compete amongst themselves. The paper then focuses primarily on small banks' need for and exercise of strategic planning. The paper looks at four key areas that a smaller bank should focus on when formulating its strategic plans and details what needs to be included in the fundamental components of the strategic plan. The paper concludes by emphasizing that banks that employ strategic planning are more profitable than those that don't.
Outline:
Introduction
Strategic Planning Is More Important For Smaller Business
Banks Large and Small Need Strategic Planning
Where Can Strategic Planning Aid a Bank's Performance?
What Banks Need to Include in Their Strategic Planning
Conclusion
From the Paper:
"Banks have been more affected by economic changes than most other industries in the past 20 years. All the major business trends appear to have impacted how banks compete for customers and amongst themselves. These major trends include:1. Disintermediation due to Internet and other services taking some of banks' functions, such as check-writing, bill settlement, cash management and money transfers. This trend started relatively early in the PC and Internet era, but has accelerated in recent years as many non-bank institutions have taken on banking functions, from airlines and Wal-Mart issuing credit cards, to money transfer through PayPal or Western Union."
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