StudyCorgi Business & Economics

The Goals of a Banking Institution

Following the interview between a member of our research team and one of the directors of a bank, a multinational bank with branches all over the world, we were able to deduce the firm’s goals as follows;

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  • The vision is to be the champion of the socio-economic prosperity of the people all over the world.
  • Their mission is to present comprehensive client-centered monetary services that communally and economically sanction their customers.

The bank aims at providing unique and quality services to its clients to ensure their satisfaction, which enables the firm to counter the stiff competition in the banking industry. In its operations, the bank is guided by core values such as; professionalism, integrity, unity of purpose, creativity and innovation, effective corporative governance, teamwork, and respect, and dedication to customer care.

From an employee’s point of view, although most of the goals have been achieved, some are yet to be achieved due to various reasons which may either from the internal environment or the external environment. Internally, poor leadership blurs the direction of the firm, employees’ dissatisfaction lowers their motivation thus reducing their productivity, the inadequacy of resources limits the extent of their operations, ineffective communication systems affect the flow of information within the organization, poor organizational structures weakening relationships among the various departments (Barney and Ricky 47).

The external factors also affect the achievement of goals. Poor infrastructure limits the accessibility of the branches in remote locations, the uncertainty of banking regulations across various states’ jurisdictions affects the uniformity of goal implementation in the various branches, insecurity in various areas discourages the establishment of branches in such locations, and lastly, the global financial crisis causes a reduction in trade volumes and affects deposits mobilization.

Strategic management

The “managers should anticipate the future and prepare for it”. They should focus on making decisions and undertaking actions that enable a company to survive and succeed; it is done utilizing “making the best use of the available resources in a dynamic environment”. The policies formulated should apply to the firm and achievable within the set budgets (Barney and Ricky 67).

Organizational structures

The management should ensure that effective structures are in place to align the firm’s resources so that the aims and objectives are met. According to Jay and Griffin, structures ensure a clear definition of roles and responsibilities thus avoiding collision of interests between the various stakeholders.

Effective communication

The management should facilitate a smooth flow of information; instructions and feedback to the relevant recipients. This promotes clarity and understanding of the firm’s goals making them easier to implement (Barney and Ricky 77). Therefore, managers should familiarize themselves with different communication skills, for instance, good listening skills, to improve employee’s morale.

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Good leadership

The management should assume a leadership approach that shows concern for the stakeholders to encourage their cooperation. They should be approachable, friendly, and establish mutual trust and respect (Barney and Ricky 82). The leaders are supposed to organize teams in which they are both coaches and team players, therefore leading by example.

Employee motivation and satisfaction

They should understand the employees’ needs and wants and seek to satisfy them. This can be achieved through effective communication, employee involvement, recognition of teams and informal groups, good working conditions, rewarding extemporary performance, fair remuneration, and equal chances for promotions.

Works Cited

Barney, Jay B. and Ricky W. Griffin. The Management of Organizations. Boston: Houghton Mifflin Company, 1992. Print.

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StudyCorgi. (2021, February 13). The Goals of a Banking Institution. Retrieved from https://studycorgi.com/the-goals-of-a-banking-institution/

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"The Goals of a Banking Institution." StudyCorgi, 13 Feb. 2021, studycorgi.com/the-goals-of-a-banking-institution/.

1. StudyCorgi. "The Goals of a Banking Institution." February 13, 2021. https://studycorgi.com/the-goals-of-a-banking-institution/.


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StudyCorgi. "The Goals of a Banking Institution." February 13, 2021. https://studycorgi.com/the-goals-of-a-banking-institution/.

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StudyCorgi. 2021. "The Goals of a Banking Institution." February 13, 2021. https://studycorgi.com/the-goals-of-a-banking-institution/.

References

StudyCorgi. (2021) 'The Goals of a Banking Institution'. 13 February.

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