Millennials and Banks: Surmounting the digital divide
There is a rumor going on about a Fourth Industrial Revolution.
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There is a rumor going on about a Fourth Industrial Revolution.
Every day, there are millions of cash transactions taking place around us. The entities that allow for these cash transactions to be conducted in secure conditions are commercial banks. The reason that banks can provide this security is not because they are blessed with the necessary infrastructure to do so, but because we, as people, gradually discovered the need for such an infrastructure.
When we think of commercial banks, we envision money making machines, and some people use this expression figuratively. This may arise from the popular misconception that banks outlive entire systems because they print out money whenever they feel close to bankruptcy.
Managing performance by using the Balanced Scorecard (BSC) concept assists banks in appreciating whether their growth strategies are successful or not, and what new initiatives are required to achieve their strategic objectives in the future.
Customer focus is an important value driver for many industries, but in banking it is the corner stone the entire decision making process. Modern studies on bank performance management have identified customer focus as the leading indicator for industry success both in past assessments and future predictions.
After the financial crisis that began in 2008, banks have been taking steps to improve their performance management and measurement capabilities in light of new economic and market conditions and new management needs.
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