Bank of Bhutan Limited (BOBL) has adopted a five-year (2014-2018) corporate strategic plan (CSP) following two days of discussions at a retreat in Phuentsholing attended by the bank’s management, chairman and board directors from November 21.
Financial institutions in general today operate in a turbulent environment faced with a variety of new challenges. In order to meet these challenges, they engage in growth and expansion strategies, which will enable them to respond to market challenges and gain competitive advantage over their competitors, increase market share and indeed for continued survival in the market.
The CSP, bank management said, focuses on achieving efficiency and effectiveness in realising optimal performance from all its business operations with actionable and measureable parameters to foster accountability and business growth.
They added that CSP identifies customer segments and strategies, product development and innovations, improved delivery channels, risk management, robust IT infrastructure, effective organisational development and improved HR competencies as key elements towards achieving the mission and vision of the bank.
“While the economy remains challenging due to global economic conditions, every player will have to adapt and evolve to stay competitive and profitable. BoB hopes to achieve that through the CSP,” a bank official said.
Bank officials said that while infrastructure development and upgrading of facilities will continue with existing branches made bigger, better and more customer-friendly, other channels such as Internet and SMS banking will also be further improved. It was agreed that improvement in customer services would pay a key role in achieving the goals of the CSP and that would be the focus of the bank, officials said.
The CSP will provide a clear goal and direction for the bank to plan and work towards for the next 5 years and will be reviewed periodically to adjust to the changing needs and situations, said bank officials.