Free Sample Balanced Scorecard

FINANCE

CUSTOMER

• Loan Portfolio growth

• Deposit growth

• Control Expense Within Budget

• Increase Interest Income

• Increase Non Interest Income

• Reduce Delinquency

• Introduce customer service standards

• Marketing & Customer Unit

• Create user-friendly facilities

• Improve communication to stakeholders

• New & improved products

• Community involvement program

PROCESS

PEOPLE

• Redesign Org Structure

• Review procedures manuals

• Review loan approval limits

• Review process of information dissemination & implementation

• Risk Identification & Prioritization - Audit

• Implement BSC System

• Departmental cross training

• Compensation Review (Merit)

• Training plan (Aligned with strategic focus)

• Refine Performance Management System

• Introduce Wellness Program

Overall Strategy

To restructure and staff the Retail Banking Operation to improve customer service, marketing, efficiency, community outreach, and to achieve greater efficiency, financial growth and increased profitability.

Strategic Themes

• Increase Private

• Improved profitability

• Staff Development & Engagement

• Effective Marketing

• Improved Customer Service

• Improved Efficiency

• Community involvement

Key Metrics

• Increase Private Sector deposits by $30m

• Raise new loans of $45m

• Increase interest income by $3.8m

• Reduce the delinquency Ratio on Retail loans to 4%

• Implement Branch Audit Rating

• Conduct customer satisfaction survey

Products

• Ensure accuracy and efficiency

• Improve turnaround time

• Obtain customer feedback /customer service rating and act on such feedback

• Develop products suited to customer needs and customer benefit

• Educate customers on products/services

• Constantly monitor market rates to provide competitive rates to customers

• Provide product usage incentives to customers

• Ensure we deliver what we promise

• Expand merchant banking services

• Issue our own brand credit card

Processes / Systems

• Revise & streamline procedures

• Ensure Bank-wide standardization of procedures

• Establish clear work flowcharts

• Train staff in procedures

• Improve communication & feedback

• Ensure regulatory compliance

• Establish clear disciplinary measures for breach of procedures

• Utilize the Core System to its fullest at all delivery channels to provide fast and efficient service to customers

• Establish Branch Audit Ratings

• Establish clear guidelines for transaction approval

Core Values

• Financial strength

• Continuous learning and growth

• Commitment to confidentiality

• Fairness and honesty

• Teamwork

• Quality customer service / Speed / Price

• Aggressiveness and Customer focus

STRENGTHS

• Technology capability – Network, Online banking

• Extensive Branch network – Service delivery

• Large network of Correspondent banking relationships – FX

• Young and re-trainable staff

• Fast Loan approval

• Progressive financial growth and institutional strengthening

WEAKNESSES

• Inadequate Management Structure

• Dependency on few large depositors – concentration risk

• Lack of Marketing Dept

• Inadequate implementation & training in new systems and procedures

• Low staff engagement

• Not issuing own Credit Cards

• Low compliance with policies and procedures (inefficiency, errors, loss due to fraud, legal risk)

OPPORTUNITIES

• Well-positioned for Govt business

• Patriotic Nationals will bank with Nation’s Bank

• Expected growth in the Tourism Sector will increase business due to service delivery network

• Service network allows for increased bill collection services

• Increased need for merchant banking services

• Credit Card Company's initiative now allows the issue of own branded credit cards

• Students and Graduates – Education revolution

• Boom in construction industry

• Public Servants loan product

THREATS

• Increased competition from non-bank and near-bank financial institutions (Insurance Companies, Savings and Loans Banks, Money lenders)

• Increased competition from players in the wider region

• Liberalization of statutory deposit / Gov’t business

• Regulatory complexity

• Financial and customer losses due to operational inefficiencies

Projects/Initiatives

Metrics

Date

Implement new Org Structure (Retail Banking Management)

Appoint Manager Main Branch

By Nov 08

Establish Marketing & Customer Service Dep’t

Appoint Manager Marketing & Customer Care

By Nov 08

Establish Systems and Procedures Dep’t

Appoint Manager Systems and Procedures Dept

By Nov 08

Restructure the Merchant Banking Services Unit to widen merchant banking Operation.

Appoint Manager Train staff & go full

By Nov 08 By Jul 09

Develop and Implement Training Plan

Develop Training Plan Implement Training Plan

Sep 08 Oct 08

Install new software to improve & Expand Card operation

Install Software Train Staff

Mar 09 Mar 09

Issue Own brand Credit Cards

Commence Process Issue own brand cards

Oct 08 Aug 09

Introduce usage incentives to increase ATM card usage

Customer incentive of one laptop per Quarter

Starting Dec 08

Introduce usage incentives to increase Online Banking usage

One draw per quarter for a year paid internet connection

Starting Dec 08

Implement a physical upgrade program

Contract consultant Complete program

By Sep 08 By Dec 08

Build advertising Bus Sheds – Kingstown and Colonarie

Build bus sheds

By Mar 09

Install advertising boards Georgetown, Barroallie, Bequia, Canouan, Union

Install Advertising Boards

By Dec 08

Implement Branch Audit Rating System

Branch Audit Ratings

By Oct 08

Implement measure for turnaround time

Turnaround measure

By Jan 08

Implement work flowcharts for transactions

Work flowcharts

By Mar 09

FINANCE

CUSTOMER

• Raise new loans of $45m

• Grow deposits by $30m

• Increase interest income by $3.8m

• Reduce delinquency to 4%

• Increase Credit Card Merchants by 25

• Increase ATM Cards by 5,000

• Increase Debit Cards by 300

• Increase Online Banking Users by 1000

• Improve service facilities

• Issue own branded credit card

• Expand merchant banking service

• Improve service quality

• Reduce turnaround time

• Educate customers on banking services

• Install advertising boards in communities

• Build bus sheds in service communities

• Increase Card, merchant, online usage

• Implement customer service rating

PROCESS

PEOPLE

• Establish Audit Ratings for Branch performance

• Revise system for recording and correcting transaction errors

• Implement measure for turnaround time

• Revise and implement clear guidelines for transaction approval

• Establish clear work flowcharts for various services/transactions

• Employ Manager Marketing & Customer service

• Employ Manager Systems & Procedures

• Employ Manager Bedford Branch

• Employ manager Merchant Services Unit

• Develop and implement training plan for Dep’t cross training and other training

• Revise procedures, communicate & Train

• Improve staff engagement

• Improve Customer service standards

Identify key additional resources (people and/or other) required for on-time delivery of the balanced scorecard projects/initiatives

1. HR to assist with the appointment of the Manager Bedford Branch

2. HR to assist with the appointment of the Manager Marketing & Customer Care

3. HR to assist with the appointment of the Manager Systems & Procedures

4. HR to assist with the appointment of the Manager Merchant Banking Services

5. HR to assist with the appointment of three Support Staff for 2, 3 & 4 above

6. HR to assist with the development and implementation of the Training Plan

7. IT to assist with the installation of the Bevertec Software

8. $1m for installation of the Software

9. IT to assist with the issue of own brand credit card

10. $100 for issue of own branded credit card

11. $20k for 4 laptops – quarterly prizes for ATM usage

12. $6k for paid internet connection – quarterly prizes for Online Banking usage

13. $400k for physical upgrade program

14. $160k for construction of advertising bus sheds

15. $50k for Agency to be contracted to conduct customer satisfaction survey

16. $40k for installation of Advertising boards

Item

07–08 Budget

07–08 Actual

08-09 Budget

Item

07–08 Budget

07–08 Actual

08-09 Budget