The Balanced Scorecard & the Financial Perspective

The Balanced Scorecard & the Financial Perspective

The Balanced Scorecard & the Financial Perspective
Maybank New York is one of the oldest banks having been in operation since 1984. Its vision and mission is to become one of the most renowned banks of choice in any upscale consumer market and to be a major player among the top-tier companies in Corporate Banking. Maybank’s treasury and credit department mainly deals in wholesale banking specifically “in corporate lending, treasury and capital markets, and trade finance” (Maybank2u.com.my, 2013).
The past several years have been profitable for Maybank, with good results in most areas. Although the bank has had a rather good time, key strategies are yet to be implemented to maintain the continued development in the bank’s operations, especially its business growth, organizational development, and in its infrastructure plus operations improvement. In order for Maybank to achieve their vision, their vision necessitates their provision of value for both their shareholders, their employees, and for their customers. Maybank also intends to not only contribute but also to take part in improving the communities where they are situated.
Therefore, implementing the Maybank mission would definitely covers all the stakeholders. To improve the organization’s financial position, Maybank should focus on the following objectives:
I. Improving customer relations by providing value for customers; “recognizing what the customer needs and wants” (Ukens, 2007, p. 231); deliver the best service ever to the Maybank customers; and availing to customers superior financial solutions. The bank should improve the value and the standards of the community by taking charge of the company’s social responsibility, maintaining integrity, and a sense of corporate duty. With this, Maybank will endeavor to continually improve the communities and the lives of the people where the banks are located and operating.
II. Learning and growing by providing value and opportunities for Maybank employees. Maybank should build up and take care of the wellbeing of its employees. Maybank’s goal is to pursue the building of its organization to be the employer of choice.
III. Improving business processes and the bank’s financial perspective by providing value for Maybank stakeholders. The bank should follow up on its profit objectives prudently and with integrity. Maybank always aims to offer its shareholders with the best possible returns.

From a financial perspective, Maybank intends to improve customer relations by providing value for customers by growing the business through consumer loans; enterprise loans and bonds; encourage deposits; and by growing remittance. Another way Maybank can improve customer relations is by “improving its risk and asset quality” (Basu, 2006, p. 85). This can be achieved through giving out loans to low-risk consumers. One other way is to enhance efficient restructuring and foreclosures. One other financial perspective is to “improve the bank’s operations and infrastructure” (Brown, 2010). This would be realized mainly by improving the bank’s internal operations thus ensuring that customers are served better and faster. Streamlining and outsourcing, which are ways of business process re-engineering, would place priority bettering and improving on structure and processes.
From a business process perspective, Maybank has always endeavored to find ways to improve business through lesser man-hours and shorter turnaround times. With simpler less cumbrous processes, it is easier to lower costs and always manage to raise the quality of the customer services offered.
From a customer perspective, Maybank has various programs that encourage the increase of quality service which would consequently offer its employees much deserved incentives to perform better even with monitor programs in order to help put into effect new initiatives. Some of the initiatives would include management training programs, employee reward schemes, and fostering inter-departmental workings. Organizational development programs would therefore help the bank to build a highly motivated, highly competent, and a high- performing “interactive community” (Ukens, 2007, p. 289).
Objective Measure Target Action
Improve customer relations Providing value for customers Deliver the best service ever to the Maybank customers and avail to customers superior financial solutions.
Improve the value and the standards of the community by taking charge of the company’s social responsibility, maintaining integrity, and a sense of corporate duty. Take up our social responsibilities and sense of corporate duty.
Learning and growing
Providing value for Maybank employees Maybank’s goal is to pursue the building of its organization to be the employer of choice. Build up and take care of the wellbeing of Maybank’s employees.
Improve partner relations Providing value Maybank stakeholders Maybank always aims to offer its shareholders with the best possible returns. Follow up on the bank’s profit objectives prudently and with integrity.
Once you’re reasonably clear on what’s involved, think about your organization and its customers/clients/users/service recipients/whatever-you-wish-to-call-them, and then:
• Identify at least three objectives for the organization’s customer service perspective and show how they relate to the mission, vision and strategy of the organization.
• For each objective, develop at least one meaningful performance measure (metric).
• For each objective, identify at least one expected level of performance (target).
• For each objective, identify at least one new action or program that needs to be developed to ensure successful implementation of the organization’s strategy (initiative).
• Comment briefly on the relationships of the customer service objectives that you’ve identified here to the financial objectives that you identified in the Module 1 SLP assignment. How do they help to fulfill those objectives? If they don’t (and they don’t have to), what makes them more important than objectives that would relate to finances?
• Finally, do you wish to make any changes to your Module 1 objective write-up in light of your Module 2 experience?
Here’s a table that you may wish to copy and fill in (the boxes are expandable – take all the space you need to be complete in your descriptions. No more than 2-3 pages should be necessary.)
Objective Measure Target Action

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