5. Tracking, controlling, learning, and keeping journey on right track. This stage focuses on measurement of execution result, continues learning for development and ensuring that merged bank's journey is on right track. There are three activities in this stage. They are measuring and tracking of execution result, continuous learning for total development, and keeping journey on right track.
Measuring and tracking of execution result. This activity focuses on assessment of execution result. Simply it is to answer "How is execution result?" and "What is actually the driver for consumer's value?". Answering these question allow merged banks to measure and track how good the developed strategy and treatment is and how well they are executed. In this activity, the writer suggests utilizing key indicator performance. The key is customer focus.
Continuous learning for total development. Knowing the targeted premium consumers and the driver for their trust will be meaningless if the merged banks can't translate it into competence building. That's why there is need of continues learning to meet expectation of targeted consumers. Continues learning is investment for sustainable high performance.
Keeping journey on right track. Just getting excellent performance is not enough. There's need to move on. Defining and choosing the direction where the merged bank head for coming years is the focus of this activity. Everything will be change and the way to do business also will be changed. There'll be always uncertainty time. The key is adaptability and high performance focus.
It's how the writer suggest how to transform the business challenge into opportunity to win customer, not only for these years but also for next coming years.
3. Key of high performance
There are some key for high performance that differentiate the winner from others.
1. Costumer focus: The winner always perceives that customer is key of sustain and winning the banking industry. Focus on customer means that how to do business is on the same way what customer need, want, and behave. The keys are knowing the right customer, reaching by the way they want, and delivering the most excellent experience they value.
2. How to make consumer want us more and more, not to keeping them from competitor. It's not only us who move on. Everyone move, including the business competitor. That's why our focus is not how to keep consumer from competitor's hand but how to them need us more and want us more. The key is to differentiate customer's experience.
3. Differentiating strategic investment from wasting resources. The path to win banking industry is rough. It needs a lot of resources. That is why managing and optimizing the limited resources is critical. To keep on track of high performance, strategic and long term investment is inevitable. The bank needs to invest to win the industry game, but it must be kept in our mind that the resources are limited. So that, differentiating strategic investment from wasting resources is critical. The key is deep understanding of what give consumers more value.
4. Developing innovative, simple, and customer friendly offered service. There is tendency that customer want innovative product and service. They want new one that is suitable to their need, behavior and attitude. Their preference is simple one. Complexity just makes them lack of understanding of product. Further, they believe that there's "cheat" behind complexity. Customer also prefer to easy service operation that allow them to use it whenever they want. The key is deep understanding of customer and open minded.