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Strategy and Banks

Strategy is a trend in a sense. This is companies' buzz word because they need to forecast the market evolution and positions their products and services according to the market. After running two interviews with bank institutions I have understood a couple of factors about these companies types. Both banks I have ran the interviews with were interested in strategy. Be it process improvement to meet client demand or positioning as regards to the competition development of services to meet their clients demand and profitability from the stakeholders perspectives. So banks are like any other corporations facing competition and internal challenges. Based on these they have to assess their resources and capabilities to align with the customer requirements, competitiveness. That's broad lines. From an internal point of view facing the CEOs, top strategic planner have to come up with the financial plans and risk analysis that are the most decisive attributes looked at by CEOs to validate a project. In a business whatever the industry stakeholders will only ask for qualitative never do they for quantitatives. I have learnt that there's two schools of toughts the management consulting school and the traditional one. Facing strategic issues a bank will have two choices gaining time or investing into resources and capabilities meaning recruiting capable people from management consulting backgrounds. The traditional school will gain time, trying to do the work internally first and later outsource or recruit. The management school is a do it based on our skills. By skills I mean real skills proven ones gained from top consulting firms giving a competitive advantage in term of internal resources. The banks constraints are numerous here because along with their strategy plans they must figure out their internal capabilities. I learnt that during two interviews in bank sector.