Roles Of The Strategic Planning Department Report Samples

Type of paper: Report

Topic: Banking, Strategy, Customers, Nation, Production, Union, Competition, Planning

Pages: 2

Words: 550

Published: 2021/02/17

Union National Bank. U.A.E, Abu Dhabi
Union National Bank. U.A.E, Abu Dhabi

Introduction

The strategic planning department is one of the most crucial components of any given financial institution; banks included. However, each and every department in a bank depends on the other, especially towards the achievement of the missions, visions, and objectives of the bank in question. As such, the strategic department at the Union National Bank, Abu Dhabi must work in harmony with other departments such as the production department. In other words, there is no single success method a bank can utilize to satisfy the varying tastes and preference of customers in a competitive market without proper relationship and coordination between the above-mentioned departments. In short, this paper identifies key roles and functions of both the strategic planning and production (Product development) departments in the banking system. In addition, the identified roles are linked either directly or indirectly to the prevailing situation at the Union National Bank, U.A. E. Abu Dhabi.

Firstly, it should be noted that both credit unions and banks are faced with at least high operating expenses, channel disruption, margin compression, and new competitors in the corporate word, which challenge almost each and every profit-oriented organization. For this reason, banks have adopted various survival mechanisms to outcompete close competitors through strategic planning. Briefly speaking, both long-term and short-term planning are goal-oriented activities carried out by the strategic department. In Abu Dhabi, for example, the Union National Bank’s strategic planning department is playing crucial roles in ensuring that the bank remains vibrant not only in U.A.E but also across the globe (Stewart, Kingsbury & Rudyk, 2009, p. 21).
In relation to the above, the strategic planning has the responsibility of ensuring positive customer experience. According Ahmed (2011, p. 6), potential customers are considered the key stakeholders in the banking industry. As such, improving the consumer experience is the foundation of success and positive growth. Nevertheless, customers usually face unlimited challenges and recurring problems while dealing with various banking institutions. Such puts the banks in question on a bad light, hence leading to reduced profitability. The strategic department, with this regard, has to develop a proactive and customer-centered complains management process. This will ensure the bank receives both positive and negative feedback, which is consequently used in the crucial decision-making process. Likewise, the strategic department officials at UNB ensure the delivery of customer friendly service (Union National Bank, 2011, p. 7). They have, in this sense, the responsibility of getting out of the bank premises and talk face-to –face with their esteemed customers.
Adaptation to the globalization trends is another function of the strategic department. In response to advanced technology in the corporate world, banking institutions are offering basic mobile banking services (Ahmed, 2011, p. 61). The conceptualization and implementation of mobile positioning have helped UNB a great deal in expanding its branches with the sole purpose of controlling a wider market. Mobile banking is indeed one of the methods applied by banks to integrate delivery channels aimed at effective communication and efficient, consistent customer experience. Notably, the strategic planning department is the central operating system of the bank. Based on this background, the strategists and futurists in the department have the responsibility of employing every possible mechanism to acquire some of their competitors. For example, UNB should minimize cut-throat competition in the market by forming mergers and consolidations. In other words, merging with other financial institutions will assure the UNB of survival in a largely fragmented and over-banked U.A.E market (Stewart, Kingsbury & Rudyk, 2009, p. 31).
Apart from that, competitive banks with customer-centered services at heart reap 38 percent of their revenue form production of new products. However, banking institutions lagging behind only get approximately 20 percent of revenue (Ahmed, 2011, p. 15). The disparity witnessed is a clear indication that the production department should work loosely with the potential customers before coming up with a new product in the market. In essence, the banking personnel should be trained on how to produce unique, original products. The Union National Bank, in this case, should consider variety as the best possible alternative to copying what has been introduced in the market by the competitors (Hill & Jones, 2012, p. 34).Similarly, UNB can ensure effective production by ensuring that the production managers and staff are competitive and fully equipped with the necessary technological production methods (Union National Bank, 2011, p. 11). As a result, utilization of technology and observation of the emerging trends in sales and marketing will maintain the vibrancy of UNB amidst cut-throat competitive bankers.
In summary, both strategic planning and production departments form the backbone of any given bank. The paper has identified, and analyzed key strategic roles played by the two named entities in the banking industry. Thus, banks should employ result-oriented, technologically-fit and flexible personnel with the sole aim of achieving the set goals in a competitive corporate world. Likewise, the production managers should work closely with other departments and potential customers to harness the production process. In a nutshell, producing quality, original and unique products in conjunction with long-term strategic planning will ensure that UNB out competes close competitors in the U.A.E market.

List of References

Ahmed, H. (2011). Product Development in Islamic Banks. Edinburgh, Scotland, UK: Edinburgh University Press.
Hill, C. & Jones, G. (2012). Strategic Management Theory: An Integrated Approach. Boston, MA: Cengage Learning.
Stewart, R., Kingsbury, B. & Rudyk, B. (2009). Climate Finance: Regulatory and Finding Strategies for Climate Change and Global and Global Development. New York, New York: NYU Press.
Union National Bank. (2011). Union National Report 2011. Viewed 13th April, 2015 http://www.unb.co.ae/English/SustainRpt.pdf

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