Sowing the seeds of a fruitful 2019 through benchmarking
It's harvest time!
The noun “harvest” comes from the Old English word “haerfest”, meaning autumn, and it describes the activity of reaping, gathering, and storing grain and other produce. It also represents the moment in which a farm or farmer reviews the past year, understands how successful it was, and makes detailed plans for the next year, planting the seeds for the following year’s harvest.
As the end of the year approaches, banks also embark upon their own harvest process. They consider the past year, evaluate what went well or less well, and anticipate future cycles as they outline their strategic plans for the year to come. Confronted with the ongoing challenges of regulatory recalibration, a low interest environment, new technologies and FinTechs, as well as a changing workforce, banks need to continue their journey of transformation in this harvest period. 2018 and 2019 may prove to be pivotal years for banks in terms of considering the macro trends requiring particularly detailed planning. Evaluating past and current performance and comparing it to benchmarks will highlight the areas in which banks need to act and how they can sow the seeds of a successful harvest in 2019.
Inside magazine issue 18, June 2018
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