A STUDY ON COMPETITIVE INTELLIGENCE PROCESS AND STRATEGIC PERFORMANCE IN BANKING SECTOR

A STUDY ON COMPETITIVE INTELLIGENCE PROCESS AND STRATEGIC PERFORMANCE IN BANKING SECTOR

Akshaya Punithan

ABSTRACT

Strategic performance and competitive intelligence (CI) are crucial elements in the banking industry. Banks can learn about their rivals' product lines, advertising tactics, and clientele thanks to the competitive intelligence (CI) process. Product creation, marketing tactics, pricing tactics, and other crucial company choices are all influenced by the information acquired through CI once it has been examined. A solid strategy plan can also aid a bank in navigating a constantly shifting regulatory and business landscape. It is impossible to exaggerate the value of competitive intelligence and strategic performance in the banking industry. In order to stay competitive, banks must constantly assess market and industry risks, evaluate the competitive environment, and modify their strategies as necessary. The success of a bank depends on having a solid strategic plan that combines short-term aims with long-term ambitions. It's crucial to gauge how well a bank's strategy plan is working. Important indications of a bank's strategic performance include financial performance measurements, customer satisfaction surveys, employee engagement and retention rates, market share, and competitive positioning .In conclusion, banks must rely on competitive intelligence and strategic performance to succeed in the fiercely competitive world of banking. A well-executed strategic plan can assist a bank in navigating an ever-changing market and regulatory environment, while the CI process lets banks to obtain crucial information about their rivals. For a bank to continue to succeed in the market, measuring the strategy plan's success is essential.

Keywords: Risk management, culture and awareness, structure and process, benefits of strategy, and simultaneous equation model.