The history of Banking is dated back to 2000BC. The system has evolved multiple times and spread across the globe. Banking was first initiated for traders carrying goods between cities. The 20th century saw developments in telecommunications and computing changing the way work enabled them to spread globally.
Branches and ATMs have been increasingly available for people now. Mobile wallets are yet another revolution that the generations saw. Giants like Google, Apple and Amazon started their wallets and have increased the number of users and changed the way in which we were banking.
How Does OKR Software Help Banking?
Since banking is constantly evolving, one needs to stay focused and know what the priorities are. OKRs is one of the best frameworks that help in creating focus. The autonomy of the framework makes teams more accountable and committed to the OKRs they create.
As they have transparency through the framework, it also makes them engaged knowing that they contribute to the organizational goal
Objectives and Key Results (OKRs) have been around for over a decade and are a proven framework for many organizations. It gives teams and individuals clarity for the organization as to what is the destination and how to reach that goal.
Objective – Writing objectives will help us to identify “what” are we trying to achieve.
Key Results – Key results are the “How” that will help you achieve what.
It is a quantitative way of measuring organizational performance. Only the organization will know what its goals are. OKR framework helps them achieve the goal.
OKRs creates
- Focus on what is important
- Ownership of the OKRs created by us
- Ownership increased accountability
- Multi-directional alignment
- Increases profitability through Employee engagement
5 Top Banking OKR Examples
Customer relationship is key to banking sectors. So, there are many ways and methods banks apply to get it right. Setting the right customer relationship OKRs can create better clarity and focus and will result in increased customer retention.
Objective: Improve the customer experience with the bank
Key Results: Decrease the customer query resolution time by X minutes
Key Results: Customise the product offering to the customers from X to Y %
Key Results: Decrease the waiting time from x minutes to y minutes
Objective: Increase the growth of credit cards
Key Results: Increase the sales of Credit cards from X to Y%
Key Results: Decrease the Credit card customer churn from X to Y %
Objective: Improve Lending services by Q2
Key Results: Decrease the waiting time for loan approval
Key Results: Decrease the defaulters from X to Y %
Objective: Reduce loss due to fraudulent activities
Key Results: Establish a new system to conduct due diligence by Q2
Key Results: Follow the verification process 100%
Objective: Increase the portfolio of start-ups and SMEs (Small and Medium Enterprise)
Key Results: Add min X new customers every month
Key Results: Customer connect emails to be sent every week
Implement OKR Software solutions in the Banking industry
While implementing OKRs in an industry like Banking not only helps the organization have a better focus and clarity it also impacts the country as banks are the backbone of any country. As part of the implementation process, it is essential to understand the key metrics along with the business in detail. Goal Setting is important for an organization, department, and individuals to track and motivate. Recognizing the key metrics that matter to business will help in crafting OKRs
Talk to our experts more about OKR Software
Talk to our OKR experts to know more about the Banking OKRs. Our domain experts will help you recognize the key metrics and to create OKRs that help in revenue growth and increase profitability. OKRs are industry agnostic, and it is remarkably interesting when it is applied to industries like Banking. Try our free trial today to get started right away or schedule a call today with our experts today.
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