How is multi goal setting frameworks useful in Malaysian Banking Industry

The Malaysian banking industry is an important sector of the Malaysian economy. The industry is regulated by Bank Negara Malaysia, the country's central bank, and includes both local and foreign banks. 

Here are some key facts about the Malaysian banking industry: 

• Major players:  

The Malaysian banking industry is dominated by a few major players, including Malayan Banking Berhad (Maybank), CIMB Group Holdings Berhad, Public Bank Berhad, and RHB Bank Berhad. These banks have a significant market share and offer a wide range of products and services to consumers and businesses. 

• Types of banks: 

 The Malaysian banking industry includes both commercial banks and Islamic banks. Islamic banking operates under Shariah principles and offers financial products and services that comply with Islamic law. 

• Regulations:  

The Malaysian banking industry is regulated by Bank Negara Malaysia, which sets standards and guidelines for banks to follow. The central bank also monitors the financial health of banks and takes action if necessary to ensure stability in the industry. 

• Digital banking: 

 The Malaysian banking industry has seen significant growth in digital banking in recent years. Many banks now offer online and mobile banking services, allowing customers to manage their accounts and conduct transactions from their devices. 

• Financial inclusion:  

The Malaysian government has placed a strong emphasis on financial inclusion in recent years, with a focus on expanding access to banking services for underserved communities. This includes initiatives such as microfinance and mobile banking services. 

 Multi-goal setting frameworks can be useful in the Malaysian banking industry to help banks align their various goals and objectives. Here are some examples of multi-goal setting frameworks that could be used: 

• Balanced Scorecard:  

The Balanced Scorecard is a widely used multi-goal setting framework that helps organizations align their goals across four key areas: financial, customer, internal processes, and learning and growth. In the context of the Malaysian banking industry, banks could use this framework to ensure that their goals are aligned across these four areas, with a focus on financial performance, customer satisfaction, operational efficiency, and employee development.  

• OKRs: 

 OKRs, or Objectives and Key Results, is a goal-setting framework that helps organizations set and track goals using specific, measurable objectives and key results. This framework could be useful in the Malaysian banking industry to help banks set and track goals related to key performance indicators (KPIs), such as loan growth, profitability, customer retention, and employee engagement.  

• MBOs: 

 Management by Objectives (MBOs) is a goal-setting framework that involves setting specific objectives for each employee and linking them to the overall goals of the organization. This framework could be useful in the Malaysian banking industry to help banks ensure that each employee's goals are aligned with the bank's overall goals, and to promote accountability and performance. 

• SMART Goals: 

 SMART (Specific, Measurable, Achievable, Relevant, Time-bound) Goals is a framework that helps organizations set goals that are clear, specific, and measurable. This framework could be useful in the Malaysian banking industry to help banks set and track goals related to specific KPIs, such as loan growth, profitability, and customer satisfaction.  Overall, multi-goal setting frameworks can be useful in the Malaysian banking industry to help banks align their various goals and objectives, promote accountability and performance, and track progress towards achieving their goals.