Fundamental of Management
HONG
LEONG BANK
The philosophy behind the Mission Statement
The basic philosophy behind the mission of Hong Leong Bank is to be a
regional leader in providing financial services as well as developing the
financial capabilities to serve its wide range of clients across the borders. The the overriding purpose of HLB is to strengthen its online banking platforms for its
corporate, commercial, and SME stakeholders and clients through integration and
optimization of digital and electronic facilities within the boundaries and
scope of the organization (Cornelissen,
2004). They are intended to arouse positive interests, feelings, and emotions
among their diverse customers, clients, and stakeholders equipped with the latest
technology in providing digital products and services. The corporation is
successfully reconciling and meeting the needs of its customers through a wide
range of products like deposits, debit cards, insurance, investment, credit
cards, remittance, loans, and HLB connect, etc. to cater to the global market,
they are continuously extending their network of branches in many other regions
and countries beyond Malaysian borders. For their survival, growth, and
profitability, they are providing meaningful financial products and services
embracing new technological opportunities through innovative human and customer
experience prevailing in the market. They are more concerned about their public
image with its strong entrepreneurial roots where they are more committed to
professionalism and quality in building the most competitive and sustainable
group of businesses. We have understood that the Hong Leong Bank currently
having one of the most effective mission statements that are covering the
maximum components of a well-defined mission statement for a large
organization.
Core Strategic Planning
The core strategic goal of Hong Leong Bank is to become a worldwide leader in the local and international markets with combined market capitalization, knowledge, and experience of more than 100 years. Over the year, with so many accolades, recognitions, and awards, they strive to build and maintain their strong market position coping with the 21st-century global business challenges. Standing on its strong heritage foundation and presence in China, Cambodia, Vietnam, Hong Kong, Singapore, and Malaysia, the strategic management planning to move to other parts of the world coupled with financial landscape and fast-paced technological developments. The self-concept for their survival, growth, and profitability is most commonly based on their extension of branches all over the world. The management and board of directors are committed to achieving their strategic goals and objectives through better execution of their strategic plans that enable them to achieve the organization’s growth and sustainability (Root, 2014). The core Strategic planning and tactical goals of the organization are best illustrated in the below mention figure 1.
Tactical Goals
To achieve the
strategic plan of Hong Leong Bank, the management and board of directors have also
described certain tactical goals followed by certain actions and goals. For
this, they are developing the competencies and upskilling their employees from
every department in providing a user-friendly technological environment across
the organization. They are continuously propelling to leverage and innovate
their technology infrastructure to increase the productivity and efficiency of
the workforce. Their ethos of being digital in the entire network of branches
is mainly possible in achieving a better customer experience and meeting their
expectations. Through ongoing struggles and efforts is a greater aspiration
for its marketing department in developing capabilities
for achieving the strategic and tactical goals of the organization (Turban E.
and Volonino L. 2011). This personalized approach resulted in a seamless and
efficient banking experience for all of their global and regional clients and
customers to live uninterrupted lives.
With the above-mentioned
explanation of the mission, strategic plans, and tactical goals, Hong Leong
Bank possesses to become an outstanding digital financial service corporation
that will be highly competitive in achieving financial landscapes in today’s
digital world.
Cornelissen, J.
(2004). Corporate communications: Theory and practice. Thousand Oaks, CA:
Sage.
Root III, G.N.(2014.) Organisational Objectives in
Strategic Planning Hearts Newspapers, LLC Texas, Demand Media:
http://smallbusiness.chron.com/organisational-objectives-strategic-planning-10034.html
Turban E., Volonino L. (2011). Information
Technology for Management: Improving Strategic And Operational Performance. 8th
edition. John Wiley & Sons, Inc.
Comments
Post a Comment