The banking industry has been influenced by opposing philosophies from its inception, such as the desire for greater financial stability through government intervention or economic freedom through minimizing the power of the government. This research paper attempts to synthesize the extant literature on key factors for success in banking. I conducted a literature review, based on the secondary data collected from major business databases such as ABI/Inform, OneFile, and JSTOR. Of the 56,413 peer-reviewed articles identified as relevant to ‘banking industry,’ 44 articles used Michael Porter’s Five Forces Model and 10 were selected based on relevance and examined in detail. Findings of the current research indicated that there is no “one size fits all” solution that foster future growth and performance of the banking industry. Changes to the industry’s internal and external culture are necessary. Some examples include: Improvement through the use of technology and analytics, modernization of customer engagement, and renewal of efficient operations through optimization of the banking current structure. Agility and continuous innovations are necessary to seize the opportunity to provide customers with a new service and create a next-generation customer experiences. To proactively capture the emerging opportunities in the industry banks must also embrace new technologies, channels, and strategies to succeed in this new era. The current research provides value to the current and future banking professionals in understanding the ‘big picture’ of the industry and importance of developing strategies to enhance the performance of the organization.
展开▼
