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Performance Measurement System in Banking Services in India
Abstract
Increased competition and technological breakthroughs in banking services has sidelined the customer focus and opened new vistas of managing figures of success not only to show past performance rather as a strategy to sustain in business. This has led to many practices in banking as non standardized services. The non- core businesses subsidizing the core businesses on failure fronts also cause this deviation. Performance of any organization is one of the mechanisms to gain people's commitment towards achieving the stated objectives of the organization. This study is an attempt to address the questions, which includes: (a) the different performance measurement systems adopted by Indian companies in banking services; (b) the approaches used to measure the performance of the organization in banking services in India; (c) the different factors distorting the PMS of the organization and (d) the effectiveness of PMS and need for the change in the existing PMS. This study also aims to establish an equation between performance measurement practices and environmental variables in Indian banking services. The primary data as well as secondary data has been used to decipher the trends in performance measurement practices in banking services in India. The empirical study deciphers the trend used to identify the potential of banking services in context of economic and social changes underway in India. Although, banking industry is lagging behind in the level of understanding of performance measurement system, but the sector realizes the importance of effective PMS for the organization. The different banking companies are found to use different approaches to measure the performance. The performance measurement systems adopted by Indian companies are also found to be different than that followed by multinational banks. The role of social, economic and cultural factors is being realized by most of the service providers in India. Therefore, the development of performance measurement practices in this dynamic world is need of banking service business.
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