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Banking and Economic Development

The role of the banking sector in the economic development of any country cannot be overlooked. Banks and other financial institutions are a key resource for capital funds which is cardinal for sustainable local investments and contribute heavily towards economic growth. If this theory is to be accepted, the integrity of bankers should always reflect on their actions and commitment to discharge effectively their duties.

The interest of bankers should go beyond getting more deposits and huge interests on loans and other facilities. They should be preoccupied with the development of the economies of the host countries to ensure sustainable business for their clients and themselves.

The challenge of developing tomorrow leaders in the banking industry has always been, “how do you move ideas to effective scheme of plans’’. The stop and principles to invoke grace and favour, the discipline, the tools and techniques to follow through into projects, then into products, with the right marketing strategy to turn it into a business and a great brand and above all overcoming temptations that may abound during the course of business.

Banks want to know how its future leaders will perform, and if there is any value in investing in their developmental processes. The business environment is changing so quickly we may need new, more innovative approaches. Further, how will we identify leaders, and how might talent manager’s best prepared them for success in this dynamic and increasingly global business world?

The challenge is urgent. Many organizations realize their bench strength is not likely to deliver the talent or numbers required. Every organization should take steps to prepare future leaders, at least in the near term since many employers find it impossible to look more than two years ahead. So traditionally, organizations have looked at their vertical hierarchy executives, senior managers and front-line managers to identify those with the potential to move up. But today, they must be willing to look more creative. Some of the best people may emerge from the individual contributor ranks or from team configurations, which are now critical in today’s organizations.

To identify future leaders and build a strong economy, banks may need to use an array of assessments; including performance reviews from managers and peers and self-reviews. They need to look carefully at their present talent via competency and predictive-based assessments. They also must look at performance results for individuals not already part of the vertical hierarchy.

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