The Way Forward
The new era of globalization and diminishing national boundaries has created new challenges for indigenous institutions such as the AID Bank. No longer can we relax and enjoy the role we play. The removal of restriction to the movement of capital has clearly opened the market to all kinds of players within the continent and increased options to businesses and commercial parties. Clearly the implication for the Bank's customers is far reaching.
The Bank must position itself to embrace the new opportunities being created by globalization. It must be prepared to fashion its services to not only retain its customers but to provide increasingly new avenues in an attempt to attract new business.
Survival in the new business must revolve around engaging strategic alliances and co-operation. Evidence is pointing to the need for structural adjustments to cater to the needs of our customers in the most effective and efficient way.
The Bank has certainly recognized this need as pivotal to maintaining its role in the thrust for growth and development. Preparation of a Strategic Plan for the period 2007-2009 will commence soon. The plan will provide a strong guideline on the way forward, listing the various options available and provide management with the armour necessary to make the choices required to achieve its mandate.The Board of Directors and management have initiated the process, which is essential for the bank to continue its role in facilitating the development process especially in the wake of negative growth economy. The Bank's plan on the way forward will be formulated on:
- Becoming more flexible and adaptable to the changing conditions in which the Bank operates and the changing needs and expectations of its stakeholders.
- Forming strategic alliances with stakeholders
- Streamlining operations to improve efficiency
- Re-engineering business processes to improve turnaround time
- Improving collection methods
- Managing risk more effectively
- Promoting environmentally sustainable growth and development
- Increasing profitability
- Promoting environmentally sustainable growth and development in Dominica.