Financial Services: Using the Balanced Scorecard to Achieve Three Key Strategic Outcomes

In recent years, sweeping industry, regulatory, and marketplace changes have created tremendous strategic and competitive challenges for financial services companies. In working with such organizations, the Balanced Scorecard Collaborative has identified three key strategic reasons why they adopt the scorecard--reasons, it turns out, that are critical for survival in the new industry environment. The pursuit of a "one-stop shop" approach requires companies to broaden their revenue mix, shift from product-driven to customer-focused selling, and align delivery and service channels to the customer. BSCol consultants Arun H. Dhingra and Michael E. Nagel discuss how the BSC can help financial services companies--percentage-wise, the largest users of the scorecard--achieve these outcomes.