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Forecasting In The Banking Industry Essay

721 words - 3 pages

Forecasting In the Banking Industry
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The banking industry operates globally. In every economy, banks are very significant for its growth and development. For the banks to effectively meet their targets and continue operating efficiently, they need to have a good forecast of their targets. In forecasting, there are various variables that are used by the banks. First there is the customer base. Customers that are served by any bank are the ones who determine its operations and the profits it records. Any bank needs to understand its current number of customers and the possibility of their growth. This is because the customer ...view middle of the document...

(Varde, 1982)

In addition to the factors discussed above on forecasting in the banking industry, there are those used in long-range forecasting or short-range forecasting. The variables that are used in any of the two categories are determined by the period taken to fully feel the effect of their changes in the organization. The variables used for short-range forecasting include, level of motivation among employees. How a specific bank performs in the short term is usually determined by the motivation of its employees. Well motivated employees are enthusiastic to work therefore recording large sales volume. Secondly, there is the level of competition. Competition largely determines the performance of any organization. This is because dissatisfied customers can easily switch to the competitors. Therefore in the short term the bank needs to effectively predict the level of competition it faces. ( Varde, 1982)
On the other hand, there are variables that are considered in long term forecasting in the banking industry. First, there is the location of the banking institution. This is a very important variable to forecast on the long range. This is because it determines the general performance of the bank as it somehow dictates...

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