Devising a Balanced Scorecard to determine Standard Chartered Bank's Performance: A Case Study

Abstract

Performance management plays a pivotal task in evaluating the strategic performance of commercial banks. This paper makes a study about how to use the Balanced Scorecard (BSC) as a tool, which is applied to commercial banks’ performance management system. It also points out that, BSC makes a way into the imperfections of the traditional single application of financial indicators which measures performance. BSC is a performance management appraisal system based not only on the financial aspects but also on non-financial aspects like customer factors, internal business processes, and employee learning and growth. The purpose of this study is to contribute to the understanding of how BSC is developed and applied in evaluating the performance of Standard Chartered Bank (SCB), a foreign bank in India. Using the concepts of Kaplan and Norton, and the data made available from the bank’s financial and non-financial data, BSC was derived to measure the performance of the foreign bank in India during 2009-2012. The analysis assisted the cause-effect relationships between the non-financial, and the financial dimensions of the BSC. The use of the BSC developed here is limited to the bank studied. However, the approach could trigger off reflections among policy makers and other banks to start using the BSC.

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